BDO Knows Financial Services Alert - October 2013

October 2013

On July 30, the SEC adopted amendments to the broker-dealer customer protection rule (Rule 15c3-3), the net capital rule (Rule 15c3-1), the books and records rules (Rules 17a-3 and 17a-4) and the notification rule (Rule 17a-11). Concurrently with these amendments, the SEC adopted new reporting requirements aimed at enhancing oversight of broker-dealer custody practices and strengthening audit requirements. The following summary describes the key elements of the new rules and reporting requirements.