The SSOI requirement has increased the financial reporting burden for broker dealers and increased the need for ACI to assist in the preparation of regulatory filings. Broker Dealer firms should work with an experienced broker dealer professional that will ensure that they are using the latest version of Form SSOI and related instructions as they prepare to file the SSOI.
In 2012, FINRA Rule 4524 regulated broker dealers were delegated the responsibility of filing quarterly SSOI – Supplemental Schedules of Income in addition to their FOCUS Report. The SSOI is an extension of the income statement included on the FOCUS Report filing. It requires broker dealers to provide comprehensive detail about the types of revenues earned and expenses incurred. Revenues must be categorized, often designating not only the type securities transactions being affected, but also the products being sold to customers.
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