FINRA reminds carrying members of SEC June 30 2026

Cresthaven AnalyticsIntelligence Brief

Headline

FINRA reminds carrying members of SEC June 30 2026 compliance date for daily reserve computations

Executive Summary

FINRA is issuing a notice reminding carrying members of the SEC's compliance date for daily customer and PAB reserve computations. The requirement applies to members with average total credits of $500 million or more. The notice also conveys SEC Division of Trading and Markets staff guidance on sweep program credit adjustments and identifies Non-Computation Days for 2026 and 2027.

Bottom Line

The SEC's amended customer protection rule requires carrying broker-dealers with average total credits of $500 million or more to perform daily customer and PAB reserve computations beginning with close-of-business data from June 30, 2026. SEC Division of Trading and Markets staff guidance permits a reduction in required reserve deposits by the amount of sweep credits transferred the following business day, while prohibiting use of those credits to support withdrawals from reserve accounts. FINRA has introduced a voluntary Line Item 4495 in eFOCUS for members to report sweep credit adjustments, and the notice enumerates specific Non-Computation Days for 2026 and 2027 on which the daily computation is not required under staff guidance.

Key Regulatory Signals

Daily Computation Threshold and Compliance Date: The SEC amended its customer protection rule to require carrying broker-dealers with average total credits of $500 million or more, measured across their 12 most recently filed month-end FOCUS reports, to perform customer and PAB reserve computations daily rather than weekly. The compliance date is June 30, 2026, meaning affected members must use close-of-business data from June 30, 2026 to perform their first daily computation on July 1, 2026.
Sweep Program Credit Adjustment Permitted: SEC Division of Trading and Markets staff guidance states that staff would not object if a carrying broker-dealer reduces a required deposit to its customer reserve bank account by the amount of sweep credits transferred on the business day following the computation's as-of date. The same guidance states that sweep credits may not be considered when determining whether a withdrawal from the reserve account is permissible.
New Voluntary FINRA Reporting Line Item: FINRA has developed a new voluntary data field, Line Item 4495, submitted through the eFOCUS interface, to allow carrying members to report the reduction in required reserve account deposits resulting from sweep credits. FINRA describes the line item as voluntary and intended to aid members in their reporting.
Non-Computation Days Identified for 2026 and 2027: SEC Division staff guidance states that staff would not object if carrying broker-dealers do not perform daily customer or PAB reserve computations on federal holidays, Good Friday, and specified adjacent business days. FINRA's notice enumerates the specific calendar dates for these Non-Computation Days across 2026 and 2027. Cresthaven reading: carrying members subject to the daily computation requirement should confirm their operational calendars against the enumerated Non-Computation Days to avoid inadvertent computation gaps or excess computation burdens.

Regulatory Delta

The SEC's amendment to its customer protection rule shifts qualifying carrying broker-dealers from weekly to daily reserve computations. This is a structural increase in operational frequency with no direct prior FINRA information notice precedent on this specific compliance date.
The sweep program credit adjustment guidance and the new voluntary Line Item 4495 are additive operational accommodations that did not exist under the prior weekly computation regime.
No adjacent federal agency or pending Congressional action identified in the source bears directly on this compliance date or the reserve computation framework.

Materiality Classification

HIGH — The SEC compliance date for daily customer and PAB reserve computations is June 30, 2026, requiring operational readiness from carrying members meeting the $500 million average total credits threshold.

Time Horizon

effective — 2026-06-30

Intelligence Outlook

Monitor FINRA and the SEC Division of Trading and Markets for any further staff guidance or amendments to this rulemaking, including any updates to the Non-Computation Days schedule or the eFOCUS Line Item 4495 reporting framework.