FINRA Announces Updates of the Interpretations of Financial and Operational Rules
SEC Financial Responsibility Rules
Books and Records
|Referenced Rules & Notices
Regulatory Notice 08-56
Regulatory Notice 13-44
Regulatory Notice 14-06
Regulatory Notice 14-12
Regulatory Notice 14-25
SEA Rule 15c3-1
SEA Rule 15c3-1a
SEA Rule 15c3-1e
SEA Rule 15c3-1f
SEA Rule 15c3-1g
SEA Rule 15c3-3a
SEA Rule 17a-4
FINRA is updating the imbedded text of Securities Exchange Act (SEA) financial responsibility rules for broker-dealers in the Interpretations of Financial and Operational Rules to reflect the effectiveness of amendments the SEC adopted.1 The updated imbedded text relates to SEA Rules 15c3-1, 15c3-1a, 15c3-1e, 15c3-1f, 15c3-1g, 15c3-3a and 17a-4. FINRA is also making available related updates of the Interpretations of Financial and Operational Rules that have been communicated to FINRA by the staff of the SEC's Division of Trading and Markets (SEC staff). The updated interpretations relate to SEA Rule 15c3-1.
Questions concerning this Notice should be directed to:
Background & Discussion
In December 2013, the SEC adopted rule amendments that became effective on July 7, 2014.2 FINRA is updating the imbedded SEC rule text in the Interpretations of Financial and Operational Rules to reflect the amendments that relate to SEA Rules 15c3-1, 15c3-1a, 15c3-1e, 15c3-1f, 15c3-1g, 15c3-3a and 17a-4. The interpretation updates resulting from the SEC's December 2013 amendments to SEA Rule 15c3-1 are set forth below. Page references are to the hardcopy version. These interpretations are being updated with specific additions, revisions and rescissions.
The following interpretations have been revised:
The following interpretations have been rescinded:
These rule text and interpretation updates are available in portable digital format (PDF) on FINRA's Interpretations of Financial and Operational Rules page.
Further, SEC staff continues to communicate and issue written and oral interpretations of the financial responsibility and reporting rules including the newly amended sections of such rules. FINRA has previously updated the Interpretations of Financial and Operational Rules on its website in Regulatory Notices 08-56, 13-44, 14-06, 14-12 and 14-25.
FINRA member firms and others that maintain the hardcopy version of the Interpretations of Financial and Operational Rules may refer to the accompanying updated pages, containing the aforementioned rule text updates, which are being made available to enable the replacement of existing pages in the hardcopy version of the Interpretations of Financial and Operational Rules. The filing instructions for the new pages are as follows:
|SEA Rule||Remove Old Pages||Add New Pages|
1See Securities Exchange Act Release No. 71194 (December 27, 2013), 79 FR 1522 (January 8, 2014) (Final Rule: Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934).
2See note 1.