The SIPC Series 600 Rules, Rules Relating to Supplemental Report on SIPC Membership, prescribe the form and content of the SIPC supplemental report commonly referred to as the "Independent Accountants' Report on Applying Agreed-Upon Procedures" or "AUP Report." Approved by the Securities and Exchange Commission (SEC) in 2016, these rules are modeled on the requirements in paragraph (e)(4) of SEC Rule 17a-5. This SEC rule provides that a broker-dealer must file the AUP Report with SIPC, and no longer with the SEC. The SIPC Series 600 Rules require that the supplemental report include a report of an independent public accountant engaged to perform certain specified agreed-upon procedures as set forth in paragraphs (b)(3)(i) through (vi) of the Series 600 Rules.
Examples of the required filings:
- Independent Accountant's Report on Applying Agreed-Upon Procedures Related to an Entity's Claim of Exclusion from Membership in SIPC
- Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures (SIPC-7)
The AUP Report must be filed directly with SIPC. Inclusion of the AUP Report with the Annual Report uploaded via the FINRA Firm Gateway is not sufficient. The AUP Report must be submitted through the SIPC Portal. To submit an AUP Report, go to the “File Upload” tab, select Upload, under Category Select AUP Report, and select the appropriate Fiscal Year.
The AUP Report must be filed within 60 days after the end of a broker-dealer’s fiscal year (or within 90 days after the end of a broker-dealer’s fiscal year for certain Broker-Dealers covered by SEC Release No. 34-91128.) Members covered by SEC Release No. 34-91128 must notify SIPC in writing that they are relying on the Commission’s order and submit to SIPC a copy of the written notification provided to their DEA. Only one notification is required. Members do not need to re-notify SIPC for each subsequent year that the firm meets the conditions.
Thirty Day Extension for Filing Annual Reports and AUP Reports for Certain Broker-Dealers
For more information, please see the Questions About the Agreed-Upon Procedures (AUP) Report Mandated by the Series 600 Rules section of our Member FAQs.