SEC proposes clarifying broker-dealer exemption

By Ken Tysiac

The SEC is proposing a clarifying amendment to the exemption provisions of the broker-dealer annual reporting rule under the Securities Exchange Act of 1934.

The proposed amendment would clarify that a broker-dealer would not be required to engage an independent public accountant to certify the broker-dealer’s annual reports if the broker-dealer’s securities business has been limited to acting as a broker or agent for a single issuer in soliciting subscriptions for securities of that issuer — and other conditions are met.

The amendment is being issued to correct an error found in the 2013 publication of the exemption provision.

Comments on the proposal can be submitted through the SEC website within 30 days after the proposal is published in the Federal Register.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.