SIPC Releases New Series 600 Rules for Filing Supplemental Reports

Securities Investor Protection Corporation pic

Securities Investor Protection Corporation
Image: sipc.org

Retail and institution broker-dealer Aegis Capital Corp provides a variety of financial and investment services and creates customized plans based on the specific needs of individual clients. Aegis Capital Corp also belongs to multiple financial institutions, such as the Securities Investor Protection Corporation (SIPC) in Washington, DC. In 2016, SIPC received approval for a new series of member rules regarding supplemental reports.

Approved by the Securities and Exchange Commission (SEC), the Series 600 Rules detail the format for the form and content of SIPC supplemental reports known as Independent Accountants’ Report on Applying Agreed-Upon Procedures. The rule alters the filing route for supplemental reports submitted by broker-dealers, requiring them to file with SIPC as opposed to the SEC. Additionally, supplemental reports must include a report from an independent public accountant who performed agreed-upon procedures outlined in paragraphs (b)(3)(i) through (vi) of the Series 600 Rules.

The Series 600 Rules require broker-dealers to file within 60 days after the fiscal year concludes. Broker-dealers who report total revenues of $500,000 or less in their annual audited statement of income are not required to file a supplemental report to SIPC.

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