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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17203, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fees Schedule in Connection With Binary Options That Overlie the Mini-S&P 500 Index
Cboe Exchange is updating its fees for binary options tied to the Mini-S&P 500 Index, called XSP binary options. They’re adding standard transaction fees and removing these options from some special fee programs. These changes took effect right away on August 12, 2026, and will impact traders using these specific options.
Previous / Next Documents
Previous: 2025-11516, Submission for OMB Review; Comment Request; Extension: Form T-6
The SEC is asking to keep using Form T-6, which lets foreign companies apply to be trustees for certain financial agreements. This form takes about 17 hours to fill out once a year, and the SEC wants your feedback by July 25, 2025. If you’re a foreign company or work with them, this affects you—no new fees or big changes, just a paperwork extension.
Next: 2025-11518, Submission for OMB Review; Comment Request; Extension: Form T-2-Statement of Eligibility Under the Trust Indenture Act of 1939 of an Individual Designated To Act as a Trustee
The SEC is extending the use of Form T-2, which checks if someone is qualified to be a trustee under the Trust Indenture Act. This form takes about 9 hours to complete and is required for individuals stepping into trustee roles. People have until July 25, 2025, to share their thoughts on this process, but no new costs or big changes are expected.