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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

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SEC will be scrutinizing broker-dealer subaccounts

Posted by RJ and Makay on Oct 03, 2011

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The Securities and Exchange Commission (SEC) has put broker-dealers on-notice that it will be closely watching their procedures to ensure they do not violate a new subaccount market access rule. Rule 15c3-5 requires broker-dealers to have sufficient risk management controls and supervisory procedures in place to manage the financial and regulatory risks incumbent with providing customer access to broker-dealer trading systems and order execution technology.