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SEC Extends Annual Report Deadline for Smaller Broker-Dealers

February 16, 2021

On Feb. 12, 2021, the Securities and Exchange Commission (SEC) announced that it is extending the annual reports filing deadline for certain smaller broker-dealers by an additional 30 days. This ruling is a result of a request from the Financial Industry Regulatory Authority. The original filing deadline was 60 calendar days following the broker-dealer’s year-end, which is generally Dec. 31. The extension decreases the bottleneck that goes along with servicing these smaller broker-dealers without sacrificing customer protection. The extension applies to small broker-dealers that meet all of the following criteria:

  • Has net capital in compliance with Rule 15c3-1 as of the fiscal year-end and has total capital and allowable subordinated liabilities of less than $50 million
  • Qualifies to file an exemption report
  • Notifies its designated examining authority in writing that it intends to rely on the 30-day extension
  • Files its annual report electronically with the SEC

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