Financial and Operational (FOCUS) Reports
Rule 17a-5 requires member firms to file monthly and quarterly financial reports with the SEC and FINRA, known as FOCUS Reports. FOCUS Report stands for Financial and Operational Combined Uniform Single Report. These reports are similar to financial statements in that they provide balance sheet, income statement, net capital, and related operational information.
FOCUS Reports are submitted on Form X-17A-5. Broker-dealers must submit any of Part I, Part II, or Part IIA, depending on the type of firm. You will not need to know the specifics of what must be included in each kind of report, only which form must be filed by which broker-dealers and by what date.
Carrying firms. Carrying and clearing firms must file monthly reports on Part I within 10 business days after the end of each month. They must also file Part II quarterly reports within 17 business days after the end of the calendar quarter and within 17 business days after the end of its fiscal year, if that date is not the end of a quarter.
Non-carrying firms. Introducing firms and other non-carrying firms must file Part IIA of Form X-17A-5 within 17 business days after the end of each calendar quarter and within 17 business days after the end of the fiscal year where that date is not the end of a calendar quarter. They do not have to file a monthly report.
Supplemental forms. All firms must file an annual Form X-17A-5 Schedule I form, which describes operational details about the firm. Schedule I must be filed within 17 days of the last day of the calendar year (December 31).
When a firm terminates its membership in any exchange or Self-Regulatory Organization, it must file a FOCUS Part