New York Broker Dealer Statement

State:
New York
Control #:
NY-AG-M1
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PDF
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Description

Broker Dealer Statement

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.

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FAQ

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.

More info

The brokerdealer must complete the notarized "Oath or Affirmation" on the Facing Page and, for paper filings, attach it to the filing. This sample template has been prepared for general guidance and informational purposes only and does not constitute professional advice.A securities broker or dealer shall, not later than 30 days after occurrence, complete this statement. All changes occurring within. (c) The registration of brokers, dealers and salespersons shall be for a period of four years. No license application will be considered complete without the following documents: A. A notarized Statement of Financial Condition. CRD must receive full payment of the firm's Preliminary Renewal Statement in early December. Broker Dealer Registration. Financial Statement Filings. The statement must be dated no later than December 1 (or 20 calendar days after the effective date of its registration as a broker or dealer, if earlier).

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New York Broker Dealer Statement