
By Jeff Harpel
Subscribe to our original industry insightsOn March 19, 2019 the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-08, providing guidance on reporting operating lease assets and liabilities on their Focus reports.
On October 23, 2018, the SEC issued a no action relief letter (the Letter) stating that, absent relief, the right-to-use asset would be a non-allowable asset in determining net worth under Rule 15c3-1, and the lease liability would be included in the aggregate indebtedness calculation for firms using the aggregate indebtedness (AI) standard under Rule 15c3-1. The Letter also stated that the Division would not recommend enforcement action in the following circumstances:
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