Securities and Exchange Commission (SEC) Rule 15c3-3 requires brokerage firms to maintain secure accounts. Also known as the Customer Protection Rule, SEC Rule 15c3-3 is part of the Code of Federal Regulations. It ensures that brokerage clients can withdraw assets at any time, and a brokerage has to work to uphold it. Inside 15c3-3
What is customer protection under sea Rule 15c3-3?
CUSTOMER PROTECTION – RESERVES AND CUSTODY OF SECURITIES SEA Rule 15c3-3. (a) DEFINITIONS. For the purpose of this section: (1) The term “ customer” shall mean any person from whom or on whose behalf a broker or dealer has received or acquired or holds funds or securities for the account of that person.
What is Rule 15c3-3 of the Securities and Exchange Act?
Updated June 25, 2019. Enacted in 1972 by the SEC, Rule 15c3-3 is designed to protect client accounts at securities brokerage firms. It was adopted in response to the 1968 Wall Street Paperwork Crunch, which resulted in the failure of many firms and significant losses to their clients.
What is a sea rule 15c3- 1(c)(2)(VI) haircut?
The account also contains $100,000 of marketable equity securities and $50,000 of nonmarketable securities. In this case, the firm’s equity - in the account is $50,000, and the SEA Rule 15c3- 1(c)(2)(vi) and (vii) haircut requirements on the positions in the account are $65,000 (15% of $100,000 and 100% of $50,000).
What is SmartAsset Rule 15c3-3?
A Guide to SEC Rule 15c3-3 - SmartAsset Rule 15c3-3 is an SEC rule that protects investors by requiring brokerage firms to maintain secure accounts so that clients can withdraw assets at any time. Menu burger Close thin
What is SEC Rule 15C3-3?
When did the SEC change its reserve requirements?
How long do you have to keep a record of securities?
How often does a brokerage have to calculate cash equivalents?
What happens if the reserve account is too low?
When was the customer protection rule added?
Can a brokerage firm conform to the custody requirements of Rule 15c3-3?
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What are 15c3 deposits?
Rule 15c3-3(j) governs the treatment of customer funds held as free credit balances in customer securities accounts, including when such funds are automatically deposited, or “swept,” into bank deposit accounts through a broker-dealer's sweep program (“Sweep Program”).
What is the SEC customer protection rule?
The Customer Protection Rule requires registered broker-dealers to safeguard the investment assets of their customers. The rule is designed to protect those customers from monetary losses and delays that can occur when that firm fails.
Who is not required to be fingerprinted at a broker-dealer?
Specifically, for broker-dealers, one need not be fingerprinted if one is: a) not engaged in the sale of securities, b) doesn't have regular access to the keeping, handling or processing of securities, monies, or original books and records relating to securities or monies of the broker-dealer, and c) does not have ...
What is the purpose of the special reserve account?
Special Reserve Account means an account to be established at the Lockbox Bank to provide a cash reserve with respect to certain payments required to be made by the Provider to the Internal Revenue Service, all in the manner required pursuant to the RPTA and pursuant to the Collateral Account Agreement.
What is SEC no action relief?
No-action relief is a mechanism that allows registrants to obtain certain assurances when their conduct may touch upon a gray area of regulation, or even may be technically proscribed, but does not raise the policy concerns underlying a particular rule.
What is market access rule?
Exchange Act Rule 15c3-5 (Market Access Rule) requires broker-dealers with market access or that provide market access to their customers to “appropriately control the risks associated with market access so as not to jeopardize their own financial condition, that of other market participants, the integrity of trading ...
Which of the following individuals are required to register with FINRA?
You must be registered with FINRA if you're engaged in the securities business of your firm, which includes salespersons, branch managers, department supervisors, partners, officers and directors.
Who needs fingerprinted FINRA?
Q1: Which firm personnel are required to be fingerprinted? A1: Pursuant to Section 17(f)(2) of the Securities Exchange Act of 1934 and Rule 17f-2 thereunder, as amended, the SEC requires firms to submit fingerprints for all partners, directors, officers and employees, unless they are exempt under those same provisions.
Which of the following must be sent to customers of broker/dealers semi annually?
To take advantage of the exemption, a broker-dealer must semi-annually send the net capital footnote to its customers, must send its balance sheet and appropriate footnotes to customers upon request via a toll-free number, and must place its balance sheet and appropriate footnotes on its web-site.
