Regulatory Notice 11-38

Application of the SEC’s Financial Responsibility Rules in Response to the Downgrade of U. S. Long Term Credit Rating by Standard & Poor’s

This Notice is being issued in response to the downgrade of the United States long-term credit rating by Standard & Poor's, issued on August 5, 2011, and provides guidance to firms on the application of the Securities and Exchange Commission's (SEC) Net Capital and Customer Protection Rules to United States Treasury securities and other securities issued, or guaranteed as to principal and interest, by the United States or any of its governmental agencies.


Questions concerning this Notice may be directed to your firm's Regulatory Coordinator.