Background To and Adoption of Net Capital Rule
The SEC's "Uniform Net Capital Rule" (the "Basic Method") was adopted in 1975 following a financial market and broker record-keeping crisis during the period from 1967-1970. In the same 1975 release that adopted the Basic Method, the SEC established the "Alternative Net Capital Requirement for Certain Brokers and Dealers" (the "Alternative Method"). The SEC had maintained a net capital rule since 1944, but had exempted broker-dealers subject to "more comprehensive" capital requirements imposed by identified exchanges such as the New York Stock Exchange (NYSE). The 1975 uniform net capital rule continued many features of the existing SEC net capital rule, but adopted other (more stringent) requirements of the NYSE net capital rule.
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