The staff of the U.S. Securities and Exchange Commission on Tuesday updated its guidance on Broker-Dealer Reports: A Small Entity Compliance Guide, which it said "summarizes and explains" rules the SEC adopted on July 30. Although it is called a "compliance guide," the release "is not a substitute for any rule itself. Only the rule itself can provide complete and definitive information regarding its requirements," the staff warned about the document, which addresses: amendments to certain reporting, audit and notification requirements for SEC-registered broker-dealers; amendments that require a broker that clears transactions or carries customer accounts to agree to let representatives of its designated examining authority (DEA) or the SEC review documentation relating to certain reports by its independent public accountant, which the accountant may discuss if requested in writing in connection with examining the firm; and a new form a firm must file with its DEA asking about
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