Securities and Exchange Commission January 13, 2025 – Federal Register Recent Federal Regulation Documents
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Daily Computation of Customer and Broker-Dealer Reserve Requirements Under the Broker-Dealer Customer Protection Rule
The Securities and Exchange Commission ("Commission") is adopting amendments to the broker-dealer customer protection rule to require certain broker-dealers to perform their reserve computations for accounts of customers and proprietary accounts of broker-dealers and make any required deposits into their reserve bank accounts daily rather than weekly. The Commission also is adopting amendments to the broker-dealer net capital rule and customer protection rule to permit certain broker-dealers that perform a daily reserve computation for accounts of customers to reduce aggregate debit items (i.e., customer- related receivables) by 2% rather than 3% as part of the computation. Finally, the Commission is adopting technical amendments to the Financial and Operational Combined Uniform Single Report ("FOCUS Report") to conform it to the amendments with respect to the lowering of the debit reduction from 3% to 2%.
Adjustments to Civil Monetary Penalty Amounts
The Securities and Exchange Commission ("Commission") is publishing this notice ("Notice") pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ("2015 Act"). This Act requires all agencies to annually adjust for inflation the civil monetary penalties that can be imposed under the statutes administered by the agency and publish the adjusted amounts in the Federal Register. This Notice sets forth the annual inflation adjustment of the maximum amount of civil monetary penalties ("CMPs") administered by the Commission under the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Investment Company Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002. These amounts are effective beginning on January 15, 2025, and will apply to all penalties imposed after that date for violations of the aforementioned statutes that occurred after November 2, 2015.
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