What is the net capital requirements for broker dealers?
A broker or dealer (other than one described in paragraphs (a)(2)(ii) or (a)(8) of this section) shall maintain net capital of not less than $250,000 if it carries customer or broker or dealer accounts and receives or holds funds or securities for those persons.
What is Focus Report?
Related Content. An SEC form (Financial and Operational Combined Uniform Single Report) on which a US registered broker-dealer reports to the SEC and its primary SRO its net capital position as calculated under SEC Rule 15c3-1 (the SEC net capital rule) on a monthly or quarterly basis.
What is good control location?
Footnote 13 of the SEC/FINRA staff statement explains that a good control location is based, in part, on the entity's ability to maintain exclusive control over customer securities, and that a bank constitutes a good control location.
What is the purpose of SEC Philippines?
The SEC is mandated to promulgate rules to facilitate and expedite, among others, corporate name reservation and registration, incorporation, submission of reports, notices, documents required under the Code, and sharing of pertinent information with other government agencies.
What is the purpose of the SEC?
The SEC protects investors by enforcing our nation's securities laws, taking action against wrongdoers, and overseeing our securities markets and firms to ensure that investors are treated fairly and honestly.
What was the SEC new deal?
The crash led to Congress to passing the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC "was designed to restore investor confidence in our capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing."
Whats does SEC stand for?
SECAcronymDefinitionSECSecurities & Exchange Commission (US government)SECSecond(s)SECSecretarySECSecurities and Exchange Commission (authority in the Philippines)135 more rows
Final Rule: Rule 15c3-3 Reserve Requirements for Margin Related to ...
Credits: Debits: 14. Margin related to security futures products written, purchased or sold in customer accounts required and on deposit with a clearing agency registered with the Commission under section 17A of the Act (15 U.S.C. 17A) or a derivatives clearing organization registered with the Commodity Futures Trading Commission under section 5b of the Commodity Exchange Act (7 U.S.C. 7a-1).
SEA Rule 15c3-1 - FINRA
1 . NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS SEA Rule 15c3-1 (a) NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS . Every broker or dealer must at all times have and maintain net capital no less than the
Rule 15c3-3 financial definition of Rule 15c3-3 - TheFreeDictionary.com
The order will permit FINRA members to hold customer funds for up to 7 days while complying with the new principal review requirements without the firms becoming fully subject to Exchange Act Rule 15c3-3.Firms that hold customer funds longer than 7 days while conducting suitability reviews must maintain higher levels of net capital, officials say.
NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS SEA Rule 15c3-1 - FINRA
For example, assume that the amount borrowed is $1,000,000; that firm collateral market value is $2,000,000; that non- firm collateral market value is $1,000,000; and that the broker
17 CFR § 240.15c3-1 - LII / Legal Information Institute
(ii) A broker or dealer may elect not to be subject to the Aggregate Indebtedness Standard of paragraph (a)(1)(i) of this section.That broker or dealer shall not permit its net capital to be less than the greater of $250,000 or 2 percent of aggregate debit items computed in accordance with the Formula for Determination of Reserve Requirements for Brokers and Dealers (Exhibit A to Rule 15c3-3 ...
What is SEC Rule 15C3-3?
Mark HenricksJul 29, 2019. Securities and Exchange Commission (SEC) Rule 15c3-3 requires brokerage firms to maintain secure accounts. Also known as the Customer Protection Rule, SEC Rule 15c3-3 is part of the Code of Federal Regulations. It ensures that brokerage clients can withdraw assets at any time, and a brokerage has to work to uphold it.
When did the SEC change its reserve requirements?
The SEC has refined Rule 15c3-3 over the years. After the financial crisis of 2008-2009 and the failure of Lehman Brothers, the SEC changed its reserve requirements
How long do you have to keep a record of securities?
The rule requires brokers to keep a daily record of customer securities in their possession or under their control. If the brokerage has fewer than the required number of shares, it must acquire additional securities withing a few days to make up for the shortfall.
How often does a brokerage have to calculate cash equivalents?
Once a week, the brokerage has to calculate how much cash or cash-equivalent securities it requires. Those then have deposited in a special reserve account. That account is isolated from customers’ money, which will be protected if the brokerage firm goes under.
