Broker Dealer Regulation - Financial Responsibilities - Comment Letter - Federated Investors - June 1, 2012
|Re-proposal Date||Final Rule Issue||Effective Date|
|May 9, 2012||August 21, 2013||October 21, 2013|
Amendments to Financial Responsibility Rules for Broker-Dealers
June 1, 2012
From the comment letter:
"U.S. government money market funds did not exist in 1972 when the Commission adopted Rule 15c3-3 and permitted broker-dealers to deposit only cash or Treasury securities in the Reserve Account. The addition of U.S. government money market funds provides an appropriate alternative for the investment of Rule 15c3-3 customer funds and would facilitate the placement of this large pool of customer cash among a greater number of financial institutions. Federated strongly endorses the Commission's 2007 Rule Proposal to amend Rule 15c3-3(a)(6) to include U.S. government money market funds."