SIPC Releases New Series 600 Rules for Filing Supplemental Reports

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Securities Investor Protection Corporation

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.


Brexit Poses Major Economic Challenges for UK and Eurozone



Aegis Capital Corp. is a New York-based financial services firm that provides a host of institutional and family office clients with dedicated investment support. Capabilities range from retail sales to global equity syndicates, with transactions underpinned by RBC Correspondent Services’ multiple execution platforms. The Aegis Capital Corp. team maintains a strong focus on current market conditions and the macro-level events that influence them.

One such notable event in Europe was a popular referendum vote in June 2106 by UK citizens in favor of “Brexit,” or a departure from the European Union. A shock to the financial system, the vote had a tumultuous impact on major markets, with stock markets roiling. In a flight to safety, the pound fell to decade lows, while the Japanese yen and US Treasury notes gained strength.

Despite these immediate effects, economists predict that the most profound impact will be felt further down the road, as the UK unwinds its complex membership in an organization that encompasses all aspects of trade and worker flow among EU member countries. In particular, the UK, which relies on financial services for much of its trade surplus, will have a more difficult time providing essential banking services to clients across the continent. At the same time, the Eurozone will face large-scale structural challenges that may put the continued existence of the EU in question.