SEC Open Meeting, June 15, 2011

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Dodd-Frank Timeline, Broker-Dealer Reports, SEC
Proposal Date Final Rule Issue Effective Date, SIPC Reports Effective Date, SEC Reports
June 27, 2011 August 21, 2013 December 31, 2013 June 1, 2014

The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning:

  • broker-dealer financial reporting;
  • strengthening audits of broker-dealers; and
  • the SEC's regulation of broker-dealer method for handling customers' securities and cash.[1]

Archived webcast:

Meeting Summary

Topics of Discussion

  • "First, the proposed amendments would require a broker-dealer that maintains custody of customer securities and cash or clears transactions to allow Commission and self-regulatory organization (SRO) examiners to:
  1. Access the work papers of the registered public accounting firm that audits the broker-dealer; and
  2. Discuss any findings with the personnel of the registered public accounting firm.
  • Second, the proposed amendments would require a broker-dealer to file a report ona quarterly basis that contains information about whether and, if so, how it maintains custody of its customers' securities and cash."

Related Documents

Broker-Dealer Reports

Read comment letters.png
Read proposed rule.png

Speakers

Chairman Mary L. Schapiro; whose statements include:

  • An introduction of the proposal that adds to rules adopted two years ago in an effort to protect investors who turn over the management of their assets to investment advisers.
  • An explanation of the proposed strengthened annual audit system for broker-dealers.
  • An explanation of review and reporting rules for broker-dealer custody practices.

Commissioner Luis A. Aguilar, whose statements include:

  • Support for the proposal.
  • A request for comments regarding broker-dealer custodial practices in particular.

Commissioner Troy A. Paredes, whose statements include:

  • Support for the proposal.
  • Requests for comment in accordance with four outlined concerns.

References

  1. SEC Proposes Ways to Strengthen Audits and Reporting of Broker-Dealers to Protect Customer Assets. SEC. Retrieved on June 15, 2011.

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