FOCUS Report Nylife Securities Llc

X-17A-5 [Paper] - FOCUS Report

Published: 2012-03-21 14:59:09
Submitted: 2012-02-29
Period Ending In: 2011-12-31
scanned.pdf Scanned paper document


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                                                                ANNUAL AUDITED RPOT                                                                           Lh9urron5e                          10O

                                                                    FORM X-17A5                                                                                                      FILE    NUMBER
                                                                                          PART                 III




                                                                                      FACING PAGE
                       Information               Required             of Brokers and Dealers                                   Pursuant         to Section          17 of the

                                      Securities               Exchange         Act of 1934 and Rule                                  17a- Thereunder


REPORT            FOR THE PERIOD BEGINNING                                                       01/01/1                                  AND ENDING                    12/31/I


                                                                                              MM/DD/YY                                                                 MM    DD/YY


                                                                REGISTRANT IDENT1FICATIflN

NAME        OF     BROKER DEALER NYLIFF                              Securities     LLC                                                                                               USE ONLY


ADDRESS            OF PRiNCIPAL              PLACE OF BUSINESS                           Do    not use             P.O    Box    No                                         FIRM     LD      NO

              51 Madisor     Avenue

                                                                                          No     and    Stre.t




             New    Yotic                                                                              NY                                                      10010

                              Cty                                                                     State                                                   Zit    odl


NAME AND FELEPHONE NUMBER                                       OF    PERSON        TO CON IACT                      IN    REGARD 10              THIS   RI   PORt
                                                                                                                                                                    212.574574
             JosephfYNeffl

                                                                                                                                                               Area Codt          ldephons     Nurnbei


                                                                ACCOUNTANT                       IDENTIFICATION


1NDLPENDENI                 PUBI    1C   ACCOIJNTAN1                  whose       opinion       is    contained           in   this   Report


            Pncewatethouse         oopers   LEE
                                                                        tName       if   individual        stoic    last first middle      name


            300   Madison Avenue                                                    New       Yotic                                                                                    10017

        Addict                                                                    City                                                                                                   Code



CHECK ONE
                      Certified     Public      Accountant

                     Public    Accountant


                     Accountant          not resident               United
                                                               in            States      or   any of        its     possessions



                                                        ___             FOR OFFICIAL USE ONLY




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                                                Potential  persons who are to respond      to the collection   of
                                                information contained in this form are not required to respond
  SEC        1410    0602                       unless the form displays  currently vahd        control numberS           OM


                                                                            OATH OR AFFIRMATION

                                                                                                                                                            swear or affirm that                to   the best    of
           Joseph    YNeill

                                                                                                                                    schedules                           to    the firm    of
       knowledge          and   belief       the   accompanying            financial      statement       and      supporting                         pertaining
my
                                             LLC                                                                                                                                                     as
          NYLIFE           Securilies


                                                                                                                                          and    correct          further      swear or affirm            that
of        December         31                                                                                      JJ_      are true


                                                                                                  officer     or director         has any proprietary              interest     in   any account
neither     the    company nor any partner                        proprietor        principal


classified       solely as that         of     customer           except      as   follows




           Note      khflc                     1.w iok
                            A8Or
                              1cVyi
                                                                                                                                    i/1gnature
          Corn                                     Cowny
                                                           20                                                                     Chief   Financial    Officer


                                                                                                                                              Title




                     Notary Public


This    report          contains        check        all    applicable     boxes
            Facing Page
            Statement of Financial                       Condition

            Statement of Operations
            Statement of Cash                 Flows
            Statement of Changes                     in    Members Equity
            Statement of Changes                     in    Liabilities     Subordinated          to   Claims of Creditors

            Computation            of Net Capital

                                   for   Determination               of Reserve        Requirements          Pursuant        to    Rule      5c3-3
            Computation
            Information                             to    the Possession           or Control Requirements              Under       Rule        5c3-3
                                 Relating

                                                                                                      of the Computation            of Net Capital         Under        Rule     5c3-      and the
                 Reconciliation including                       appropriate        explanation

                                   for Determination                 of the Reserve                                 Under     Exhibit            of Rule         5c3-3
            Computation                                                                      Requirements
                                             between        the audited       and     unaudited Statements             of Financial           Condition          with   respect      to   methods    of
                 Reconciliation

            consolidation

            An     Oath or Affirmation

                 copy      of the SIPC Supplemental Report

                                                            found to exist or found to have existed                                                   since the date          of the previous       audit
                    describing
                 report         any material inadequacies
           Report of Independent   Auditors  on Internal  Control Required by SEC Rule     7a-5

