Md. Code Regs. 02.02.02.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.02.09 - Financial Reporting Requirements for Broker-Dealers

A. Financial Reports. A broker-dealer registered in Maryland shall file financial reports with the Commissioner as required by this regulation.

B. FINRA Members. Unless otherwise ordered by the Commissioner, a broker-dealer that is a member of the FINRA may satisfy its obligations under this regulation and the Maryland Securities Act, Corporations and Associations Article, § 11-411(c), Annotated Code of Maryland, by filing with the FINRA an annual financial statement prepared in accordance with 17 CFR § 240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference.

C. Non-FINRA Members. A broker-dealer that is not a member of the FINRA shall file with the Commissioner an annual financial statement prepared in accordance with 17 CFR § 240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference.

D. Filing of Reports.

(1) Time for Filing. A broker-dealer required to file a financial statement under §C of this regulation shall file the financial statement within 45 days after the end of the broker-dealer's fiscal year.

(2) Extensions of Time.

(a) A broker-dealer may request an extension of time to file a financial statement. The request shall state the reason for the extension of time and shall contain an undertaking to file the statement on or before a specified date.

(b) A request for an extension of time shall be considered granted unless the Commissioner, within 10 days after the receipt of the request, denies the request and notifies the broker-dealer of the denial.

(c) If an extension of time for filing a financial statement is granted, the financial statement shall report the financial condition of the broker-dealer as of a date within 90 days of the date that the financial statement is filed.

Md. Code Regs. 02.02.02.09

Regulations .09 adopted effective January 17, 1994 (21:1 Md. R. 26)