{"description":"Documents matching '\"special purpose broker-dealer\"'","count":11,"total_pages":1,"results":[{"title":"Supplemental Information and Reopening of Comment Period for Amendments Regarding the Definition of “Exchange”","type":"Proposed Rule","abstract":"The Securities and Exchange Commission (\"Commission\") is reopening the comment period for its proposal (\"Proposed Rules\") to amend the rule under the Securities Exchange Act of 1934 (\"Exchange Act\") that defines certain terms used in the statutory definition of \"exchange.\" The reopening provides supplemental information and economic analysis regarding trading systems that trade crypto asset securities that would be newly included in the definition of \"exchange\" under the Proposed Rules. The Commission is requesting further information and public comment on certain aspects of the Proposed Rules as applicable to all securities and the compliance dates and other alternatives for the Proposed Rules. The Proposed Rules were set forth in Release No. 34-94062 (\"Proposing Release\"), and the related comment period, which was reopened in Release No. 34-94868 on May 9, 2022, ended on June 13, 2022. The reopening of this comment period is intended to allow interested persons further opportunity to analyze and comment on the Proposed Rules in light of the supplemental information provided herein (\"Reopening Release\").","document_number":"2023-08544","html_url":"https://www.federalregister.gov/documents/2023/05/05/2023-08544/supplemental-information-and-reopening-of-comment-period-for-amendments-regarding-the-definition-of","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2023-05-05/pdf/2023-08544.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2023-08544.pdf?1683204316","publication_date":"2023-05-05","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"crypto asset securities for purposes of 17 CFR 240.15c3-3(b)(1) (“Rule 15c3-3(b)(1)”) under the Exchange Act. \n See \n Commission Statement on Custody of Digital Asset Securities by Special Purpose Broker-Dealers. To date, no person has been approved to act as a <span class=\"match\">special purpose broker-dealer</span> custodying crypto asset securities.\n \n \n 4. Group of Persons as the Exchange \n \n Some commenters ask that the Commission explain which actor or group of actors would be responsible for compliance and how so-called “DeFi” trading systems should comply with exchange"},{"title":"Order Specifying the Manner and Format of Filing Unaudited Financial and Operational Information by Security-Based Swap Dealers and Major Security-Based Swap Participants That Are Not U.S. Persons and Are Relying on Substituted Compliance Determinations With Respect to Rule 18a-7","type":"Notice","abstract":null,"document_number":"2021-22817","html_url":"https://www.federalregister.gov/documents/2021/10/26/2021-22817/order-specifying-the-manner-and-format-of-filing-unaudited-financial-and-operational-information-by","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-10-26/pdf/2021-22817.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-22817.pdf?1635165919","publication_date":"2021-10-26","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"Commission adopted Exchange Act rule 18a-7 (“Rule 18a-7”), amended Part II of the FOCUS Report, and adopted a new Part IIC of the FOCUS Report.\n 3 \n \n Rule 18a-7 applies to SBS Entities that also are registered with the Commission as OTC derivatives dealers (a <span class=\"match\">special purpose broker-dealer</span> that must limit its business to dealing in over-the-counter derivatives) or that do not have a broker-dealer registration.\n 4 \n \n Under this rule, SBS Entities that do not have a prudential regulator are required to file Part II of the FOCUS Report on a monthly"},{"title":"Adviser and Regulated Fund Custody Rules; Crypto Custody Rules","type":"Proposed Rule","abstract":"The Securities and Exchange Commission (the \"Commission\" or the \"SEC\") is proposing new custody rules under the Investment Company Act of 1940 (the \"Investment Company Act\") and amendments to related reporting and recordkeeping requirements to address how regulated investment companies may custody crypto securities and similar investments, and amendments to the custody rule and related reporting and recordkeeping rules under the Investment Advisers Act of 1940 (the \"Advisers Act\") to address how registered investment advisers may custody client crypto funds and securities. We are also proposing to amend the current custody rules to modernize their requirements, to better address current industry practices and feedback, and to implement certain conforming amendments. We are also proposing amendments to the recordkeeping rules under the Investment Company Act and