What happens if the reserve account is too low?
If the amount in the reserve account is too low, the brokerage has to make a deposit to meet requirement. Failing to do so is a criminal offense and the brokerage has to cease operations.
When was the customer protection rule added?
The Customer Protection Rule was added in 1972 as a reaction to the Paperwork Crisis that crippled Wall Street from 1967 to 1970. Before computers, traders completed trades using paper slips carried by messengers. As trading volume grew to 13 million shares a day in 1968, it overwhelmed the paperwork process.
Can a brokerage firm conform to the custody requirements of Rule 15c3-3?
The clarification suggested brokerages could conform to the custody requirements of Rule 15c3-3 if they used an intermediary to match buyers and sellers. But if the firm that holds the digital key also matches orders, regulators says that isn’t secure enough.
What is Rule 15C3-3?
Updated June 25, 2019. Enacted in 1972 by the SEC, Rule 15c3-3 is designed to protect client accounts at securities brokerage firms. It was adopted in response to the 1968 Wall Street Paperwork Crunch, which resulted in the failure of many firms and significant losses to their clients. In short, the rule dictates the amount ...
How long did the 15c3-3 scheme run?
The allegation is that this scheme ran at Merrill Lynch for at least 3 years, ending in mid-2012. Bank of America, which acquired Merrill Lynch in 2009, already has paid out more than $70 billion in settlements stemming from the 2008 credit crisis.
When was Rule 15c3-3A proposed?
2 The Proposal delineated the method for calculating broker-dealer customer reserve requirements in light of enactment of the Commodity Futures Modernization Act of 2000 ("CFMA") 3 and the commencement of trading in security futures products. The Commission now is adopting the final rule amendments described below.
What is the final rule of the Securities and Exchange Commission?
SUMMARY: The Securities and Exchange Commission ("Commission") is adopting amendments to the formula for determination of customer reserve requirements of broker-dealers under the Securities Exchange Act of 1934 to address issues related to customer margin for security futures products. The amendments permit a broker-dealer ...
What is subparagraph (b) (3) (iv) 52 of Note G?
Under subparagraph (b) (3) (iv) 52 of proposed Note G, a broker-dealer could have included a debit in the Reserve Formula for customer SFP margin deposited at a DCO not otherwise registered with the Commission only if it utilized a DCO that had provided an undertaking to the Commission. 53 In the undertaking, the DCO would have agreed to examination by the Commission for compliance with proposed subparagraphs (b) (1) through (b) (3) of proposed Note G. 54
What collateral is acceptable for debit in Note G?
Under subparagraph (a) to proposed Note G, the range of customer SFP margin collateral acceptable for debit treatment would have consisted of cash, proprietary qualified securities, and letters of credit collateralized by customer securities. The CME argues that the Commission should expand the range of collateral acceptable for debit treatment in a broker-dealer's Reserve Formula calculation under subparagraph (a) to include money market mutual funds that meet specified requirements. 30
What is a customer in securities?
The term "customer," as defined in Exchange Act Rule 15c3-3, includes a person who holds an SFP in a securities account. 6 The Commission adopted Rule 15c3-3 in 1972, in part, to ensure that a broker-dealer in possession of customers' funds either deployed those funds "in safe areas of the broker-dealer's business related to servicing its customers" or, if not deployed in such areas, deposited the funds in a reserve bank account to prevent commingling of customer and firm funds. 7 Rule 15c3-3 requires a broker-dealer to calculate what amount, if any, it must deposit on behalf of customers in the reserve bank account, entitled "Special Reserve Bank Account for the Exclusive Benefit of Customers" ("Reserve Bank Account"), under the formula set forth in Rule 15c3-3a ("Reserve Formula"). 8 Generally, the Reserve Formula requires a broker-dealer to calculate any amounts it owes its customers and the amount of funds generated through the use of customer securities, called credits, and compare this amount to any amounts its customers owe it, called debits. 9 If credits exceed customer debits, the broker-dealer must deposit that net amount in the Reserve Bank Account. 10
What is the final amendment to Note G?
