SEC Net Capital and Customer Protection Rules are still in force, FINRA reminds its member firms. 

In response to S&P's downgrade of the U.S. long-term credit rating on Friday, 8/5, FINRA issued Regulatory Notice 11-38 to provide guidance to firms on the application of these SEC 'Financial Responsibility' regulations to U.S. Treasurys and other securities issued, or guaranteed as to principal and interest, by the federal government or any of its agencies. In particular, several broker-dealers have asked what impact the changed ratings would have on compliance with the SEC rules.

Under SEA Rule 15c3-1, ... the credit rating assigned to United States Treasury securities or other securities issued, or guaranteed as to principal or interest, by the United States or any of its governmental agencies (government securities), by any credit ratings agency, is not a factor in determining the net capital treatment for such securities.  FINRA staff has confirmed with the staff of the SEC that the action by S&P does not alter the net capital treatment of these government securities under SEA Rule 15c3-1(c)(2)(vi)(A).

SEC staff also has confirmed that the S&P ratings action does not affect the definition of “qualified security” under SEA Rule 15c3-3(a)(6).  Therefore, broker-dealers may continue to use securities issued, or securities whose principal and interest is guaranteed, by the United States to meet their deposit requirement under SEA Rule 15c3-3(e)(1).