General Rules and Regulations
Securities Exchange Act of 1934
Rule 17d-1 -- Examination for Compliance with Applicable Financial Responsibility Rules
Where a member of SIPC is a member of more than one
self-regulatory organization, the Commission shall designate by written notice to
one of such organizations responsibility for examining such member for compliance
with applicable financial responsibility rules. In making such designations the Commission
shall take into consideration the regulatory capabilities and procedures of the self-regulatory
organizations, availability of staff, convenience of location, unnecessary regulatory
duplication, and such other factors as the Commission may consider germane to the
protection of investors, the cooperation and coordination among self-regulatory organizations,
and the development of a national market system and a national system for the clearance
and settlement of securities transactions.
Upon designation of responsibility pursuant to paragraph
(a) of this section, all other self-regulatory organizations of which such person
is a member shall be relieved of such responsibility to the extent specified.
After the Commission has acted pursuant to paragraphs
(a) and (b) of this section, any self-regulatory organization
relieved of responsibility with respect to a member may notify customers of, and
persons doing business with, such member of the limited nature of its responsibility
for such member's compliance with applicable financial responsibility rules.
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