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SEC Provides No-Action Relief for Broker-Dealer Sweep Programs

By Susan Gault-Brown, Hillel Cohn & Kelley Howes on April 6, 2020
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On March 30, 2020, the Securities and Exchange Commission (SEC) issued a no-action letter stating that the staff of the SEC’s Division of Trading and Markets would not recommend enforcement actions against broker-dealers that treat unsecured receivables related to bank sweep accounts as an allowable asset that is not deducted from net worth under Rule 15c3-1 (the “Net Capital Rule”). This change should make it easier for broker-dealers to offer cash sweep programs to their customers while continuing to adhere to the requirements of the Net Capital Rule.

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  • Posted in:
    Securities
  • Blog:
    IM Insights
  • Organization:
    Morrison & Foerster LLP

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