SEC-PR-2412-211 (Dec. 20, 2024) (SEC-PR-2412)
SEC Adopts Rule Amendments to the Broker-Dealer Customer Protection Rule
Excerpt: Washington D.C., Dec. 20, 2024 — The Securities and Exchange Commission today adopted amendments to Rule 15c3-3 (the customer protection rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. The Commission also adopted amendments to Rule 15c3-3 and Rule 15c3-1 (the broker-dealer net capital rule) to permit certain broker-dealers that perform a daily customer reserve computation to decrease the required 3 percent “buffer” in the customer reserve bank account by reducing the customer-related receivables, or “aggregate debit items,” charge from 3 percent to 2 percent in the computation.
“Our markets have dramatically evolved since the 1972 adoption of Rule 15c3-3, otherwise known as the Customer Protection Rule,” said SEC Chair Gary Gensler. “I’m pleased to support this adoption because it helps protect customers and the Securities Investor Protection Corporation Fund, while promoting greater trust in the markets.”
Source: (https://www.sec.gov/newsroom/press-releases/2024-211)
Categories: (Agency Rules and Modifications) (Consumer Protection Rule)
SEC-PR-2412-209 (Dec. 20, 2024)