United States:
SEC Proposes Amendment To Single Issuer Exemption For Broker-Dealers Annual Reports
26 September 2018
Cadwalader, Wickersham & Taft LLP
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The SEC proposed an amendment to
Exchange Act Rule 17a-5 that would clarify an annual reporting
exemption for certain broker-dealers. The amendment clarifies that
a broker-dealer that acts as an agent for a single issuer does not
need an independent public accountant to certify its annual
reports.
In the proposal, the SEC reviewed the history of exemptions to
Exchange Act Rule 17a-5, first adopted in 1957. The SEC is
proposing this rule amendment to clarify the continuing viability
of the exemption.
Comments must be submitted within 30 days of publication in the
Federal Register.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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