Amendment to FINRA RULE 4524: OBS Requirements
In April 2016, the Securities and Exchange Commission (SEC) approved a proposed amendment to FINRA Rule 4524 (Supplemental FOCUS Information). The approved amendment alters the instructions to the Derivatives and Other Off-Balance Sheet Items Schedule (OBS), expanding the application of the OBS to certain non-carrying or non-clearing firms with significant amounts of off-balance sheet obligations.
Newly filing firms were required to file their initial OBS disclosing off-balance sheet information on or before August 2, 2016. Carrying or clearing firms that were already subject to the OBS reporting requirements before the Read More…