The New York Broker Dealer Statement is a document that is used by securities and financial firms that are registered with the New York State Department of Financial Services (NY SDFS). It is a detailed report that provides information on the firm's financial condition, capital structure, and operations. The statement is filed annually and must be updated if there are any changes in the firm's financial condition or operations. There are three types of New York Broker Dealer Statements: the Form BD, the Financial and Operational Combined Uniform Single (FOCUS) Report, and the Uniform Application for Broker Dealer (ABD). The Form BD is the basic statement that provides a summary of the firm's financial condition, while the FOCUS Report provides a more detailed look at the firm's financial condition, liquidity, capital, and operations. The ABD is the registration form for broker-dealers that are registered with the NY SDFS.
New York Broker Dealer Statement
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How to fill out New York Broker Dealer Statement?
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State that there is no separate promoter group selling interests to investors, and that no syndication fees or commissions have been or will be paid to any person or entity other than the ordinary expenses of forming a business entity, including fees paid to attorneys and accountants.
The Disclosure Obligation requires a broker-dealer, prior to or at the time of the recommendation, to provide a retail customer full and fair disclosure of certain material facts relating to the scope and terms of the firm's relationships with their clients.
Policy Statement 104 provides an exemption application from the filing requirements of GBL section 352-e for certain offerings that fall within the statutory subcategories of GBL section 359-f(2).
Policy Statement 103 provides an application procedure for exemption of governmental issuers described in GBL §359-f(1)(a) from the provisions of GBL §352-e and §359-e, subdivisions two through six.
FINRA broker-dealers must register by filing Form BD through the Central Registration Depository (CRD) online portal. All correspondence to FINRA should be sent to: P.O. Box 9401, Gaithersburg MD 20898-9401. All pertinent information is received through the CRD by the New York State Department of Law.
Widely considered to be the most severe blue sky law in the U.S, the Martin Act has been used to bring charges against some of the largest financial institutions in the world. It should be noted that there is no New York State requirement for registering securities before selling them.