Advisers Act related to these proposed modernization amendments to the custody rules. Additionally, we are proposing to redesignate the custody rule under the Advisers Act and to make corresponding amendments to Form ADV and Form ADV-E for registered investment advisers to reflect the Advisers Act custody rule redesignation. We are also proposing amendments to Form ADV for registered investment advisers and Form N-CEN for regulated investment companies and to improve the quality of public disclosures made on these forms. We are also proposing to add new questions to Form ADV and Form N-CEN related to tokenized private funds and regulated investment company shares, respectively.","document_number":"2026-20466","html_url":"https://www.federalregister.gov/documents/2026/10/06/2026-20466/adviser-and-regulated-fund-custody-rules-crypto-custody-rules","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-10-06/pdf/2026-20466.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-20466.pdf?1791204319","publication_date":"2026-10-06","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"involving digital asset securities that would not involve the broker-dealer engaging in custody functions.\n 39 \n \n In December 2020, the Commission issued a statement regarding custody of digital asset securities by broker-dealers, which created a time-limited <span class=\"match\">special-purpose broker-dealer</span> (“SPBD”) safe harbor for broker-dealers seeking to custody digital asset securities in the circumstances where such SPBDs did not provide custody of traditional securities or any non-security digital assets.\n 40 \n \n According to some commenters, market participants"},{"title":"Custody of Digital Asset Securities by Special Purpose Broker-Dealers","type":"Rule","abstract":"The Commission is issuing a statement and requesting comment regarding the custody of digital asset securities by broker-dealers.","document_number":"2020-28847","html_url":"https://www.federalregister.gov/documents/2021/02/26/2020-28847/custody-of-digital-asset-securities-by-special-purpose-broker-dealers","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-02-26/pdf/2020-28847.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-28847.pdf?1614260716","publication_date":"2021-02-26","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"asset securities, including blockchain malfunctions, 51% attacks, hard forks, or airdrops; (2) allow the broker-dealer to comply with a court-ordered freeze or seizure; and (3) allow the transfer of the digital asset securities held by the broker-dealer to another <span class=\"match\">special purpose broker-dealer</span>, a trustee, receiver, liquidator, a person performing a similar function, or another appropriate person, in the event the broker-dealer can no longer continue as a going concern and self-liquidates or is subject to a formal bankruptcy, receivership, liquidation"},{"title":"Portfolio Margining of Uncleared Swaps and Non-Cleared Security-Based Swaps","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\") and the Securities and Exchange Commission (\"SEC\") (collectively, the \"Commissions\") seek public comment on potential ways to implement portfolio margining of uncleared swaps and non-cleared security-based swaps.","document_number":"2020-23928","html_url":"https://www.federalregister.gov/documents/2020/11/05/2020-23928/portfolio-margining-of-uncleared-swaps-and-non-cleared-security-based-swaps","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-11-05/pdf/2020-23928.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-23928.pdf?1604497520","publication_date":"2020-11-05","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"requirements that apply to products carried in these account types. In particular, a broker or dealer in securities must be registered with the SEC. A broker-dealer that limits \n \n securities dealing to OTC equity options and other OTC derivatives can operate as a <span class=\"match\">special purpose broker-dealer</span> known as an OTC derivatives dealer. An entity that deals in security-based swaps above a de minimis notional threshold will need to register with the SEC as an SBSD. An entity that solicits and accepts funds from customers to margin, secure, or guarantee futures"},{"title":"Regulation Systems Compliance and Integrity","type":"Proposed Rule","abstract":"The Securities and Exchange Commission (\"Commission\" or \"SEC\") is proposing amendments to Regulation Systems Compliance and Integrity (\"Regulation SCI\") under the Securities Exchange Act of 1934 (\"Exchange Act\"). The proposed amendments would expand the definition of \"SCI entity\" to include a broader range of key market participants in the U.S. securities market infrastructure, and update certain