Non-US Brokers' Records Rule Renewed: One Hour from 53 Firms
Published Date: 6/24/2025
Notice
Summary
The SEC wants to keep Rule 17a-7 going, which helps non-U.S. broker-dealers keep their important records safe and easy to access in the U.S. About 53 firms spend just an hour a year on this, costing around $18,000 total. The SEC is asking for comments before extending this rule, so everyone’s on the same page and the paperwork stays smooth.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
U.S. Recordkeeping Rule for Non‑U.S. Brokers
If you are a non‑U.S. broker‑dealer registered under Section 15 of the Exchange Act, Rule 17a‑7 requires you to keep complete and current copies of required books and records in the United States and either file a written notice with the SEC giving the U.S. address or file a written undertaking to furnish the books and records to the Commission upon demand within 14 days.
Estimated Annual Compliance Burden and Cost
The Commission estimates about 53 non‑resident broker‑dealers will each spend about 1 hour per year complying with Rule 17a‑7, for a total of 53 hours industry‑wide. At an estimated $344 per hour for a compliance manager, the Commission estimates total internal compliance costs of approximately $18,232 per year.
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