The Securities Investor Protection Corporation (“SIPC”) will launch an online portal for Broker-Dealers in late 2023. SIPC’s Broker-Dealer Portal (“SIPC Portal”) will provide a secure and efficient way for Broker-Dealers to file forms, pay assessments, and communicate with SIPC. Once the SIPC Portal is launched, the following changes will be in effect:
- SIPC members will be required to file their SIPC assessment forms (the SIPC-6 and SIPC-7) electronically through the SIPC 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 SIPC Portal.
- Broker-Dealers required to file Agreed-Upon Procedures (AUP) Reports must file them through the SIPC Portal.
- SIPC will require most written electronic communication between SIPC and a Broker-Dealer to be conducted through the SIPC Portal.
- SIPC members wishing to pay by ACH Debit (Present and Pay) will need to do so through the SIPC Portal. Payment may only be by ACH Debit if below the dollar threshold (currently $1,000,000).
- SIPC will no longer offer a 15-day grace period for receipt of assessment payments. 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.
Once the SIPC Portal is launched, SIPC will no longer accept forms submitted by mail, email or fax. Broker-Dealers that fail to use the SIPC 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.