SEC Proposes Enhancements to Broker-Dealer Customer Protection Rule

The SEC has issued a proposed rule that would amend Rule 15c3-3 (also known as the “customer protection rule”) of the Securities Exchange Act of 1934. The proposal would “require certain broker-dealers to perform their customer and broker-dealer reserve computations and make any required deposits into their reserve bank accounts daily rather than weekly.” Comments on the proposed rule are due by September 11, 2023, or 30 days after the date of the proposal’s publication in the Federal Register, whichever date is later.

For more information, see the press release and fact sheet — as well as statements by SEC Chair Gary Gensler and Commissioners Caroline Crenshaw, Jaime Lizárraga, Hester Peirce, and Mark Uyeda — on the SEC’s Web site.