provisions of Regulation SCI to take account of developments in the technology landscape of the markets since the adoption of Regulation SCI in 2014. The proposed expansion would add the following entities to the definition of \"SCI entity\": registered security-based swap data repositories (\"SBSDRs\"); registered broker-dealers exceeding an asset or transaction activity threshold; and additional clearing agencies exempted from registration. The proposed updates would amend provisions of Regulation SCI relating to systems classification and lifecycle management; third party/vendor management; cybersecurity; the SCI review; the role of current SCI industry standards; and recordkeeping and related matters. Further, the Commission is requesting comment on whether significant-volume alternative trading systems (ATSs) and/or broker-dealers using electronic or automated systems for trading of corporate debt securities or municipal securities should be subject to Regulation SCI.","document_number":"2023-05775","html_url":"https://www.federalregister.gov/documents/2023/04/14/2023-05775/regulation-systems-compliance-and-integrity","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2023-04-14/pdf/2023-05775.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2023-05775.pdf?1681389916","publication_date":"2023-04-14","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"physical possession or control of customer fully paid and excess margin digital asset securities for purposes of 17 CFR 240.15c3-3(b)(1) (“Rule 15c3-3(b)(1)” under the Exchange Act). \n See \n Crypto Asset Securities Custody Release, \n supra \n note 37. To date, no such <span class=\"match\">special purpose broker-dealer</span> registration applications have been granted by FINRA.\n \n \n \n \n 224 \n  ATSs that do not trade NMS stocks file with the Commission a Form ATS notice, which the Commission does not approve. Form ATS requires, among other things, that ATSs provide information about:"},{"title":"Regulation Best Execution","type":"Proposed Rule","abstract":"The Securities and Exchange Commission (\"Commission\") is proposing new rules under the Securities Exchange Act of 1934 (\"Exchange Act\") relating to a broker-dealer's duty of best execution. Proposed Regulation Best Execution would enhance the existing regulatory framework concerning the duty of best execution by requiring detailed policies and procedures for all broker-dealers and more robust policies and procedures for broker-dealers engaging in certain conflicted transactions with retail customers, as well as related review and documentation requirements.","document_number":"2022-27644","html_url":"https://www.federalregister.gov/documents/2023/01/27/2022-27644/regulation-best-execution","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2023-01-27/pdf/2022-27644.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2022-27644.pdf?1674740716","publication_date":"2023-01-27","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"obtained and maintained physical possession or control of customer fully paid and excess margin digital asset securities for purposes of Rule 15c3-3(b)(1) under the Exchange Act. \n See \n Crypto Asset Securities Custody Release, \n supra \n note 94. To date, no such <span class=\"match\">special purpose broker-dealer</span> registration applications have been granted by FINRA.\n \n \n \n \n 97 \n  ATSs that do not trade NMS stocks file with the Commission a Form ATS notice, which the Commission does not approve. Form ATS requires, among other things, that ATSs provide information about:"},{"title":"Amended and Restated Order Granting Conditional Substituted Compliance in Connection With Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers and Major Security-Based Swap Participants Subject to Regulation in the Federal Republic of Germany; Amended Orders Addressing Non-U.S. Security-Based Swap Entities Subject to Regulation in the French Republic or the United Kingdom; and Order Extending the Time To Meet Certain Conditions Relating to Capital and Margin","type":"Notice","abstract":null,"document_number":"2021-23445","html_url":"https://www.federalregister.gov/documents/2021/10/28/2021-23445/amended-and-restated-order-granting-conditional-substituted-compliance-in-connection-with-certain","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-10-28/pdf/2021-23445.