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SEC Simplifies Filing of Broker-Dealer Annual Reports on EDGAR

by   |   January 30, 2017

The SEC has previously provided guidance on the filing of annual and supplemental reports required under Rule 17a-5 or Rule 17a-12 by broker-dealers or over-the-counter derivatives dealers on the SEC EDGAR system. However, filers commented that the process was complicated and time-consuming because it required that broker-dealers upload each of the components of the annual reports (for example, the statement of financial condition, the statement of income, and the statement of cash flows) as a separate attachment.

In response, the SEC has issued a revised no-action letter to FINRA. Under a new process, a broker-dealer filing its reports under paragraph (d) of Rule 17a-5 electronically on EDGAR could file in one of two ways:

  • The broker-dealer could attach one document containing all of the annual reports as a public document; or
  • The broker-dealer could attach two documents to its submission: a public document containing the statement of financial condition, the notes to the statement of financial condition, and the accountant’s report which covers the statement of financial condition; and a non-public document containing all of the components of the annual reports.