For conditions              of confidential               treatment      of certain     portions of         this   filing    see    section      240.1     7a-5fr3


      NYLIFE                      Securities                    LLC
      An   affiliate   of   New   York   Life   Insurance   Company
      Statement             of Financial           Condition
      December 31 2011




pwc


NYLIFE                    Securities                    LLC
An   affiliate   of   New York   Life   Insurance   Company
Statement             of Financial         Condition
December 31 2011


NYLIFE             Securities         LLC
An   affiliate      of   New York   Life    Insurance   Company
Index

December             31    2011



                                                                  Pages

Report       of   Independent     Auditors


Financial         Statements


Statement of Financial          Condition



Notes   to    Statement of Financial        Condition               38


       _L
pwc

                                                                        Report       of Independent                Auditors




 To     the    Board       of Managers   and

 Member            of    NYLIFE Securities   LLC




 In    our opinion                accompanying
                                the                                 statement         of financial         condition      presents           fairly      in   all    material             respects
 the    financial         position  of NYLIFE                     Securities        LLC the            Company           at   December           31       2011         in        conformity                with

 accounting              principles            generally          accepted     in    the     United States of America                        This financial            statement                     is   the

 responsibility               of    the      Companys management                            Our      responsibility      is    to   express         an    opinion           on         this    financial

 statement              based           on    our audit       We        conducted           our audit      of   this   statement        in    accordance              with         auditing

 standards           generally               accepted        in   the    United States            of   America         Those standards                   require       that            we     plan         and

 perform           the   audit          to   obtain    reasonable          assurance            about      whether       the       financial    statement              is     free        of material

 misstatement                      An     audit    includes        examining          on        test      basis evidence             supporting          the        amounts and
 disclosures             in   the         financial    statement           assessing           the     accounting       principles           used     and      significant                estimates
 made         by    management and                         evaluating        the    overall      financial       statement          presentation              We       believe                that        our
 audit    provides                   reasonable            basis    for   our opinion



 As     disclosed          in       Note          to the    statement         of financial        condition the          Company              has     significant                transactions

 with    New        York           Life      Insurance       Company          and     its    affiliates         Because       of    these     relationships                 it    is
                                                                                                                                                                                        possible

 that    the    terms          of the         transactions         are not the        same        as those that          would        result    from transactions                           among
 wholly        unrelated             parties




 February           27 2012




          PricewaterhouseCoopers                            LLP PricewaterhouseCoopers                          Center 300 Madison             Avenue New York                           NY      10017
                6464713000                            813    286    6ooo www.pwc.com/us


NYLIFE               Securities                LLC
An      affiliate     of    New      York     Life   Insurance      Company
Statement of Financial                             Condition

December31                      2011



Assets
Cash and            cash    equivalents                                                                                            15240703
Receivable           from NYLIFE Distributors                 LLC                                                                   1760434
Receivable           from Eagle           Strategies    LLC                                                                           16449
Commissions                receivable                                                                                               3490286
Fee     income        receivable                                                                                                     582230
Other receivables                                                                                                                     98702
Prepaid       expenses                                                                                                              1548543
Federal       income         taxes     receivable      from   New   York         Life   Insurance Company                           1340125
Fixed      assets       net of      accumulated         depreciation        of   $5677318                                            536467
Deferred        tax    asset                                                                                                         494041

                    Total    assets                                                                                                25107980

Liabilities         and Members               Equity

Payable       to    New      York     Life   Insurance Company                                                                      6439377
Accrued        commission             expense                                                                                       3196771
Accrued        litigation      expense                                                                                               240216
Other accrued               liabilities                                                                                               67551
                    Total    liabilities                                                                                            9943915

Total     members            equity                                                                                                15164065

                    Total    liabilities     and     members     equity                                                            25107980




                            The accompanying             notes   are   an    integral     part   of   these financial statements


NYLIFE           Securities                   LLC
An affiliate     of New York                 Life    Insurance           Company
Notes     to    Statement of Financial                                 Condition

