FINRA To Update eFOCUS Filing System To Comply With SEC Financial Reporting Amendments

FINRA will update the FOCUS filing system for broker-dealers to comply with the SEC's recently adopted amendments to disclosure requirements for SEC-regulated entities. As previously covered, the SEC's adopted amendments were part of an effort to (i) reduce regulatory burden, (ii) align regulations with recent changes in U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), and (iii) implement the Fixing America's Surface Transportation (FAST) Act.

The updates will include revising the FOCUS reports to reflect updated U.S. GAAP requirements, including revising the Statement of Financial Condition and the Statement of Income in the FOCUS reports to include new line items added for the reporting of comprehensive...