SEC amends financial responsibility rules for broker-dealers

The Securities and Exchange Commission has announced the adoption of amendments to the net capital, customer protection, books and records, and notification rules for broker-dealers.

Read: Advisor charged for failing to prevent insider trading

The amendments to the broker-dealer financial responsibility rules are designed to better protect a broker-dealer’s customers and enhance the SEC’s ability to monitor and prevent unsound business practices. The rule amendments were approved by a unanimous Commission vote.

The rule amendments will become effective 60 days after their publication in the Federal Register.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.