(a) Except as set forth in subsection (e),
every broker-dealer registered under section 301 of the act (70 P.S. §
1-301) shall maintain net capital of $25,000
with an aggregate indebtedness not exceeding 1500% of its net
capital.
(b) As a condition of the
right to continue to transact business, every broker-dealer registered under
the act that is not registered as a broker-dealer with the Securities and
Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C.A. §§
78a-
78qq) immediately shall notify the
Department if the broker-dealer's aggregate indebtedness exceeds 1500% of its
net capital or if its total net capital is less than the minimum
required.
(c) Within 24 hours after
transmitting the notice required under subsection (b), the broker-dealer shall
file a report of its financial condition with the Department including the
following:
(1) A proof of money balances of
ledger accounts in the form of a trial balance.
(2) A computation of net capital and
aggregate indebtedness as those terms are used in this section and a
computation of the ratio of aggregate indebtedness to net capital.
(3) An analysis of the aggregate market value
of fully paid securities in customers' security accounts which are not
segregated.
(4) A proof of ledger
net credit balances of moneys borrowed from banks, trust companies and from
other financial institutions, and from others, which are fully or partially
secured by securities carried for the account of a customer.
(5) A computation of the aggregate amount of
customers' ledger debit balances.
(6) A computation of the aggregate amount of
customers' ledger credit balances.
(7) A statement as to the approximate number
of customer accounts.
(d)
The Department may permit an applicant for registration as a broker-dealer
under section 301 of the act which is not registered or has not applied for
registration as a broker or dealer with the Securities and Exchange Commission
to file, execute and maintain a surety bond in compliance with §
303.051 (relating to surety
bonds).
(e) A broker-dealer
registered under section 301 of the act that is registered as a broker or
dealer with the Securities and Exchange Commission shall maintain minimum net
capital and comply with the aggregate indebtedness requirements as set forth in
Rule 15c3-1 ( 17 CFR
240.15c3-1 ) (relating to net
capital requirements for brokers or dealers) promulgated under the Securities
Exchange Act of 1934.
