FINRA Updated Supplemental Statement of Income
This document contains updates from FINRA regarding the Supplemental Statement of Income (SSOI) for broker-dealers. It describes the changes made to the reporting requirements and provides contact information for inquiries. Users will find detailed instructions on how to complete the SSOI in compliance with updated regulations.
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How do I fill this out?
To fill out this form, first gather all required financial data for the specified reporting period. Next, follow the updated instructions provided in the form to ensure compliance with FINRA's regulations. Finally, submit the completed form by the due date outlined in the guidelines.
How to fill out the FINRA Updated Supplemental Statement of Income?
1
Review the updated SSOI instructions carefully.
2
Collect all necessary financial information.
3
Complete the SSOI form as per the instructions.
4
Double-check the form for accuracy.
5
Submit the completed form by the deadline.
Who needs the FINRA Updated Supplemental Statement of Income?
1
Broker-dealers for compliance with FINRA regulations.
2
Financial analysts who need to report financial information.
3
Accountants for accurate financial reporting.
4
Compliance officers for ensuring adherence to regulations.
5
Regulatory agencies requiring financial disclosures.
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What are the instructions for submitting this form?
To submit the SSOI, members must electronically file their reports through the eFOCUS system on the FINRA Firm Gateway. For any technical assistance, you may contact the FINRA Gateway Call Center at (800) 321-6273. Ensure all submissions are made by the deadline, April 26, for the reporting period ending March 31.
What are the important dates for this form in 2024 and 2025?
Important dates to note for the SSOI in 2024 include the first quarter submissions due by April 26, 2024. For the 2025 submissions, similar deadlines will apply, so ensure timely filing of your financial reports.
What is the purpose of this form?
The purpose of this form is to provide FINRA with additional financial information from broker-dealers. It supplements the standard FOCUS report to ensure a comprehensive view of the financial status and operations of member firms. The updates applied align with the SEC's amendments to streamline reporting requirements, ensuring both compliance and clarity.
Tell me about this form and its components and fields line-by-line.
- 1. Total Revenue: This field captures all forms of revenue generated during the reporting period.
- 2. Total Expenses: This field includes all operational and administrative expenses incurred.
- 3. Net Income: This item reflects the total income remaining after all deductions.
- 4. Assets: Indicates the total assets held by the organization.
- 5. Liabilities: This field accounts for the total liabilities and obligations.
What happens if I fail to submit this form?
Failing to submit the SSOI on time can lead to penalties and regulatory scrutiny. It is crucial to adhere to the deadlines to maintain compliance and avoid complications.
- Penalties: Noncompliance may result in financial penalties imposed by FINRA.
- Legal Repercussions: Failure to report could lead to investigations and legal actions.
- Loss of Licenses: Serious violations may cause a broker-dealer to lose their operating license.
How do I know when to use this form?
- 1. Quarterly Reporting: Required for quarterly submissions to provide financial transparency.
- 2. Regulatory Compliance: Essential for adhering to federal and state financial regulations.
- 3. Audit Preparation: Useful for preparing for upcoming audits and inspections by regulatory authorities.
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