[ by Howard Haykin ]

FINRA posted a reminder on the Small Firms Information page on 10/3/12 reminding firms of their new disclosure obligations - namely, the SSOI Resources – SMALL FIRMS.

The Supplemental Statement of Income (SSOI) must be filed as a supplement to the FOCUS report within 20 business days after the end of each calendar quarter, starting with the quarter just ended on 9/30/12.  All FINRA members must file the initial SSOI by 10/26/12. 

FINRA's Dedicated Page. To assist firms in preparing the SSOI, FINRA's new dedicated page offers various resources, including access to the SSOI form and Instructions, the applicable Regulatory Notice, and a set of FAQ's.  To access, click onto:  [FINRA SSOI Resource Page].

About the Supplemental Statement of Income (SSOI). RegNote 12-11, issued February 2012, announced SEC approval of FINRA Rule 4524, Supplemental FOCUS Information, which requires all firms to file a Supplemental Statement of Income (SSOI) to provide more detailed revenuen ad expense data than reflected in the FOCUS report. Additional minor, “non-substantive” and technical changes were since made to the Form SSOI and its related instructions. Those later changes were approved by the SEC on 6/26/12.
 
A Firm's Next Steps. Consult the SSOI Resource Page to ascertain you've got everything needed to comply with the new disclosure.  Download the latest updated version of the form and the instructions - all 16 pages, and remember the filing deadline is 10/26/12 for quarter ended 9/30/12.  FINRA also provides an SSOI Excel Layout.

Other resources include: 

1.  Samples of the SSOI layout for firms that use the import feature in eFocus to file their FOCUS - in text, excel and xml formats

2.  Tutorial

• SSOI Filing Tutorial

3.  Frequently Asked Questions

• Read the FAQs that explain how to fill out each section of the SSOI.

4.  Other Guidance

► How will I submit the Supplemental Statement of Income (SSOI)?

• The SSOI should be filed using FINRA’s eFOCUS system, which is available on the Firm Gateway.

► Will I need a new entitlement to submit the SSOI?

• No. If you have entitlement to eFOCUS, you will be able to submit the SSOI.  Entitlement to eFOCUS is coordinated with your Firm’s SAA (Super Account Administrator).

► Is eFOCUS changing to accommodate the SSOI?

• No. The SSOI is simply an additional form that will be filed on eFOCUS. Firms will have the ability to use the methods that are currently supported to submit the SSOI. This includes entering the data directly in eFOCUS and uploading Excel, text or XML files.

► Where will I see the SSOI?

• It will display in the filing views along with the FOCUS and Schedule I. The “Report Type” will be SSOI.