On March 14, 2016, the Securities and Exchange Commission (SEC) approved the SIPC Series 600 Rules. The new rules prescribe the form and content of the SIPC supplemental report commonly referred to as the "Independent Accountants' Report on Applying Agreed-Upon Procedures" or "AUP Report" and are modeled on the requirements in paragraph (e)(4) of SEC Rule 17a-5. This SEC rule provides that a broker-dealer must file the AUP Report with SIPC, and no longer with the SEC. The SIPC Series 600 Rules require that the supplemental report include a report of an independent public accountant engaged to perform certain specified agreed-upon procedures as set forth in paragraphs (b)(3)(i) through (vi) of the Series 600 Rules.
Examples of the required filings:
- Independent Accountant's Report on Applying Agreed-Upon Procedures Related to an Entity's Claim of Exclusion from Membership in SIPC
- Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures (SIPC-7)
- Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures (SIPC-7B)
For more information, please see the Questions About the Agreed-Upon Procedures (AUP) Report Mandated by the Series 600 Rules section of our Member FAQs.