SEC Rule 15c3-3 provides regulatory safeguards regarding the custody and use of customer funds and securities held by broker-dealers. With certain exceptions, the rule requires all registered broker-dealers to comply.
Specifically, the second part of the rule requires firms to determine the amount of funds that must be deposited into special reserve bank accounts in the event funds due to customers exceed those due from customers. The same applies to the proprietary accounts of brokers.
AxiomSL’s end-to-end solution on ControllerView for SEC Rule 15c3-3 provides the rule-based allocations and calculations that enable firms to determine the amount of cash and/or securities that must be locked up for the benefit of its customers and other broker-dealers.
Deployable on-premises or via AxiomSL’s RegCloud offering, the solution interoperates with SEC Rule 15c3-1 and with FOCUS Reports.
Produces seven submission files to comply with FINRA’s AEP XML schema: