Release Notes on Updates to Interpretations to the SEC's Financial and Operational Rules

Updated: December 30, 2025

Publication Date: December 30, 2025

Interpretations Added:

  1. 15c3-1(c)(2)(i)(F)/01 Application of Guidelines in SEC Staff Third Party Expense Letter
  2. 15c3-3(e)(5)/02 Definition of “Affiliated”
  3. 15c3-3(d)(4)/02 Application of 30 Calendar Day Period Pursuant to 15c3-3(d)(4)
  4. 15c3-3(d)(4)/03 Obtaining Physical Possession or Control - Buy-In of Securities
  5. 15c3-3(b)(5)/02 Written Notice to PAB Account Holder
  6. 15c3-3(b)(5)/01 Determining Fully Paid and Excess Margin Securities in PAB Accounts
  7. 15c3-3(b)(5)/03 Objection of a PAB Account Holder to the Continued Use of PAB Account Securities
  8. 15c3-3(j)(2)(i)/01 Customer’s Oral Communication of Orders or Authorization to Transfer Free Credit Balances
  9. 15c3-3(j)(2)(i)/02 Investment or Transfer of Customer’s Free Credit Balances Pursuant to an Order from Customer’s Agent or Pledgee
  10. 15c3-3(j)(2)(ii)(A)(2)/02 Sweep Program – Written Affirmative Customer Consent in Fully Disclosed Carrying Arrangements
  11. 17a-11(b)(5)/01 Non-Cash Repurchase and Securities Lending Transactions