(a) A broker-dealer registered under the act
but not registered as a broker or dealer with the Securities and Exchange
Commission under the Securities Exchange Act of 1934 (15 U.S.C.A. §§
78a-
78qq) shall file annually with the
Department a report which includes a statement of financial condition as of the
end of its fiscal year and an income statement for the year then
ended.
(b) The annual report of
financial condition filed under this section shall be prepared in accordance
with generally accepted accounting principles and accompanied by an auditor's
report containing an unqualified opinion of an independent certified public
accountant. The accountant shall submit as a supplementary opinion comments,
based on the audit, as to material inadequacies found to exist in the
accounting system, the internal accounting controls and procedures taken for
safeguarding securities and shall indicate corrective action taken or
proposed.
(c) A broker-dealer
registered under the act and registered as a broker or dealer with the
Securities and Exchange Commission shall provide the Department, within 5 days
of receipt of a written or electronic request, a copy of any financial
statement, financial report or other financial information required under
Securities and Exchange Commission rules or the rules of a National securities
association or National securities exchange of which the applicant is a
member.
(d) The report required
under subsection (a) shall be filed within 120 days following the end of the
broker-dealer's fiscal year.