The final amendments retain cash, proprietary qualified securities and letters of credit collateralized by customers' securities as the range of collateral acceptable for debit treatment. This collateral is identical to the collateral acceptable for debit treatment related to customer options margin required and on deposit at the OCC. 31 Moreover, subparagraph (a) to Note G is consistent with Rule 15c3-3's requirement that a broker-dealer deposit cash or qualified securities to meet its deposit requirement under the Reserve Formula. 32 Any expansion of that collateral is beyond the scope of this rulemaking.
Does OCC have a security futures account?
In its first comment letter, OCC noted that its associate clearinghouse agreement with the Clearing Division of the CME, which relates to security futures traded on OneChicago, LLC, allows the CME to maintain only two clearing accounts with OCC, a proprietary account and a segregated futures account. If the CME were to carry customer security futures positions for its members in securities accounts as well as futures accounts, the CME would maintain security futures positions from both account types in its segregated futures account at OCC. Although this would result in a commingling of positions subject to CFTC customer protection and insolvency regimes with positions subject to SEC customer protection and SIPC insolvency regimes, we would not consider this commingling to be inconsistent with Note G. A broker-dealer that clears customer SFP transactions through the CME would include any related debit in the Reserve Formula for that customer SFP margin related to that transaction, if appropriate.
What is a 240.15c3-3?
Except where otherwise noted, § 240.15c3-3 applies to a broker or dealer registered under section 15 (b) of the Act ( 15 U.S.C. 78o (b) ), including a broker or dealer also registered as a security-based swap dealer or major security-based swap participant under section 15F (b) of the Act ( 15 U.S.C. 78o-10 (b) ). A security-based swap dealer or major security-based swap participant registered under section 15F (b) of the Act that is not also registered as a broker or dealer under section 15 (b) of the Act is subject to the requirements under § 240.18a-4.
Can a seller substitute other securities?
The [seller] is not permitted to substitute other securities for those subject to this agreement and therefore must keep the [buyer's] securities segregated at all times, unless in this agreement the [buyer] grants the [seller] the right to substitute other securities. If the [buyer] grants the right to substitute, this means that the [buyer's] securities will likely be commingled with the [seller's] own securities during the trading day. The [buyer] is advised that, during any trading day that the [buyer's] securities are commingled with the [seller's] securities, they will be subject to liens granted by the [seller] to its clearing bank and may be used by the [seller] for deliveries on other securities transactions. Whenever the securities are commingled, the [seller's] ability to resegregate substitute securities for the [buyer] will be subject to the [seller's] ability to satisfy the clearing lien or to obtain substitute securities.
Is a municipal securities dealer a broker or dealer?
The term shall not include a broker or dealer, a municipal securities dealer, or a government securities broker or government securities dealer. The term shall, however, include another broker or dealer to the extent that broker or dealer maintains an omnibus account for the account of customers with the broker or dealer in compliance ...
Who must include PAB balances in their PAB reserve computation?
Note 10. A broker or dealer that clears PAB accounts through an affiliate or third party clearing broker must include these PAB account balances and the omnibus PAB account balance in its PAB reserve computation.
Which note reduces debit balances by 1%?
Note 4. Note E (3) to § 240.15c3-3a which reduces debit balances by 1% does not apply to the PAB reserve computation.
Is a credit applied to reduce a debit included in the computation required by 240.15c3-3?
Any credit (including a credit applied to reduce a debit) that is included in the computation required by § 240.15c3-3 with respect to customer accounts (the “customer reserve computation”) may not be included as a credit in the computation required by § 240.15c3-3 with respect to PAB accounts (the “PAB reserve computation”).
What does Rule 15c3-3A apply to?
The proposed amendments to Rule 15c3-3a would apply only to those broker-dealers that clear and carry SFPs in securities accounts for the benefit of customers. Moreover, these provisions would apply only to broker-dealers that carry customer funds, securities or property and do not claim an exemption from Rule 15c3-3a. As of October 31, 2001, there were 412 clearing firms. As of March 31, 2001, 90 broker-dealers were registered with the CFTC as FCMs, 63 of which are clearing and carrying firms. Based upon conversations between the Commission and industry representatives about the number of firms that may conduct SFP business, the staff estimates that the number of firms likely to engage in this business, in addition to the broker-dealers already registered with the CFTC as FCMs, is 10% of the clearing and carry firms not presently registered with the CFTC. [ 26] Thus, the staff estimates that approximately 98 firms (63 + ( (412 − 63) × 10%)) will be required to comply with these proposed amendments to obtain the debit treatment.
