Rule 590-4-5-.07 - Reports(1) For every broker-dealer registered under the Act, the following are the requirements for filing reports: (a) Every broker-dealer subject to this Rule shall prepare and submit to the Commissioner, upon request, reports of financial condition containing the information required: 1. As of a date within sixty (60) days of the date of filing an application for a license as a broker-dealer; and2. Annually, as of the close of the broker-dealer fiscal year.(b) The annual reports shall be prepared not more than sixty (60) days after the date as of which the firm's financial condition is reported. If the applicant or licensee is registered with the SEC as a broker-dealer, the reports of financial condition as filed with the SEC shall be deemed to be in compliance herewith.(2) Each report of financial condition prepared under Subsection (1) shall be prepared in accordance with the following requirements:(a) The report of a broker-dealer shall be certified by a certified public accountant or a public accountant who shall be independent, except a report prepared under Subsection (1)(b) that is not required to be certified under the rules of the SEC or the Public Company Accounting Oversight Board.(b) Attached to the report shall be an oath or affirmation. This oath of affirmation shall demonstrate that, to the best knowledge and belief of the person making the oath or affirmation, the financial statement and supporting schedules are true and correct. This oath or affirmation shall be made before a person duly authorized to administer the oaths or affirmations.(c) If the broker-dealer is a:1. Sole proprietorship, the oath or affirmation shall be made by the proprietor;2. Partnership, it shall be made by a general partner; or3. Corporation or limited liability company, it shall be made by a duly authorized officer or member.(d) If statements of financial condition furnished pursuant to the requirements of broker-dealer reports are bound separately from the balance of the report and are deemed confidential under the Securities Exchange Act of 1934, they shall be deemed confidential, except that they shall be available for official use by any official or employee of the United States or any state, national securities exchanges and national securities associations of which the person preparing the report is a member, and any other person to whom the Commissioner authorizes disclosure of the information as being in the public interest.(3) The requirements for the use of certain statements filed with the SEC and national securities exchanges are as follows:(a) Any broker-dealer who is subject to the provisions of Subsection (1) may prepare, in lieu of the report required by that Subsection, a copy of any financial statements that it is, or has been, required to file with FINRA or any national securities exchange of which it is a member, provided that the financial statements reflect the financial condition as of a date not more than sixty (60) days prior to the date required in Subsection (1) by the Commissioner and the report, as filed with the Commissioner, meets the requirements of this Rule and contains the information called for by it.(b) At the request of any broker-dealer who is an investment company registered under the Investment Company Act of 1940, or a sponsor or depositor of a registered investment company who effects transactions in securities only with, or on behalf of, the registered investment company, the Commissioner shall accept any statement of its financial condition filed pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 and the rules and regulations promulgated by the Commissioner.(4) In the event any broker-dealer finds that it cannot prepare its report for any year within the time specified in Subsection (1) or (3) without undue hardship, it may file with the Commissioner an application for an extension of time to a specified date, which shall not be more than ninety (90) days after the date as of which its financial condition is reported. The application shall state the reasons for the requested extension and contain an agreement to prepare the report on or before the specified date.(5) The Commissioner may provide by order for the electronic filing of the reports required under this Rule.Ga. Comp. R. & Regs. R. 590-4-5-.07
O.C.G.A. Secs. 10-5-40, 10-5-70, 10-5-74.
Original Rule entitled "Reports" adopted. F. Nov. 18, 2011; eff. Dec. 8, 2011.