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Frequently Asked Questions
  Who is required to file annual audited financial statements?
Identification Number 1605

Broker dealers are required to file annual Audited Financial Statements pursuant to Exchange Act Rule 17a-5(d).

The rule contains an annual audit filing exemption for a broker dealer that is a member of a national securities exchange, has transacted a business in securities solely with or for other members of a national securities exchange, and has not carried any margin account, credit balance or security for any person who is defined as a "customer" in paragraph (c)(4) of Rule 17a-5.

Broker dealers for which PHLX is the assigned designated examining authority may find additional guidance here.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1605
Frequently Asked Questions
  What rules are broker dealers required to abide by regarding its books and records?
Identification Number 1606

Broker dealers are required to maintain all books and records as required under Securities Exchange Act Rules 17a-3 and 17a-4, and PHLX Rule 760.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1606
Frequently Asked Questions
  What are the capital requirements and corresponding capital rules for broker dealers who are designated to PHLX?
Identification Number 1607

Capital requirements for broker dealers who are designated to PHLX may be found here.

PHLX members may reference SEC 15c3-1 and PHLX Rule 703 for relevant rules.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1607
Frequently Asked Questions
  What are the financial reporting requirements of my firm and when are the reports due?
Identification Number 1609

A complete schedule of financial reporting requirements and due dates for broker dealers who are designated to PHLX can be found here.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1609
Frequently Asked Questions
  Who is required to be fingerprinted and what records must my firm maintain?
Identification Number 1610

Pursuant to Exchange Act Rule 17f-2, every member of a national securities exchange shall require its partners, directors, officers and employees to be fingerprinted. All fingerprints shall be submitted to the Attorney General of the United States or its designee. (i.e., the Federal Bureau of Investigations) Broker dealers must retain evidence that the fingerprints have been taken and submitted for each individual. Securities Exchange Act Rule 17f-2 allows for certain exemptions from fingerprinting but those exemptions are limited.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1610
Frequently Asked Questions
  Is my firm required to become a member of SIPC and what is the annual fee?
Identification Number 1611

Yes. Pursuant to SIPC Act of 1970 Section 78ccc (a)(2), all registered broker dealers must become members of the Securities Investor Protection Corporation ("SIPC"). Beginning April 1, 2009, all PHLX DEA Member Firms are required to file SIPC-6 and SIPC-7T Forms and the corresponding payment, which is .0025 of the Member Firm's net operating revenue as computed on both SIPC-6 and SIPC-7T Forms. SIPC-6 Form and assessment payment is due no later than 30 days after the end of the first six months of the fiscal year; SIPC-7T Form and assessment payment is due no later than 60 days after the end of the fiscal year, or after membership termination. The SIPC Forms and assessments should be forwarded to the main office of SIPC in Washington, D.C. For more details, please refer to www.sipc.org.

Publication Date*: 6/26/2018 Mailto Link Identification Number: 1611
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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