Regulatory Alerts2023-07-18 | 2023-15200Added
Daily Computation of Customer and Broker-Dealer Reserve Requirements Under the Broker-Dealer Customer Protection Rule
The Securities and Exchange Commission proposes to amend Rule 15c3-3 to require certain carrying broker-dealers to perform daily customer and broker-dealer reserve computations and deposits instead of the current weekly schedule. This change targets firms with large average total credits over the previous twelve months to reduce the risk of substantial mismatches between funds owed and funds held in reserve accounts. The Commission also seeks comment on whether similar daily reserve computation requirements should apply to broker-dealers and security-based swap dealers regarding their security-based swap customers.
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