Brokerage Accounting and Regulatory Reporting

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Course Features

  • Duration: 24 hours
  • Skill Level: All level
  • Language: English

Enrolled You have 10 weeks remaining for the course

DESCRIPTION

This program covers the basics of brokerage accounting, as well as the SEC’s Net Capital Rule (Rule 15c3‐1) and Customer Protection Rule (Rule 15c3‐3). Focus on how these rules interact with Operations and their daily processes.

TARGET AUDIENCE

  • Anyone who has a desire to learn the basics of Regulatory Reporting for broker dealers.

OBJECTIVES

At the end of this course, you will be able to:

  • Real world applications for common to complex brokerage accounting treatments
  • Demonstrate a practical understanding of SEC rule 15c3‐1 and 15c3‐3
  • Demonstrate a knowledge of how various operational functions impact the calculation for 15c3‐1 and 15c3‐3
  • Perform a basic calculation of each requirement

PREREQUISITES REQUIRED

None

COURSE DETAILDAY 1Module 1: Introduction
  • Introductory definitions
  • Sample general ledger chart of accounts
  • Recording securities transactions
  • Resulting general ledger entries
Module 2: The Stock Record
  • Description and purpose
  • Daily stock record
  • Weekly stock record
  • Recording transactions
  • Review of stock record accounts/locations
Module 3: Continuous Net Settlement
  • Balance order versus trade for trade
  • CNS trades
Module 4: Customer Margin Requirements
  • Economics and ledger entries of margin transactions
  • Reg T
  • NYSE Rule 431
  • Margin calls
Module 5: Securities Borrowed and Loaned
  • Purpose and economics
  • Recording on the general ledger and stock record
Module 6: Fails to Receive and Fails to Deliver
  • Purpose and economics
  • Recording on the general ledger and stock record
DAY 2Module 1: Regulatory Environment Overview
  • Securities and Exchange Act of 1933‐1934
  • Securities and Exchange Commission
  • Self‐Regulatory Organizations
  • Recent developments
Module 2: Rule 15c3‐1
  • Scope and purpose of Rule 15c3‐1
  • Varying minimum net capital requirements
  • Definitions
  • Aggregate indebtedness
  • Subordinated liabilities
  • Now allowable assets definition and examples
  • Other charges to net capital
  • Haircuts on securities positions
Module 3: FOCUS Report
  • Reporting requirements
  • FOCUS form
  • Timing and required filings
  • Information to public customers
DAY 3Module 1: Overview
  • Customer protection rule
  • Securities and funds protection
  • Firm versus customer‐related business
  • Liquidation of insolvent BDs (Rule 15c3‐1)
  • SIPC
  • Special reserve bank account
Module 2: Definitions
  • Customer
  • Omnibus versus fully disclosed
  • Fully paid versus margined securities
  • Possession versus control
Module 3: Protection of Customer Securities
  • Possession or control
  • Control locations
  • Requirements by location
  • Reasons for violations
Module 4: Reserve Formula Computation
  • Comparison between debits and credits
  • Exemptions
  • Frequency
Module 5: The Allocation of the Stock Record for 15c3‐3
  • Purpose
  • Methodology
  • Optimization
Module 6: The Reserve Formula Credit Balances
  • Customer credit balances
  • Customer bank loan
  • Customer stock loan
  • Customer fail to receive
  • Credits in firm accounts for sales to customers
  • Short stock dividends
  • Short security differences
  • Suspense accounts
  • Unconfirmed transfers
Module 7: The Reserve Formula Debit Balances
  • Customer debit balances
  • Partially secured debits
  • Undue concentration
  • Securities borrowed to complete short sales
  • Customer‐related fails to deliver
  • Margin required by Options Clearing Corp.

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