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Regulatory Requirements | 3 Months Ended
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Mar. 31, 2014
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Regulatory Requirements |
12. | Regulatory requirements
The Company’s U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the “Rule”) promulgated under Securities Exchange Act of 1934, as amended (the “Exchange Act”). Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. At March 31, 2014, the net capital of Oppenheimer as calculated under the Rule was $168.0 million or 12.5% of Oppenheimer’s aggregate debit items. This was $141.2 million in excess of the minimum required net capital at that date. Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $250,000 or 6-2/3% of aggregate indebtedness, as defined. At March 31, 2014, Freedom had net capital of $4.5 million, which was $4.3 million in excess of the $250,000 required to be maintained at that date. In accordance with the SEC’s No-Action Letter dated November 3, 1998, the Company has computed a reserve requirement for the proprietary accounts of introducing firms as of March 31, 2014. The Company had no deposit requirements as of March 31, 2014. At March 31, 2014, Oppenheimer and Freedom had $14.5 million and $20.9 million, respectively, in cash and U.S. Treasury securities segregated under Federal and other regulations. New Basel III requirements being implemented in the European Union have changed how capital adequacy is reported under the Capital Requirements Directive (CRD IV), effective January 1, 2014 for Oppenheimer Europe Ltd. At March 31, 2014, the capital required and held under CRD IV were as follows:
| • |  | Initial capital $4.8 million (required $68,000);
| • |  | Common Equity Tier 1 ratio 10.81% (required 4.5%);
| • |  | Tier 1 Capital ratio 10.81% (required 6.0%); and
| • |  | Total Capital ratio 12.49% (required 8.0%).
At March 31, 2014, the regulatory capital of Oppenheimer Investments Asia Limited was $2.2 million, which was $1.9 million in excess of the $387,000 required to be maintained on that date. Oppenheimer Investments Asia Limited computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission in Hong Kong.

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