Hurricane Sandy: SEA Rule 15c3-3 Reserve Formula Computation Relief

In response to a request from FINRA, the SEC staff has agreed to take a "no-action" position to provide relief to carrying broker-dealers from preparing the reserve formula computation under SEA Rule 15c3-3 as of Friday, October 26, 2012. The relief applies only to firms that are temporarily unable to access systems or personnel necessary to complete the computation as a result of Hurricane Sandy. Firms do not need to do an interim computation before month end, October 31. All impacted firms should review the change in customer debits and credits from the previous computation and any sizeable increase in credits should result in a prompt deposit to the customer reserve account. As a reminder, no withdrawals may be made without a computation. Please notify your coordinator and william.wollman@finra.org or rosemarie.fanelli@finra.org and macchiarolim@sec.gov if your firm uses this relief.

 

 

Last Updated: 10/28/2012