December           31        2011



     Organization                and Business


      NYLIFE          Securities          LLC the          Company                    is
                                                                                                 wholly-owned                  subsidiary              of    NYLIFE LLC                       wholly-

     owned        subsidiary           of    New      York     life    Insurance             Company                  NYLIC                     The Company                      was     originally

      incorporated             under the laws of               New       York         in    1969 as NYLIFE                         Securities            Inc and was converted                           to

          Delaware           limited      liability    company on                January                    2007            The Company                     is    registered          with    the

     Securities         and      Exchange Commission  as                                   broker-dealer                    and     is        member              of the        Financial       Industry

     Regulatory             Authority  Inc The Company                                also        conducts             business as                  licensed              insurance           agency


     The Company                 has entered            into          soliciting       dealer             agreement                with       NYLIFE             Distributors          LLC
     Distributors                      wholly-owned             subsidiary             of        New       York       Life     Investment                Management Holdings
     LLC        whereby          the    Company            charges         Distributors                   commissions                   for    sales     of the          MainStay         Funds         by
     the    Companys              registered           representatives                     for    which         the    Companys                   registered              representatives               are

     generally         paid      commissions


     Under       various         contractual          agreements             with          unrelated                financial                                    the                      receives
                                                                                                                                     institutions                       Company
     commissions               from the financial               institutions           for       sales         of    open-end             mutual fund                  products         for    which
     the    Companys              registered           representatives                 are generally                   paid        commissions


     The Company                 receives           commissions            for      acting          as introducing                  broker        for       clients       and      uses
     nonaffiliated             clearing       broker       National        Financial                    Services       LLC         NFS              on            fully    disclosed           basis     to


     perform trade              execution            clearance           settlement                 and      related         activities



     Under       various         contractual          agreements             with          unrelated                insurance carriers                      the    Company              receives

     commissions               from the insurance carriers for sales                                       of variable             annuity         variable              life   and    group
     annuity          products         for   which      the    Companys                    registered               representatives                are generally                  paid

     commissions


     The Company under                             service     agreement               with         New        York         Life    Insurance and                      Annuity Corporation
     NYLIAC                     wholly-owned               subsidiary        of       NYLIC               charges           NYLIAC                fee       for    sales        and    supervisory
     services         rendered          in   connection          with     variable               life    and        variable        annuity        sales           and      in-force      business
     The Company                 incurs       sales    and      supervisory                expenses                 related        to    the    offering of              these products


     The Company under                             service     agreement               with         Eagle           Strategies            LLC      Eagle                        wholly-owned
     subsidiary         of     NYLIFE LLC              bills    Eagle      for      separately                 identifiable              brokerage               services          including

     clearing         and      custody services                provided          to    Eagle             through the Companys                               nonaffiliated             clearing

     broker      in    connection            with    Eagles           investment advisory                           programs


     Under       various        contractual           agreements            with           unaffiliated              product            providers the Company                            receives

     an    administrative              service       fee   from the product                      providers             in   connection             with          sales      of the product

     providers          life    and    annuity         health         insurance and                     disability          income            products            by   eligible       NYLIC
     agents           Commissions              are     paid    directly      to the              agents by            the product               providers


     Summary            of     Significant            Accounting            Policies



     Basis of          Presentation

     The       preparation         of financial         statements             in     conformity                with    generally               accepted               accounting principles
     requires         management               to    make      estimates              and        assumptions                 that        affect    the       reported            amounts        of

     assets and             liabilities      and     disclosure         of contingent                    assets and                liabilities     at    the       date         of the financial

     statement              Actual      results       could     differ    from those estimates


NYLIFE          Securities                             LLC
An affiliate       New York Life Insurance Company
                  of

Notes     to    Statement of Financial Condition
December            31            2011



     Securities             transactions                    are    recorded on trade                   date


     Cash and Cash Equivalents
     Short-term               investments with                         original       maturities         of three        months            or less are              considered cash

     equivalents                   At December                     31      2011         such     short    term investments carried                                at      fair   value           on the
     Statement of Financial                                 Condition           totaled     $14892953                  Cash              equivalents              carried         at    fair     value        are

     discussed               in    Note                Fair      Value         Measurement


     Fixed Assets                    and Leasehold                         Improvements
     Fixed       assets are recorded                              at    cost      and    depreciated           using          the    straight-line                method          over estimated
     useful        lives      of three           to ten           years         Cost of assets sold                 or    retired          and    the        related           amounts             of

     accumulated                   depreciation                   are    eliminated            from the accounts                    in    the   year of disposal


