This is a reminder that members are required to file with the Financial Regulatory Services Department (FRSD) a number of financial and other reports. This notice provides guidance on due dates of filings with FRSD, how to request an extension of time to file, and what happens when reports are not filed on a timely basis.
2003 Filing Dates
Periodic financial filings, such as quarterly FOCUS Reports, Net Capital Computations, Equity Computations and MO-14/MO-15 are due not later than the 17th business day of the month following the end of the reporting period. Click here for the Reporting Requirements for the MO-14/MO-15. The 17th business day of each remaining month in 2003 is noted below:
Annual FOCUS Report Part IIA Short Form, filed annually by members who are not subject to the SEC's Uniform Net Capital Rule, is due not later than March 3, 2003.
Schedule I to the FOCUS Report is due from annual filers when the FOCUS Report is due and from quarterly filers when the fourth quarter report is due.
All FOCUS Reports, including Schedule I, are filed electronically through the NASD web Formfilings system.
ITSFEA (Insider Trading and Securities Fraud Enforcement Act) Report 1 and Report 2 are required to be filed annually by all members and member organizations designated to Amex for financial oversight. The reports are due at the same time as the year-end FOCUS Reports, either January 27, 2003 for quarterly filers, or March 3, 2003 for annual filers. The forms should be filed directly with FRSD.
SIPC assessments are due on January 30 each year, and for newly registered broker-dealers, not later than 30 days after registration. Checks in payment of the assessment should be made out to SIPC and delivered to SIPC.
Extensions of Time
The Exchange expects its members to file all reports on a timely basis. Failure to file on a timely basis may subject a member to disciplinary action, including, but not limited to, a fine of $50 per day in accordance with the Exchange's minor rule violations plan (Rule 590). FRSD generally considers a filing to be made on the date it is actually received by the Exchange. In the case of filings delivered through the mail, however, FRSD considers a filing to be made as of the date postmarked, in the case of the U.S. Postal Service, or as of the business day immediately prior to the Exchange's receipt, in the case of commercial vendors, such as Federal Express, UPS, or the like.
Because the Exchange allows requests for extensions of time where good cause can be shown, a filing is not considered late if made within the extension period. Extension requests should be made in writing and should be
received by the Exchange before 5 p.m. on the due date of the filing. In all cases, FRSD will judge the timeliness of an extension request on actual receipt by the Exchange and will not take into account postmarks or other indications of time of delivery. Requests should include the reason therefore, the number of days requested, which should not exceed ten business days, and a declaration that (if true) the member is in compliance with all the applicable financial requirements. Please note that a pattern of requests will be taken into consideration in FRSD's determination of whether to approve any request for an extension.
Extension requests should be delivered to the Exchange's Financial Regulatory Services Department (FRSD) by e-mail addressed to email@example.com with a cc to firstname.lastname@example.org or by facsimile at 212/306-8901. Requests may also be made by hand at FRSD's offices, 65 Broadway, 17th Floor. Under exceptional circumstances, extension requests may also be made by telephone to Robert J. Devine, Director, FRSD (212/306-1588) or Glen Barrentine, Vice President, Enforcement and Examinations (212/306-1560)
Minor Rule Violation Fine System
Amex Rule 590 provides, among other things, for FRSD to assess fines of $50 per day for each day beyond the due date that a member or member organization fails to file certain reports made to the department. Where a member is to be fined after filing a report beyond the due date, the member will be issued a Disciplinary Notice providing details of the late filing and the amount of the fine. Rule 590 provides a list of the reports for which fines may be assessed and the process for contesting the fine.
Questions concerning topics in this Notice may be directed to FRSD staff or Robert J. Devine, the Financial Regulatory Services Director at 212/306-1588 or by e-mail at
Finally, members who would like copies of this or similar notices sent to a different address, a specific officer or employee, or the member's accountant should contact Phil Panico by phone at 212/306-8984 or
Robert J. Devine