US SEC Rule 15c3-5 - Market Access Rule: Risk Management Controls and Supervisory Procedures for Broker-Dealer Automated Trading Systems

What US SEC Rule 15c3-5 - Market Access Rule: Risk Management Controls and Supervisory Procedures for Broker-Dealer Automated Trading Systems requires

Every registered broker-dealer with market access to a national securities exchange or ATS, or that provides such access to customers, must establish, document, and maintain a system of risk management controls and supervisory procedures covering financial risk (pre-set credit and capital thresholds, erroneous order rejection) and regulatory risk (pre-order compliance, restricted person controls, post-trade surveillance). Financial controls must remain under the broker-dealer's direct and exclusive control. Annual effectiveness review and CEO certification are mandatory.

Pillar: Workflow Automation · Authority: US Securities and Exchange Commission · Version: 1.0.0 · Last updated: 2026-05-09

Primary source: https://www.ecfr.gov/current/title-17/section-240.15c3-5

SHA-256 integrity: baa5c055cb91e7965fa61850e1eadbeba671507a30ae40ba57d0e53f3dfb308c

Primary Citations — 6 traced to source

• 17 CFR 240.15c3-5(b): A broker or dealer with market access, or that provides a customer or any other person with access to an exchange or alternative trading system through use of its market participant identifier or otherwise, must establish, document, and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of this business activity.
• 17 CFR 240.15c3-5(c)(1): Financial risk management controls and supervisory procedures must be reasonably designed to prevent the entry of orders that exceed appropriate pre-set credit thresholds in the aggregate for each customer and for the broker or dealer and prevent the entry of erroneous orders, by rejecting orders that exceed appropriate price or size parameters, on an order-by-order basis or over a short period of time.

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