SEC – Designated FINRA as recipient of FOCUS filings from certain institutions

May 14, 2020 – Designated FINRA as recipient of FOCUS reports on Form X-17A-5 submitted by certain security-based swap dealers and major security-based swap participants.

Amended FOCUS reports for various entities to report on SBS activities to whether registered as broker-dealers, standalone or regulated by prudential regulator.

SBSD FOCUS Reports
If registered as BD already file FOCUS reports with FINRA, if bank SBSE or standalone need file with SEC or designated person order designates FINRA as recipient of report. Will need to file must file revised Part II and new Part IIC of FOCUS Report, on and after October 6, 2021, with FINRA as uniquely qualified to give SEC consolidated information. Most stand-alone, bank SBSEs affiliated with BDs currently use eFOCUS system. FINRA able to transmit data in comparable manner, no need for parallel filing system.

On May 19, 2020, SEC published order on Form X-17A-S in the Federal Register.

For more information, visit www.sec.gov



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