<SEC-DOCUMENT>0001193125-16-802028.txt : 20170315
<SEC-HEADER>0001193125-16-802028.hdr.sgml : 20170315
<ACCEPTANCE-DATETIME>20161222160254
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-802028
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STIFEL FINANCIAL CORP
		CENTRAL INDEX KEY:			0000720672
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				431273600
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ATTN: JAMES G. LASCHOBER
		STREET 2:		501 N. BROADWAY
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63102-2102
		BUSINESS PHONE:		314-342-2000

	MAIL ADDRESS:	
		STREET 1:		ATTN: JAMES G. LASCHOBER
		STREET 2:		501 N. BROADWAY
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63102-2102
</SEC-HEADER>
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<TITLE>CORRESP</TITLE>
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<IMG SRC="g320180txpg01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via EDGAR (Correspondence) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;22, 2016 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gus Rodriguez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Stifel Financial Corp. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the
Fiscal Year Ended December&nbsp;31, 2015 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;1, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated November&nbsp;2, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-09305</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Rodriguez: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth Stifel
Financial Corp.&#146;s (the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or similar terms) responses to the comments by the staff (the &#147;Staff&#148;) of the Commission contained in the Staff&#146;s letter dated December&nbsp;15, 2016
related to the Company&#146;s disclosures in its Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on November&nbsp;2, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience,
the text of the Staff&#146;s comments is set forth in italics below, followed in each case by our response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed February&nbsp;23, 2016 </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.1 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>In this earnings release you present <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures for net revenues, compensation ratio, non-compensation ratio, <FONT STYLE="white-space:nowrap">pre-tax</FONT> operating
margin, net income, earnings per diluted common share and earnings per diluted common share available to common shareholders. Please revise future filings to include a reconciliation to the most comparable GAAP measure for each <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measure presented as required by Item 10(e)(1)(i)(B) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> It appears that you only reconciled the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net
income. Please also disclose the reasons the acquisition-related expenses are not representative of the costs of running your <FONT STYLE="white-space:nowrap">on-going</FONT> business. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please be
advised that, starting with the earnings release for the three month period ended December&nbsp;31, 2016, the Company will include a reconciliation to the most comparable GAAP measure for each <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure
presented. In addition, the Company will disclose the reasons the acquisition-related expenses are not representative of the costs of running its <FONT STYLE="white-space:nowrap">on-going</FONT> business, starting with the earnings release for the
three month period ended December&nbsp;31, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>


<p Style='page-break-before:always'>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please disclose how your GAAP and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> <FONT STYLE="white-space:nowrap">pre-tax</FONT> operating margin ratios are calculated and reconcile each measure used to calculate
these percentages. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please be advised that, starting with the earnings release for the three month period ended December&nbsp;31, 2016, the Company will disclose
how GAAP and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> <FONT STYLE="white-space:nowrap">pre-tax</FONT> operating margin ratios are calculated and reconcile each measure used to calculate these percentages<I>.</I> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise future disclosure to include the comparable GAAP compensation ratio and <FONT STYLE="white-space:nowrap">non-compensation</FONT> ratio in your narrative on page 3. In addition, please clarify if the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> ratios are calculated using <FONT STYLE="white-space:nowrap">non-GAAP</FONT> revenue. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please be
advised that, starting with the earnings release for the three month period ended December&nbsp;31, 2016, the Company will revise its disclosure to include comparable GAAP compensation and <FONT STYLE="white-space:nowrap">non-compensation</FONT>
ratios, when applicable. Please be advised that the Company&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratios are calculated using <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net revenues. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please confirm that in future filings you will no longer present any historical <FONT STYLE="white-space:nowrap">non-GAAP</FONT> EPS amounts that exclude duplicative expenses. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please be
advised that the Company will no longer exclude duplicative expenses in its historical <FONT STYLE="white-space:nowrap">non-GAAP</FONT> EPS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding the above information, please do not hesitate to contact me at (314)
<FONT STYLE="white-space:nowrap">342-2228.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James M. Zemlyak</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James M. Zemlyak</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>President and Chief Financial Officer</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>(Principal Financial Officer)</I></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Ronald J. Kruszewski, <I>Chairman and Chief Executive Officer</I> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David M. Minnick, <I>Senior
Vice President and General Counsel</I> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark P. Fisher, <I>Senior Vice President and General Counsel</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
