Yoomi Lee | Bloomberg LawFINRA Regulatory Notice 11-38 (August 2011) The Financial Industry Regulatory Authority (FINRA) issued a regulatory notice reassuring broker-dealers that Standards & Poor's (S&P) August 5, 2011 downgrade of the U.S. long term credit rating will not affect application of Rules 15c3-1 (Net Capital Requirements for Brokers or Dealers) and 15c3-3 (Customer Protection - Reserves and Custody of Securities) under the Securities Exchange Act of 1934 (Exchange Act). With respect to the net capital requirements, FINRA maintained that the credit rating assigned to U.S. Treasury securities—or any other security issued or guaranteed as to principal or interest by the U.S. or any of its governmental agencies—is not a factor in determining the net capital treatment for such securities. Further, FINRA noted that S&P's action does not affect the definition of a "qualified security" under Exchange Act Rule 15c3-3(a)(6). Accordingly, FINRA said that broker-dealers may continue to use U.S. issued securities or securities whose principle and interest is guaranteed by the U.S. to meet deposit requirements under Exchange Act Rule 15c3-3(e)(1).
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).