What is the amendment to Rule 15c3-3A?
As discussed, the proposed amendments to Rule 15c3-3a would permit a broker-dealer that clears and carries customer SFPs in securities accounts on behalf of customers to include certain credits and debits in its Reserve Formula calculation relating to SFP margin required and on deposit with a Clearing Agency or a DCO. The amendments would permit a broker-dealer to include as a debit the amount of customer SFP margin required and on deposit with a Clearing Agency or DCO only if that entity: maintains sufficient liquid capital; deposits customer SFP margin in a Reserve Bank Account to ensure the ready availability of those funds; and maintains a system for safeguarding the handling, transfer and delivery of SFPs. In addition, the amendments require a broker-dealer to obtain from a DCO not otherwise registered with the Commission an executed undertaking in which the DCO agrees to examination by the Commission to monitor the D CO's compliance with the applicable conditions set forth in the amendments to Rule 15c3-3a.
What is 15c3-3a?
The proposed amendments to Rule 15c3-3a would apply only to broker-dealers that clear and carry SFPs in securities accounts for the benefit of customers. The Commission's Office of Economic Analysis has determined that as of March 31, 2001, 90 broker-dealers were also registered with the CFTC as FCMs. None of those broker-dealers is a small entity. [ 33] The Commission estimates that an additional eight clearing and carrying broker-dealers may clear and carry customer SFPs. None of those broker-dealers is likely to be a small entity.
What is the Commission proposing amendments to Rule 15c3-3A?
[ 1] The amendments delineate how a broker-dealer would calculate its customer reserve requirement in light of enactment of the Commodity Futures Modernization Act of 2000 (“CFMA”) [ 2] and the expected trading of security futures products.
What is the proposed amendment to the formula for determination of customer reserve requirements of broker-dealers under the Securities Exchange Act?
The proposed amendments would permit a broker-dealer to include margin related to security futures products written, purchased or sold in customer securities accounts required and on deposit with a registered clearing agency or a derivatives clearing organization as a debit item in calculating its customer reserve requirement.
How long does a broker have to keep information?
Rule 17a-4 (b) (8) (xiii) requires broker-dealers to preserve information related to possession and control requirements under Rule 15c3-3 for three years, the first two years in an accessible place.
When did the CFMA regulate SFPs?
Passage of the CFMA in December of 2000 permitted the trading of SFPs and established a framework for the Commission and CFTC to regulate SFPs jointly. This framework was necessary because the CFMA defined an SFP to be both a security and a future [ 27] and, therefore, subject both to the CEA and the Exchange Act. Accordingly, both Clearing Agencies, which are regulated by the Commission, and DCOs, which are regulated by the CFTC, may clear SFPs. Consistent with these provisions, the Commission is proposing to amend Exchange Act Rule 15c3-3a by redesignating Item 14 as Item 15, adding new Item 14 and new Note G, amending Item B and amending newly redesignated Item 15.
What is SEC Rule 15C3-3?
Mark HenricksJul 29, 2019. Securities and Exchange Commission (SEC) Rule 15c3-3 requires brokerage firms to maintain secure accounts. Also known as the Customer Protection Rule, SEC Rule 15c3-3 is part of the Code of Federal Regulations. It ensures that brokerage clients can withdraw assets at any time, and a brokerage has to work to uphold it.
When did the SEC change its reserve requirements?
The SEC has refined Rule 15c3-3 over the years. After the financial crisis of 2008-2009 and the failure of Lehman Brothers, the SEC changed its reserve requirements
How long do you have to keep a record of securities?
The rule requires brokers to keep a daily record of customer securities in their possession or under their control. If the brokerage has fewer than the required number of shares, it must acquire additional securities withing a few days to make up for the shortfall.
How often does a brokerage have to calculate cash equivalents?
Once a week, the brokerage has to calculate how much cash or cash-equivalent securities it requires. Those then have deposited in a special reserve account. That account is isolated from customers’ money, which will be protected if the brokerage firm goes under.
What happens if the reserve account is too low?
If the amount in the reserve account is too low, the brokerage has to make a deposit to meet requirement. Failing to do so is a criminal offense and the brokerage has to cease operations.
