Regulatory Alerts2019-06-14 | 2019-12563Added · Updated
Amendment to Single Issuer Exemption for Broker-Dealers
The Securities and Exchange Commission adopted a final rule amending Rule 17a-5 to correct an inadvertent error and clarify that the exemption from independent public accountant certification applies only to broker-dealers acting as agents for a single issuer. The Commission rejected comments seeking to expand the exemption to firms selling mutual funds and insurance products, reasoning that retail investors lack the privileged access to information that affiliated issuers possess. This amendment ensures that broker-dealers soliciting subscriptions for multiple issuers continue to file annual reports certified by an independent public accountant to protect investor interests.
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