     Income Taxes
     Current           income             taxes are provided                       on    taxable        earnings         at    the appropriate                      statutory           rate       applicable
     to    such     earnings                   Deferred income                  taxes are provided                   for       temporary               differences                between               the

     financial         reporting               and         tax    basis     of assets and  liabilities




     Guarantees
     In   the    normal course of business                                      the     Company           enters     into       contracts              that       contain               variety of

     representations                      warranties               and      indemnifications                   The Companys                     maximum exposure under these
     arrangements                    is    unknown                as     this     would     involve       potential future                  claims that may be made against

     the    Company                 that       have         not yet        occurred              However        based           on experience                       the     Company                expects
     the    risk    of loss          to    be     remote


     New        Accounting                     Pronouncements
     In   January 2010                     the        Financial            Accounting            Standards Board                     FASB               issued            updated            guidance
     that      requires            new         fair    value       disclosures            about        significant        transfers              between               Level            and
     measurement                     categories                  and    separate presentation                   of   purchases                   sales issuances                            and
     settlements                  within       the         rollforward of           Level         activity         Also        this       updated            fair      value      guidance               clarifies

     the disclosure                  requirements                      about      the    level    of disaggregation                      of asset       classes             and        valuation

     techniques               and         inputs            This       new guidance               is   effective     for       interim          and     annual reporting                         periods

     beginning              after     December 15 2009 except                                     for    the disclosures                  about        purchases                  sales issuances
     and       settlements                in    the rollforward                 of Level           activity        which        are       effective          for       interim         and       annual

     reporting          periods            beginning                December 15 2010 The Company adopted the
                                                                   after                                                                                                               effective

     portions          of    this     guidance               on January  2010 The required disclosures are provided                                                                         in    Note
     Fair      Value         Measurement


     In   May 2011                  the    FASB             issued         updated         guidance         regarding               the    fair   value           measurements                      and

     disclosure              requirements                        The updated             guidance          clarifies          existing          guidance               related         to    the

     application             of     fair   value            measurement methods                          and    requires             expanded                disclosures                    This    new
     guidance           is        effective       for       the    first    interim       or     annual reporting                period          beginning                after    December 15
     2011 and           should be applied                              prospectively             The Company                   will      adopt        this    guidance             effective

     January                 2012         and         is
                                                            currently        evaluating           the    impact of            this       guidance            on     its    financial             statements


NYLIFE           Securities                      LLC
An affiliate     of    New York                Life   Insurance                   Company
Notes     to    Statement of Financial                                        Condition

December 31                  2011



     Fair      Value         Measurement


     The       authoritative             guidance            related         to    fair   value measurements                            and      disclosures                defines           fair        value

     and       establishes                framework                for    measuring             fair   value that includes                            three        level        hierarchy                 Fair

     value       is   defined        as the price                that       would       be     received         to       sell   an asset            or paid        to    transfer                  liability        in



     an orderly transaction                       between              market participants                     at    the        measurement date                           It   establishes

     framework           for    measuring               fair       value         that   includes              hierarchy               used to classify the inputs                                 used         in



     measuring           fair       value         The        hierarchy            prioritizes          the    inputs         to    valuation          techniques                     used     to     measure

     fair   value      into    three        levels           The         level     in   the    fair    value         hierarchy           within       which         the         fair      value

     measurement                falls     is     determined                 based        on the lowest               level        input    that       is    significant              to    the     fair    value

     measurement


     Financial         assets and                liabilities          recorded on the Statement of Financial                                           Condition                are       categorized

     into      the three       levels       of the        fair        value hierarchy              based            on     the inputs           to the       valuation                 as follows


     Level             Fair    value        is    based          on      unadjusted quoted                     prices           for    identical           assets        or     liabilities          in    an

                       active        market


     Level             Fair    value        is    based          on      observable              inputs        other        than       level          inputs            such         as quoted              prices

                       for    similar       assets or              liabilities          quoted         prices        in    markets that are not active                                    or other          model

                       driven        inputs        that      are       observable or can                     be corroborated                    by observable                     market data                   for


                       substantially              the     full     term of the assets                   or     liabilities




     Level             Instruments whose values are based                                              on    prices         or valuation              techniques that                       require         inputs

                       that    are       both     unobservable                    and     significant           to the          overall        fair   value         measurement                           These

                       inputs        reflect       managements                      own assumptions                        in
                                                                                                                                  pricing the          asset        or     liability




