From FiSolve, the Securities and Exchange Commission extended the compliance date for the amendments to Rule 15c3-3 (the broker-dealer customer protection rule) from December 31, 2025 to June 30, 2026. The amendments require certain broker-dealers to increase the frequency of required reserve computations under Rule 15c3-3 from weekly to daily. The SEC announced the extension is designed to provide more time for broker-dealers to make any necessary systems or operational changes to implement a daily computation requirement and test their new daily processes for compliance. Read more here.
SEC Division of Economic and Risk Analysis Publishes Comprehensive Broker-Dealer Study
From FiSolve: the SEC released a study conducted by its Division of Economic and Risk Analysis regarding broker-dealer activity. As of 2024, there were approximately 3,340 broker-dealers with total assets of approximately $6.4 trillion. The number of broker-dealers declined by approximately 30% from 2010 to 2024, but assets grew by approximately $1.7 trillion. These results show a trend of industry consolidation, with a declining fraction of market participants responsible for a larger asset pool by the end of the sample period (2010-2024). The study also contains information on revenues and expenses. The industry has achieved greater levels of profitability during the most recent five years. The report includes other interesting areas of information relating to revenues, expenses, employees and more. Read more here.
FiSolve’s Weekly Financial and Regulatory Updates — June 20, 2025
From our friends at FiSolve, this week’s financial and regulatory news:
- Investment Adviser Consents to SEC Order for Custody Rule and Disclosure Violations
- Federal Court Orders Two Men and their Companies to Pay Over $25 Million for Digital Asset Fraud
- SEC Brings Action Against Publisher of Newsletter
- FCA Secures Convictions for Insider Dealing and Money Laundering
- The European Securities and Markets Authority (ESMA) published its Annual Report for 2024
Read the full update here.
FiSolve’s Weekly Financial and Regulatory Updates — June 13, 2025
From our friends at FiSolve, in this week’s financial and regulatory news, several significant developments have taken center stage:
– **SEC Compliance Extensions**: The SEC and CFTC have extended the compliance date for Form PF amendments to October 1, 2025, giving firms more time to adapt to the changes originally set for earlier deadlines.
– **Defined Benefit Plans Reimagined**: A survey of 173 CFOs reveals a shift in strategy, with half opting to retain their defined benefit plans despite ongoing market pressures. Interest rates and inflation remain key factors influencing these decisions.
– **Swiss Investment Adviser Registrations**: The SEC has resumed processing registration applications for investment advisers based in Switzerland, following productive discussions with FINMA. This paves the way for smoother cross-border regulatory coordination.
– **EU Supervisory Principles Released**: ESMA has rolled out 14 principles aimed at managing third-party risks, emphasizing uniformity and effectiveness in supervisory practices across the EU.
– **Investor Sentiment in the US**: The Risk Appetite Index inched up to -13% in June, marking cautious optimism with reduced equity market hesitance. Investors foresee modest gains for the S&P 500 this year.
– **Challenges in Skills-Based Hiring**: A recent survey highlights hiring difficulties in the US and UK, with 63% of employers finding it harder to recruit talent and 70% of job seekers struggling to find roles. The rise of AI in hiring processes is noted, with 65% of employers adopting it and reporting significant benefits.
Read the full update here.
SEC Chair Paul Atkins Sets Pro-Innovation Tone in First Public Remarks
From our friends at SEC3, a recap of Chairman Atkins’ remarks at SEC Speaks where he laid out his regulatory vision for the SEC.
It was a forward-looking agenda focused on innovation, market access, and regulatory clarity. Drawing from historical examples and past Commission decisions, Atkins emphasized the need for the SEC to enable, not impede, technological and financial innovation.
Read more here.