Current through Rules and Regulations filed through March 20, 2024
(1) For every
broker-dealer registered under the Act, the following are the requirements for
filing reports:
(a) Every broker-dealer
subject to this Rule shall prepare and submit to the Commissioner, upon
request, reports of financial condition containing the information required:
1. As of a date within sixty (60) days of the
date of filing an application for a license as a broker-dealer; and
2. Annually, as of the close of the
broker-dealer fiscal year.
(b) The annual reports shall be prepared not
more than sixty (60) days after the date as of which the firm's financial
condition is reported. If the applicant or licensee is registered with the SEC
as a broker-dealer, the reports of financial condition as filed with the SEC
shall be deemed to be in compliance herewith.
(2) Each report of financial condition
prepared under Subsection (1) shall be prepared in accordance with the
following requirements:
(a) The report of a
broker-dealer shall be certified by a certified public accountant or a public
accountant who shall be independent, except a report prepared under Subsection
(1)(b) that is not required to be certified under the rules of the SEC or the
Public Company Accounting Oversight Board.
(b) Attached to the report shall be an oath
or affirmation. This oath of affirmation shall demonstrate that, to the best
knowledge and belief of the person making the oath or affirmation, the
financial statement and supporting schedules are true and correct. This oath or
affirmation shall be made before a person duly authorized to administer the
oaths or affirmations.
(c) If the
broker-dealer is a:
1. Sole proprietorship,
the oath or affirmation shall be made by the proprietor;
2. Partnership, it shall be made by a general
partner; or
3. Corporation or
limited liability company, it shall be made by a duly authorized officer or
member.
(d) If
statements of financial condition furnished pursuant to the requirements of
broker-dealer reports are bound separately from the balance of the report and
are deemed confidential under the Securities Exchange Act of 1934, they shall
be deemed confidential, except that they shall be available for official use by
any official or employee of the United States or any state, national securities
exchanges and national securities associations of which the person preparing
the report is a member, and any other person to whom the Commissioner
authorizes disclosure of the information as being in the public
interest.
(3) The
requirements for the use of certain statements filed with the SEC and national
securities exchanges are as follows:
(a) Any
broker-dealer who is subject to the provisions of Subsection (1) may prepare,
in lieu of the report required by that Subsection, a copy of any financial
statements that it is, or has been, required to file with FINRA or any national
securities exchange of which it is a member, provided that the financial
statements reflect the financial condition as of a date not more than sixty
(60) days prior to the date required in Subsection (1) by the Commissioner and
the report, as filed with the Commissioner, meets the requirements of this Rule
and contains the information called for by it.
(b) At the request of any broker-dealer who
is an investment company registered under the Investment Company Act of 1940,
or a sponsor or depositor of a registered investment company who effects
transactions in securities only with, or on behalf of, the registered
investment company, the Commissioner shall accept any statement of its
financial condition filed pursuant to Sections 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 and
the rules and regulations promulgated by the Commissioner.
(4) In the event any broker-dealer finds that
it cannot prepare its report for any year within the time specified in
Subsection (1) or (3) without undue hardship, it may file with the Commissioner
an application for an extension of time to a specified date, which shall not be
more than ninety (90) days after the date as of which its financial condition
is reported. The application shall state the reasons for the requested
extension and contain an agreement to prepare the report on or before the
specified date.
(5) The
Commissioner may provide by order for the electronic filing of the reports
required under this Rule.
O.C.G.A. Secs.
10-5-40, 10-5-70, 10-5-74.
