Series 28: Regulatory Notification

Taken from our Series 28 Online Guide

Regulatory Notification

Each carrying or clearing member must notify FINRA in writing within 24 hours if one of the following occurs:

• Its net capital falls below 150% of its minimum net capital requirement
• Its aggregate indebtedness is more than 1,000% of its net capital (more than a 10:1 ratio)
• Its deduction of capital withdrawals, which it anticipates making during the next six months, would result in either of the above conditions

Note: FINRA’s notification requirements with respect to net capital and aggregate indebtedness are more stringent than the SEC’s notification requirements, discussed in Chapter Three. Note the differences in the table that follows.

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Net Capital Notification Requirements
Type of Firm	Agency to notify	Exceeds Criteria	Timetable
Firm that has been in business less than one year	FINRA	8:1 aggregate indebtedness	Within 24 hours of discovery; in writing
Established firm	FINRA	Below 150% of net capital	Within 24 hours of discovery; in writing
Established firm	FINRA	10:1 aggregate indebtedness	Within 24 hours of discovery; in writing
Established firm	SEC	Below 120% of net capital