What is SIPC assessment?

The SIPC-6 calculates the assessment due on the firm’s net operating revenue for the first half of the fiscal year. The SIPC-7 is similar, but it calculates the total assessment due on the firm’s annual net operating revenues, and then provides a credit for assessments paid with the SIPC-6.

Are broker/dealers required to be members of SIPC?

SIPC members include all brokers and dealers registered under the Securities Exchange Act of 1934, all members of securities exchanges, and most National Association of Securities Dealers (NASD) members. SIPC coverage protects members in the event the firm fails.

How do I become a member of SIPC?

Members must first register with SIPC. Please contact the Membership Department at 202-371-8300 or [email protected] for an ACH Enrollment Form. Once the Enrollment form is received and processed by SIPC, a SIPC ACH Member ID and a Member Pin will be emailed to the Authorized Person listed on the form.

How do I pay SIPC?

Pay Now

1. Pay via ACH. All SIPC Members with assessments below the dollar threshold (currently $1,000,000) are eligible to make their assessment payments electronically from their bank accounts via ACH Debit Authorization.
2. Pay via Wire. If not eligible to pay via ACH, please pay by wire.
3. Pay via Mail.

When do I need to file my sipc-6 assessment?

To be filed at the end of the fiscal year, less any assessment paid with the SIPC-6. The completed form with any additional assessment owed, is due 60 days after the fiscal year end plus a 15 day grace period. (Assessment Rate is 0.0025 for fiscal years ending before 1/1/2017)

How do I become a member of the SIPC?

All SIPC Members with assessments below the dollar threshold (currently $1,000,000) are eligible to make their assessment payments via ACH Debit Authorization. Members must first register with SIPC. Please contact the Membership Department at 202-371-8300 or [email protected] for an ACH Enrollment Form.

When do I deduct sipc-6 from my income statement?

At the end of your fiscal year, you will receive a SIPC-7, General Assessment Reconciliation Form, which will be based upon the total revenue reported in your Securities and Exchange Commission Rule 17a-5 annual audited statement of income. There will be a place on that form to deduct the SIPC-6 assessment paid.

Can a SIPC overpayment be recovered against a future assessment?

The Securities Investor Protection Act provides that overpayments shall be recoverable only against future assessments due, except as otherwise provided by law. SIPC Bylaw Article 6 permits refunds of amounts in excess of $150 to terminated members who have satisfied all filing requirements.