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-23445.pdf?1635338724","publication_date":"2021-10-28","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":" \n \n \n 84 \n  Exchange Act rule 18a–1 applies to security-based swap dealers that: (1) Do not have a prudential regulator; and (2) are either (a) not dually registered with the Commission as a broker-dealer or (b) are dually registered with the Commission as a <span class=\"match\">special purpose broker-dealer</span> known as an OTC derivatives dealer. Security-based swap dealers that are dually-registered with the Commission as a full-service broker-dealer are subject to the capital requirements of Exchange Act rule 15c3–1 (17 CFR 240.15c3–1) for which substituted compliance"},{"title":"Notice of Application for the Amendment of Substituted Compliance Determination Regarding Security-Based Swap Entities Subject to Regulation in the Federal Republic of Germany; Proposed Amendments to Order","type":"Notice","abstract":"The Securities and Exchange Commission (\"Commission\") is soliciting public comment on an application by the Bundesanstalt f[uuml]r Finanzdienstleistungsaufsicht (\"BaFin\"), pursuant to rule 3a71-6 under the Securities Exchange Act of 1934 (\"Exchange Act\"), requesting that the Commission amend an existing substituted compliance Order for Germany to extend the Order to nonbank capital and margin requirements (the \"Amended Application\"). The Commission also is soliciting comment on proposed amendments to the Order and is proposing to amend and restate the Order (the \"proposed Amended Order\").","document_number":"2021-17644","html_url":"https://www.federalregister.gov/documents/2021/08/18/2021-17644/notice-of-application-for-the-amendment-of-substituted-compliance-determination-regarding","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-08-18/pdf/2021-17644.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-17644.pdf?1629204321","publication_date":"2021-08-18","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":" \n \n \n 42 \n  Exchange Act rule 18a-1 applies to security-based swap dealers that: (1) Do not have a prudential regulator; and (2) are either (a) not dually registered with the Commission as a broker-dealer or (b) are dually registered with the Commission as a <span class=\"match\">special purpose broker-dealer</span> known as an OTC derivatives dealer. Security-based swap dealers that are dually registered with the Commission as a full-service broker-dealer are subject to the capital requirements of Exchange Act rule 15c3-1 (17 CFR 240.15c3-1) for which substituted compliance"},{"title":"Order Granting Conditional Substituted Compliance in Connection With Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers and Major Security-Based Swap Participants Subject to Regulation in the French Republic","type":"Notice","abstract":null,"document_number":"2021-16135","html_url":"https://www.federalregister.gov/documents/2021/08/02/2021-16135/order-granting-conditional-substituted-compliance-in-connection-with-certain-requirements-applicable","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-08-02/pdf/2021-16135.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-16135.pdf?1627649120","publication_date":"2021-08-02","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"through 18a-1d. Exchange Act rule 18a-1 applies to security-based swap dealers that: (1) Do not have a prudential regulator; and (2) are either (a) not dually registered with the Commission as a broker-dealer; or (b) are dually registered with the Commission as a <span class=\"match\">special purpose broker-dealer</span> known as an OTC derivatives dealer. Security-based swap dealers that are dually registered with the Commission as a full-service broker-dealer are subject to the capital requirements of Exchange Act rule 15c3-1 (17 CFR 240.15c3-1) for which substituted compliance"},{"title":"Order Granting Conditional Substituted Compliance in Connection With Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers and Major Security-Based Swap Participants Subject to Regulation in the United Kingdom","type":"Notice","abstract":null,"document_number":"2021-16657","html_url":"https://www.federalregister.gov/documents/2021/08/06/2021-16657/order-granting-conditional-substituted-compliance-in-connection-with-certain-requirements-applicable","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-08-06/pdf/2021-16657.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-16657.pdf?1628167522","publication_date":"2021-08-06","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"through 18a-1d. Exchange Act rule 18a-1 applies to security-based swap dealers that: (1) Do not have a prudential regulator and (2) are either: (a) Not dually registered with the Commission as a broker-dealer; or (b) are dually registered with the Commission as a <span class=\"match\">special purpose broker-dealer</span> known as an OTC derivatives dealer. Security-based swap dealers that are dually registered with the Commission as a full-service broker-dealer are subject to the capital requirements of Exchange Act rule 15c3-1 (17 CFR 240.15c3-1) for which substituted compliance"}]}