Co-authored by James M. Brady.
The Securities and Exchange Commission approved the adoption of a supplemental schedule for derivatives and other off-balance sheet items. The supplemental schedule requires carrying or clearing firms to report certain information, including gross exposures in financing transactions, interests in and exposure to variable interest entities, non-regular way settlement transactions, underwriting activities and derivatives transactions. Subject to a de minimis exception, carrying or clearing firms are required to file the supplemental schedule with FINRA on a quarterly basis using the eFOCUS system. The initial supplemental schedule must be filed by July 31, 2013.
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