Amendments Would Require Daily Computation of Customer and Broker-Dealer Reserve Requirements
On July 12, 2023, the Securities and Exchange Commission proposed to amend Exchange Act Rule 15c3-3 to require certain larger carrying broker-dealers to perform reserve account computations on a daily basis. Specifically, the amendments would require a carrying broker-dealer that reports total credits in the reserve computation in its monthly FOCUS reports equal to or greater than $250 million on average over the preceding 12 months to conduct its customer and PAB reserve account computations on a daily basis, rather than on a weekly basis as currently required. The Commission estimates that…
