SEC Adopts New Rules To Protect Broker-Dealer Customers

Law360, Chicago (July 31, 2013, 8:14 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday adopted new rules aimed at bolstering safeguards for the customers of broker-dealers, including additional reporting and audit requirements.

The new reporting rules, cleared by the commission in a 3-2 vote, should increase compliance with existing financial responsibility rules for broker-dealers that cover net capital, customer protection, books and records and notification, the SEC said in a statement.

“These rules will provide important additional safeguards for customer assets held by broker-dealers,” SEC Chairwoman Mary Jo White said. “These rules...
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