SEC proposes clarifying broker-dealer exemption

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SEC proposes clarifying broker-dealer exemption

The SEC is proposing a clarifying amendment to the exemption provisions of the broker-dealer annual reporting rule under the Securities Exchange Act of 1934.

The proposed amendment would clarify that a broker-dealer would not be required to engage an independent public accountant to certify the broker-dealer’s annual reports if the broker-dealer’s securities business has been limited to acting as a broker or agent for a single issuer in soliciting subscriptions for securities of that issuer — and other conditions are met.

The amendment is being issued to correct an error found in the 2013 publication of the exemption provision.

Comments on the proposal can be submitted through the SEC website within 30 days after the proposal is published in the Federal Register.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

Research & References of SEC proposes clarifying broker-dealer exemption|A&C Accounting And Tax Services
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