As the regulatory landscape is constantly evolving, Compliance Risk Concepts (“CRC”) is issuing its monthly […]
October 20, 2023
What: The Securities Investor Protection Corporation (“SIPC”) is nearing the launch of an online portal for Broker-Dealers.
Who: Broker-Dealers (including Broker-Dealers claiming exclusion from SIPC membership)
When: Portal launches on November 1, 2023.
Why: The new portal will allow Broker-Dealers to file forms, pay assessments, and communicate with SIPC.
How: Initial access to the SIPC Portal will be on a staggered basis, based on the broker-dealer’s fiscal year. Each Broker-Dealer’s Chief Compliance Officer (CCO) must either act as the Broker-Dealer’s Portal Administrator or delegate this responsibility to another individual. Check out SIPC’s Portal Administrator Delegation webpage for more details.
Why it matters: Once the SIPC Portal is operational, SIPC will no longer accept filings by mail, email, or fax. Broker-dealers that fail to use the SIPC Portal will not be able to submit required filings with SIPC.
CRC keeps its thumb on the pulse of the evolving regulatory landscape. Keep an eye out for additional information, including updated guidance, risk alerts, and CRC’s thoughts on how to ensure successful compliance with evolving regulatory expectations within your firm’s existing regulatory compliance program.
Contact Mitch Avnet for further details: (646)346-2468 | email@example.com