When was the customer protection rule added?
The Customer Protection Rule was added in 1972 as a reaction to the Paperwork Crisis that crippled Wall Street from 1967 to 1970. Before computers, traders completed trades using paper slips carried by messengers. As trading volume grew to 13 million shares a day in 1968, it overwhelmed the paperwork process.
Can a brokerage firm conform to the custody requirements of Rule 15c3-3?
The clarification suggested brokerages could conform to the custody requirements of Rule 15c3-3 if they used an intermediary to match buyers and sellers. But if the firm that holds the digital key also matches orders, regulators says that isn’t secure enough.
Rule 15c3-3 Reserve Requirements For Margin Related to Security Futures Products
- AGENCY: Securities and Exchange Commission (the "Commission"). ACTION:Final rule. SUMMARY: The Securities and Exchange Commission ("Commission") is adopting amendments to the formula for determination of customer reserve requirements of broker-dealers under the Securities Exchange Act of 1934 to address issues related to customer margin for securit...
I. Introduction
- The Commission published proposed amendments to Rule 15c3-3a1 for comment in the Federal Register on September 23, 2002 (the "Proposal").2 The Proposal delineated the method for calculating broker-dealer customer reserve requirements in light of enactment of the Commodity Futures Modernization Act of 2000 ("CFMA")3and the commencement of trading in security futu…
II. The Proposed Amendments
- The Proposal would have permitted a broker-dealer to include margin related to SFPs written, purchased, or sold in customer securities accounts required and on deposit with a Clearing Organization as a debit item in calculating its customer reserve requirement, subject to the conditions set forth in Note G of the Proposal. Note G would have helped to ensure that a Cleari…
III. Overview of The Comments Received
- The Commission requested not only general comments, but also solicited comments on each aspect of the Proposal. The Commission received five comment letters, two from The Options Clearing Corporation ("OCC"), a Clearing Agency and DCO; and one each from Chicago Mercantile Exchange Inc. ("CME"), a designated contract market17; the Futures Industry Association ("FIA"), …
IV. Final Amendments
- A. General
The Commission has reviewed carefully the comments received and is adopting final amendments to Rule 15c3-3a, with certain modifications in response to comments received. Specifically, the final amendments redesignate Item 14 as Item 15, add a new Item 14 and new … - B. Item 14
Proposed new Item 14 would have permitted the broker-dealer to include a debit in its Reserve Formula computation to the extent of customer SFP margin required and on deposit with a Clearing Organization, subject to the conditions contained in Note G. The Commission did not re…
v. Paperwork Reduction Act
- As discussed in the Proposal, certain provisions of the final amendments to Rule 15c3-3a contain "collection of information requirements" within the meaning of the Paperwork Reduction Act of 1995.56The Commission submitted the amendments to the Office of Management and Budget ("OMB") for review and approval in accordance with 44 U.S.C. 3507(d) and 5 CFR 1320.11. An ag…
VI. Costs and Benefits of The Proposed Amendments
- A. Introduction
Passage of the CFMA in December of 2000 permitted the trading of SFPs and established a framework for the Commission and CFTC to regulate SFPs jointly. This framework was necessary because the CFMA defined an SFP as both a security and a future60and, therefore, subject both … - B. Benefits
The final amendments to Rule 15c3-3a are intended to enhance the customer protection function of Rule 15c3-3. In particular, Note G is drafted to help protect customer property by requiring that a broker-dealer, if it wishes to include customer SFP margin as a debit item in the Reserve Form…
VIII. Regulatory Flexibility Act Certification
- The Commission has certified, pursuant to 5 U.S.C. section 605(b), that the amendments to Rule 15c3-3a will not have a significant economic impact on a substantial number of small entities. This certification was incorporated into the Proposal. The Commission did not receive any comments about the impact on small entities or the Regulatory Flexibility Act certification.
IX. Statutory Authority
- The Commission is amending Rule 15c3-3a under the Exchange Act pursuant to the authority conferred by the Exchange Act, including Sections 15, 17, 23(a), and 36.67 List of Subjects 17 CFR Part 200 Administrative practice and procedure, Authority delegations (Government agencies), Organization and functions (Government agencies). 17 CFR Part 240 Brokers, Reporting and rec…