Transcription of Key. SEC Financial Responsibility Rules
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Key. SEC Financial Responsibility Rules
Appendix 11 Key. SEC Financial Responsibility RulesThe SEC Net CapitalRule(Rule15c3-1)BackgroundThe Securities and Exchange Commission's(SEC)1uniform net capital rule(15c3-1) and customer protection rule (15c3-3) form the foundation of thesecurities industry's Financial Responsibility framework.' The net capitalrule focuses on liquidity and is designed to protect securities customers,counterparties, and creditors by requiring that broker-dealers havesufficient liquid resources on hand at all times to satisfy claims 15c3-3, or the customer protection rule, which complements rule15c3-1, is designed to ensure that customer property (securities and funds)in the custody of broker-dealers is adequately safeguarded.
Appendix 11 Key SEC Financial Responsibility Rules registered broker-dealers maintain at alltimessufficientliquid assets5 to (1) promptly satisfy their liabilities-the claims of customers, creditors,
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