The Securities and Exchange Commission (SEC) has pushed back the compliance date for amendments to its broker-dealer customer protection rule (15c3-3).
The amendments will now come into force from 30 June 2026, rather than 31 December 2025.
SEC Chairman Paul Atkins commented, “The days of unreasonable deadlines have passed.
“By extending this compliance date, we are giving broker-dealers additional time to implement daily computation under Rule 15c3-3. I am pleased the Commission agrees that additional time is necessary to allow broker-dealers to avoid operational challenges with meeting the initial compliance date.”
Adopted on 20 December 2024, the amendments require broker-dealers to provide reverse computations daily rather than weekly. The commission stated that this would limit mismatch risk (where the net cash owed to customer and proprietary accounts and the amount held by the broker-dealer’s reserve bank accounts are inconsistent).
Additionally, aggregate debit items were reduced from 3% to 2% for certain broker-dealers providing daily computations as part of an amendment to customer protection and net capital rules.
Technical amendments were also made to the Financial and Operational Combined Uniform Single Report (FOCUS Report) to align with this debit reduction.
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