AxiomSL launches SEC reporting system
29 October 2014 New York
Image: Shutterstock
AxiomSL has launched a new system to simplify the Sea Rule 15c3-1 net capital reporting requirements for broker-dealers in the US.
Under the rule, companies must retain a certain amount of liquid assets, based on one dollar of assets for each dollar of liabilities. If this balance is not achieved, broker-dealers may be restricted from taking on new clients, and existing dealings may be halted.
The new solution calculates haircuts in compliance with the US Securities and Exchange Commission (SEC) and allows broker-dealers to source, calculate, analyse and generate reports.
CEO of AxiomSL, Alex Tsigutkin, said: “AxiomSL’s robust data-driven technology, with its pre-built and tested calculation engine, provides a flexible, transparent and auditable solution enabling securities broker dealers to meet evolving regulatory requirements and financial reporting.”
“Our platform consolidates workflow processes and controls, reducing internal cost but most importantly, it can be deployed quickly and seamlessly across the firm.”
The platform works with a broker-dealer’s existing data to determine capital figures and reference the regulatory rule applicable, identifying and defining inputs to optimise traceability.
Designed to make compliance more efficient, the system also increases transparency for regulators and auditors, as well as CFOs and financial and operations officers.
According to AxiomSL, it can also help firms to meet the requirements of SEC rule 15c3-1 and regulatory mandates such as FOCUS, Form SIS, TIC reports, financial statements and SEC Form 13F.
Under the rule, companies must retain a certain amount of liquid assets, based on one dollar of assets for each dollar of liabilities. If this balance is not achieved, broker-dealers may be restricted from taking on new clients, and existing dealings may be halted.
The new solution calculates haircuts in compliance with the US Securities and Exchange Commission (SEC) and allows broker-dealers to source, calculate, analyse and generate reports.
CEO of AxiomSL, Alex Tsigutkin, said: “AxiomSL’s robust data-driven technology, with its pre-built and tested calculation engine, provides a flexible, transparent and auditable solution enabling securities broker dealers to meet evolving regulatory requirements and financial reporting.”
“Our platform consolidates workflow processes and controls, reducing internal cost but most importantly, it can be deployed quickly and seamlessly across the firm.”
The platform works with a broker-dealer’s existing data to determine capital figures and reference the regulatory rule applicable, identifying and defining inputs to optimise traceability.
Designed to make compliance more efficient, the system also increases transparency for regulators and auditors, as well as CFOs and financial and operations officers.
According to AxiomSL, it can also help firms to meet the requirements of SEC rule 15c3-1 and regulatory mandates such as FOCUS, Form SIS, TIC reports, financial statements and SEC Form 13F.
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