Daily Computation of Customer and Broker-Dealer Reserve Requirements Under the Broker-Dealer Customer Protection Rule
Published Date: 1/13/2025
Rule
Summary
Starting March 14, 2025, certain broker-dealers must calculate and deposit customer reserve funds every day instead of once a week. This change helps keep customer money safer and lets some broker-dealers reduce their required reserves a bit, from 3% to 2%. These updates also tweak reporting forms to match the new rules, making the whole process smoother and more accurate.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Daily Reserve Computations for Big Brokers
If a broker-dealer holds a lot of customer cash, the SEC now requires firms with average total credits of $500,000,000 or more to compute customer and PAB reserve amounts daily instead of weekly. The rule is effective March 14, 2025, and firms that exceed the $500 million average based on month-end FOCUS Reports from July 31, 2024 through June 30, 2025 must perform daily computations by December 31, 2025; required deposits must be made no later than one hour after the opening of banking business on the second following business day. The change is intended to make customer cash safer and reduce the risk of large shortfalls that could deplete the SIPC Fund.
Debit Reduction Cut From 3% to 2%
Broker-dealers that perform a daily customer reserve computation and use the alternative net capital method may reduce aggregate debit items by 2% instead of 3%. The 2% debit reduction is available automatically to firms above the $500,000,000 average total credits threshold; firms below that threshold may voluntarily perform daily computations and apply the 2% reduction if they notify their designated examining authority at least 30 days before starting the daily computation (and must get DEA approval to revert to weekly computations).
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