Securities and Exchange Commission June 27, 2011 – Federal Register Recent Federal Regulation Documents

Sunshine Act Meeting
Document Number: 2011-16086
Type: Notice
Date: 2011-06-27
Agency: Securities and Exchange Commission, Agencies and Commissions
Proposed Collection; Comment Request
Document Number: 2011-16006
Type: Notice
Date: 2011-06-27
Agency: Securities and Exchange Commission, Agencies and Commissions
Broker-Dealer Reports
Document Number: 2011-15341
Type: Proposed Rule
Date: 2011-06-27
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission (the ``Commission'') is proposing amendments to the broker-dealer financial reporting rule under the Securities Exchange Act of 1934 (the ``Exchange Act''). The first set of amendments would, among other things, update the existing requirements of Exchange Act Rule 17a-5, facilitate the ability of the Public Company Accounting Oversight Board (the ``PCAOB'') to implement oversight of independent public accountants of broker-dealers as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), and eliminate potentially redundant requirements for certain broker-dealers affiliated with, or dually- registered as, investment advisers. The second set of amendments would require broker-dealers that either clear transactions or carry customer accounts to consent to allowing the Commission and designated examining authorities (``DEAs'') to have access to independent public accountants to discuss their findings with respect to annual audits of the broker- dealers and to review related audit documentation. The third set of amendments would enhance the ability of the Commission and examiners of a DEA to oversee broker-dealers' custody practices by requiring broker- dealers to file a new Form Custody.