On March 14, 2023, FINRA issued guidance for member firms affected by the failures of Silicon Valley Bank (“SVB”) and Signature Bank.
FINRA advised that all bank deposits at both banks may continue to be treated as allowable assets for net capital purposes, balances in reserve accounts may continue to be treated as qualified reserve bank account deposits for purposes of SEA Rule 15c-3-3(e), and withdrawals of funds from SVB and Signature accounts must comply with the requirements of all applicable rules, including SEA Rule 15c3-1(e) and SEA Rule 15c3-3(e)(1). More information can be found here.