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Annual Reports

Every broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934 (SEA) is required to file an annual report as specified under SEA Rule 17a-5(d).  Members must submit their annual reports to FINRA in electronic form through FINRA’s Firm Gateway.  See below for further information on FINRA Firm Gateway.  To assist members in their reporting obligations, FINRA makes available an annual notice with report filing due dates.  See Information Notice – 11/16/18

Filing with the SEC

Pursuant to SEA Rule 17a-5(d)(6), members must also file the annual report at the regional office of the SEC in which the firm has its principal place of business and the SEC’s principal office in Washington, DC.  The SEC has a process for electronic filing of annual audit reports, in lieu of filing in paper form, which the SEC simplified and updated in January 2017.[1]  Members are reminded that the SEC requires firms to obtain EDGAR access credentials in order to be able to file electronically.[2]  The process for obtaining such credentials may take several days and members are encouraged to request the access credentials prior to the due date of their filing in order to ensure timely submissions. 

SIPC Requirement

SEA Rule 17a-5(d)(6) requires firms that are members of the Securities Investor Protection Corporation (SIPC) to file the annual audit report with SIPC.  Members are reminded that in August 2017 SIPC and FINRA announced an agreement designed to ease reporting burdens and compliance costs for firms.[3]  Pursuant to the agreement, when a firm that is a SIPC member files an annual audit report through FINRA’s Firm Gateway on or after September 1, 2017, this will also constitute filing with SIPC.  Members may consult the SIPC website for further information.

FINRA Firm Gateway and Entitlements

Members must use their current FINRA entitlement user ID and password to access the Firm Gateway. Questions regarding access to the Firm Gateway should be directed to your firm’s Super Account Administrator (SAA). Questions regarding the filing of reports, the resetting of passwords or general technical concerns regarding system requirements should be directed to FINRA Business and Technology Support Services at (800) 321-6273.

Contact OGC

FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.

OGC staff contact:
Adam Arkel
FINRA, OGC
1735 K Street, NW
Washington, DC 20006
(202) 728-6961


Notes

[1]  See Electronic Filing of Broker-Dealer Annual Reports on the SEC website; see also Regulatory Notice 17-07 (Updated SEC No-Action Guidance and Instructions on Electronic Filing of Broker-Dealer Annual Reports) (February 2017).

[2]  See Procedures for Broker-Dealers to Obtain EDGAR Access Credentials for Submission of X-17A-5 Part III Annual Reports and Amendments on the SEC website.

[3]  See FINRA News Release, SIPC and FINRA Streamline Reporting Process for Broker-Dealers (August 1, 2017).


 

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  • Amendments to the SEC's Financial Reporting Requirements—eFOCUS System Updates and Annual Audit Requirements
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  • Updated SEC No-Action Guidance and Instructions on Electronic Filing of Broker-Dealer Annual Reports
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  • SEC No-Action Guidance on Electronic Filing of Broker-Dealer Annual Reports
  • 2016 and First Quarter of 2017 Report Filing Due Dates: Annual Audit; FOCUS; Form Custody; Supplemental Statement of Income (SSOI); Supplemental Schedule for Derivatives and Other Off-Balance Sheet Items (OBS); and Supplemental Inventory Schedule (SIS)
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