The Securities Investor Protection Corporation (“SIPC”) launched an online portal for Broker-Dealers on November 1, 2023. SIPC’s Broker-Dealer Portal provides a secure and efficient way for Broker-Dealers to file forms, pay assessments, and communicate with SIPC. Broker-Dealers are given initial access to the Broker-Dealer Portal on a staggered basis, based on the Broker-Dealer’s fiscal year. The following changes are now in effect for those Broker-Dealers authorized to file through the Broker-Dealer Portal:
- SIPC members will be required to file their SIPC assessment forms (the SIPC-6 and SIPC-7) electronically through the Broker-Dealer Portal. No forms will be accepted by mail or e-mail.
- Broker-Dealers claiming exclusion from SIPC membership will be required to file their Certification of Exclusion from Membership (SIPC-3) electronically through the Broker-Dealer Portal.
- Broker-Dealers required to file Agreed-Upon Procedures (AUP) Reports must file them through the Broker-Dealer Portal.
- SIPC will require most written electronic communication between SIPC and a Broker-Dealer to be conducted through the Broker-Dealer Portal.
- SIPC members wishing to pay by ACH Debit (Present and Pay) will need to do so through the Broker-Dealer Portal. Payment may only be by ACH Debit up to $2,000,000. If any debit blocks have been placed on the bank account used for payment, please notify your bank to authorize SIPC (Company Name: SIPC ACH; Company ID: 1520910763) to debit that account before payment is made. The member is responsible for late payments and/or fees for any returned payments.
- SIPC will no longer offer a 15-day grace period for receipt of assessment payments through the portal. If all or any part of an assessment has not been received by the form’s due date, the member shall pay interest at the rate provided in SIPC’s Bylaws of 20% per annum on the unpaid portion of the assessment for each day it has been overdue.
SIPC will no longer accept forms submitted by mail, email or fax. Broker-Dealers that fail to use the Broker-Dealer Portal will not be able to submit required filings with SIPC. Interest will accrue for late payment and, if required filings or payments are not made following receipt of written notice of deficiency from SIPC, it shall be unlawful for such member to engage in business as a broker or dealer.
For more information on the Broker-Dealer Portal, watch the February 13, 2024 webinar.
The webinar content includes:
- How to login to the Broker-Dealer Portal
- How Broker-Dealer Portal administrators add and manage users
- How to submit assessment forms using the Broker-Dealer Portal
- How to pay assessments using the Broker-Dealer Portal
- How to communicate with SIPC using the Broker-Dealer Portal