New York Codes, Rules and Regulations
Chapter I - Regulations of the Superintendent of Financial Services
Section 200.14 - Reports and financial disclosures

Current through Register Vol. 45, No. 13, March 29, 2023

(a) Each Licensee shall submit to the superintendent quarterly financial statements within 45 days following the close of the Licensee's fiscal quarter in the form, and containing such information, as the superintendent shall prescribe, including without limitation, the following information:

(1) a statement of the financial condition of the Licensee, including a balance sheet, income statement, statement of comprehensive income, statement of change in ownership equity, cash flow statement, and statement of net liquid assets;

(2) a statement demonstrating compliance with any financial requirements established under this Part;

(3) financial projections and strategic business plans;

(4) a list of all off-balance sheet items;

(5) a chart of accounts, including a description of each account; and

(6) a report of permissible investments by the Licensee as permitted under this Part.

(b) Each Licensee shall submit audited annual financial statements, together with an opinion and an attestation by an independent certified public accountant regarding the effectiveness of the Licensee's internal control structure. All such annual financial statements shall include:

(1) a statement of management's responsibilities for preparing the Licensee's annual financial statements, establishing and maintaining adequate internal controls and procedures for financial reporting, and complying with all applicable laws, rules, and regulations;

(2) an assessment by management of the Licensee's compliance with such applicable laws, rules, and regulations during the fiscal year covered by the financial statements; and

(3) certification of the financial statements by an officer or director of the Licensee attesting to the truth and correctness of those statements.

(c) Each Licensee shall notify the superintendent in writing of any criminal action or insolvency proceeding against the Licensee or any of its directors, Principal Stockholders, Principal Officers, and Principal Beneficiaries, as applicable, immediately after the commencement of any such action or proceeding.

(d) Each Licensee shall notify the superintendent in writing of any proposed change to the methodology used to calculate the value of Virtual Currency in Fiat Currency that was submitted to the Department in accordance with Section 200.4 or this Subsection.

(e) Each Licensee shall submit a report to the superintendent immediately upon the discovery of any violation or breach of law, rule, or regulation related to the conduct of activity licensed under this Part.

(f) Each Licensee shall make additional special reports to the superintendent, at such times and in such form, as the superintendent may request.

Adopted New York State Register June 24, 2015/Volume XXXVII, Issue 25, eff.6/24/2015

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