SEC Amends Broker-Dealer Customer Protection Rule

The SEC has issued a final rule that would amend its broker-dealer customer protection rule under the Securities Exchange Act of 1934. Among other amendments, the rule requires that certain broker-dealers “perform their reserve computations for accounts of customers and proprietary accounts of broker-dealers and make any required deposits into their reserve bank accounts daily rather than weekly.”

The final rule will become effective 60 days after the date of its publication in the Federal Register. For more information, see the press release and fact sheet — as well as statements by SEC Commissioners Mark Uyeda and Hester Peirce — on the SEC’s Web site.