December 20, 2024/US SEC Under the Broker-Dealer Customer Protection Rule, carrying broker-dealers—i.e., those broker-dealers that maintain custody of customer securities and cash—must have a special reserve bank account that holds “qualified securities” and/or cash in an amount determined by a weekly computation.[1] The idea is that if the broker-dealer fails, […]
Author: InvestAdvocate
SEC Adopts Rule Amendments to the Broker-Dealer Customer Protection Rule
December 20, 2024/US SEC 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 […]
SEC Charges Silver Point Capital With Policy Failures Regarding Receipt of Material Nonpublic Information About Bonds Issued by Puerto Rico
December 20, 2024/US SEC The Securities and Exchange Commission today charged registered investment adviser Silver Point Capital L.P. with failing to establish, implement, and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information (MNPI) relating to its participation on creditors’ committees. According to the […]
