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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 21:4.3 FINRA OATS Reporting Requirements............... 21-16 [A] Reporting Agent Agreements .............................. 21-16 [B] Exemptions for Reporting Manual Orders .......... 21-17 § 21:4.4 The SEC’s Proposed Consolidated Audit Trail...... 21-17 § 21:4.5 The SEC’s Large Trader Reporting Requirements ...................................................... 21-20 [A] Large Trader Reporting Obligations .................... 21-20 [B] Additional Broker-Dealer Obligations ................. 21-24 [C] Confidentiality of Form 13H .............................. 21-26 § 21:5 Overview of Equity Transaction Reporting ................. 21-27 § 21:5.1 Transactions in Listed Securities Effected on a National Securities Exchange........................... 21-29 § 21:5.2 Transactions in Listed Securities Effected Otherwise Than on an Exchange........................ 21-30 [A] The FINRA/NASDAQ Trade Reporting Facility ................................................................ 21-31 [B] The FINRA/NYSE Trade Reporting Facility ........ 21-32 [C] The FINRA Alternative Display Facility (ADF) and TRACS Trade Comparison ............... 21-32 § 21:5.3 Transactions in Over-the-Counter Equity Securities............................................................. 21-33 § 21:5.4 Transactions in Restricted Equity Securities ....... 21-34 § 21:5.5 Transactions in Direct Participation Program Securities............................................................. 21-35 § 21:5.6 Submission of Non-Tape or Clearing-Only Reports for Previously Reported Trades............... 21-36 § 21:6 TRACE Reporting Requirements ................................ 21-36 § 21:7 MSRB Trade Reporting Requirements ........................ 21-39 PART VII: Financial Responsibility Chapter 22 Financial Obligations—Net Capital, Customer Protection, and Financial Reporting Elliott R. Curzon § 22:1 Overview....................................................................... 22-2 § 22:2 Net Capital Requirements ............................................ 22-4 § 22:3 Basic Method ................................................................ 22-5 § 22:3.1 Minimum Fixed Amounts for Broker-Dealer Type ....22-5 [A] Clearing or Carrying Accounts ............................. 22-5 [B] Dealers.................................................................. 22-6 [C] Market-Makers ..................................................... 22-6 xciv

Table of Contents [D] Introducing Broker-Dealers ................................... 22-7 [E] Broker-Dealers Limited to Sales of Investment Companies and Variable Products ........................ 22-8 [F] Municipal Securities “Broker’s Broker” ................ 22-9 [G] Futures Commission Merchants .......................... 22-9 [H] Reverse Repurchase Agreements ......................... 22-10 [I] Specialists ........................................................... 22-10 [J] Exemptions ......................................................... 22-10 § 22:3.2 Aggregate Indebtedness ....................................... 22-11 § 22:3.3 Alternative Method............................................. 22-14 § 22:3.4 Debt Equity Requirements.................................. 22-16 § 22:4 Computing Net Capital.............................................. 22-17 § 22:4.1 Adjustments to Net Worth ................................. 22-18 [A] Expense Sharing Agreements .............................. 22-19 [B] Other Types of Non-Allowable Assets ................ 22-20 § 22:4.2 Adjustments to Net Worth: “Haircuts” .............. 22-23 § 22:5 Consolidation with Subsidiaries ................................. 22-28 § 22:6 Compliance, Reporting and Notice Requirements.............................................................. 22-29 § 22:6.1 FOCUS Reports .................................................. 22-29 § 22:6.2 Failure to Maintain Minimum Net Capital........ 22-31 § 22:6.3 Financial Statements .......................................... 22-34 § 22:7 Limitations on Withdrawal of Equity Capital ............ 22-34 § 22:7.1 Early Warning Notices ........................................ 22-36 § 22:7.2 Withdrawals of Equity Capital............................ 22-38 § 22:8 “Brokers’ Broker” ........................................................ 22-39 § 22:9 Options and Commodity Issues ................................. 22-40 § 22:9.1 Listed Options .................................................... 22-40 § 22:9.2 Theoretical Pricing Charges Method .................. 22-40 § 22:9.3 Alternative Strategy Based Method ..................... 22-43 § 22:9.4 Unlisted Options ................................................ 22-45 § 22:9.5 Commodities ...................................................... 22-45 § 22:10 Raising Good Capital Through Subordination Agreements ................................................................. 22-49 § 22:11 Requirements for OTC Derivatives Dealers ............... 22-54 § 22:12 Customer Protection................................................... 22-56 § 22:12.1 Background ......................................................... 22-56 § 22:12.2 Possession and Control of Securities .................. 22-57 § 22:12.3 Special Reserve Account for the Exclusive Benefit of Customers .......................................... 22-59 § 22:12.4 Exemptions ......................................................... 22-61 Chapter 23 Reserved (Broker-Dealer Reg., Rel. #3, 5/13) xcv

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