SEC Extends Broker Custody Form Filing Forever
Published Date: 7/8/2025
Notice
Summary
Broker-dealers must keep filing Form Custody every quarter to show how they handle customer assets. The SEC is just extending this rule, so no big changes or new costs—just keeping things rolling smoothly. About 3,470 broker-dealers spend around 12 hours each quarter on this, costing the industry over $57 million a year.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Quarterly Form Custody Filing Burden
Broker-dealers must file Form Custody once each calendar quarter (and within 17 business days after quarter end, or within 17 business days after fiscal-year end if that date is not a calendar quarter). The SEC estimates about 3,470 broker-dealers spend about 12 hours per quarter (48 hours per year), for a total industry burden of 166,560 hours and an internal cost of about $57,296,640 per year (using $344 per hour).
PRA Extension Keeps Requirements Same
The SEC is requesting an extension of the Paperwork Reduction Act approval for Form Custody and is not changing the filing requirements or imposing new costs. The extension continues the existing quarterly filing regime under OMB Control No. 3235-0691 without substantive changes.
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