On Oct. 22, BNG SEC set deadline for completion of saving provision.
BNG SEC said stock brokers and merchant bankers who have not completed saving provision against unrealized loss re margin loans due to revaluation in the client's portfolio of stock brokers and merchant bankers, must complete it by Jun. 30, 2024.
Follows BNG SEC Jan. 2020 issued rules on protecting uninsured losses, see #72191.
Mar. 2024 Extended Deadline
On Mar. 28, 2024, BNG SEC extended the deadline for saving provision against unrealized losses caused by margin loans by stock brokers and merchant bankers.
Deadline for stock brokers and merchant bankers who have not completed provisions against unrealized loss due to revaluation in their client's portfolio is Jan. 31, 2025.
Document dated Mar. 28, 2024, received from BNG SEC Apr. 2, summarized on Apr. 5.
Regulators
BNG SEC
Entity Types
B/D; Exch; IA
Reference
Dir BSEC/SMMID/NE/2023/1690, 3/28/2024; Lt, BSEC/SMMID/NE/2023/840, 10/22/2023