     Transfers           Between               Levels
     Transfers         between            levels        may occur                 due     to   changes              in    valuation        sources             or       changes              in    the

     availability        of    market observable inputs                                 which         generally            are     caused           by changes                  in     market
     conditions          such        as   liquidity           trading            volume        or bid-ask            spreads              The Companys                           policy       is    to


     assume           the transfer             occurs         at      the    beginning           of the       period              During       the     year ended                    December 31
     2011        there       were        no transfers between                           levels



     Determination                  of    Fair     Values

     The       following       is        description               of the valuation               methodologies                       used     to     determine                 fair   value          as well

     as the general                 classification               of   such        instruments           pursuant to the valuation                             hierarchy



     Cash Equivalents
     Cash equivalents                    carried        at    fair     value       consist        of    commercial                 paper            Commercial                   papers            fair    value

     is   based       on observable                 inputs            and    is   classified           as    level          within       the     fair      value        hierarchy


NYLIFE          Securities                       LLC
An affiliate    of     New       York         Life       Insurance               Company
Notes     to   Statement of Financial                                          Condition

December31                 2011



     Fixed Assets


     Fixed      assets          are    comprised               of the following



                                                                                                                                        Accumulated                              Net book
                                                                                                        Cost at                     depreciation              at                 value at
                                                                                                      December 31                       December            31             December 31
                                                                                                             2011                              2011                                2011


        Computers          and        communication                   equipment                                914867                           881160                                 33707
        Computer         software                                                                            1165328                            907758                               257570
        Furniture       and      fixtures                                                                    1372299                        1300278                                    72021
        Leasehold         improvements                                                                       2761291                        2588122                                  173169

                                                                                                             6213785                        5677318                                  536467


     Related          Parties          Transactions


     Commissions                receivable               fee        income         receivable           and        accrued       commission            expense             on the
     Statement of Financial                       Condition                includes           $714946              $96231         and     $1216959                respectively             of

     transactions          with        Distributors



     The Company is party to                               service             agreement              with    NYLIC whereby                 NYLIC       provides            services        to       the

     Company The Company                                  is
                                                               charged             for      these services            based        upon     separately             identifiable       actual

     costs      incurred         where         NYLIC            acts       as paymaster                on behalf        of the      Company The                     services        include

     personnel           office        space            other       services             and    administrative



     The Company                 is    also     charged              administrative              expenses             from NYLIC which                 are    specifically

     identifiable        to the         Company                or   charged             by NYLIC principally through analyses of time spent on
     matters         relating         to the     Company                  or   pursuant          to    agreed        upon        formulas        In   addition          the      Company              is



     being      charged          with        sales       and        supervisory               expenses         related       to the       services      rendered            in    connection

     with      NYLIAC         variable          life     and        variable        annuity           sales and        in-force         business


     Credit Risk


     The Company                 introduces              all   of    its   securities           transactions           to        clearing      broker         NFS          on      fully

     disclosed         basis           Pursuant           to    the        terms of the agreement                      between           the   Company              and     the clearing

     broker      the clearing                broker        has the             right     to   charge         the   Company          for    losses      that       result    from
     customers           failure        to    fulfill    its    contractual                 obligations



     As   the    right    to    charge          the      Company                has         no maximum              amount and            applies      to   all    trades        executed

     through         the clearing             broker           the    Company                 believes        there    is   no maximum                amount         assignable            to    this


     right      At    December 31 2011                              the    Company              has recorded no                  liabilities   with     regard        to    this    right



     In   addition       the      Company                has the           right       to   pursue collection               or   performance           from the customers                        who
     do   not   perform under                  their      contractual              obligations                The Company                monitors       the credit standing                     of

     the clearing         broker and               all    customers with which                          it   conducts        business


NYLIFE           Securities                             LLC
An affiliate        of    New             York       Life         Insurance               Company
Notes     to     Statement of Financial                                                  Condition

December             31             2011



      Income Taxes


     The Company                          is        member               of   an    affiliated group which joins in the filing of  consolidated federal

      income         tax        return          with        NYLIC                 Estimated payments     for taxes are made    between the members of

     the    consolidated                       group during the year                              State      and        local      returns        are        filed    separately minimum taxes
     are    paid         to     state          and local jurisdictions



     At    December 31 2011                                  the        Company                has        deferred           tax    asset of $494041                        attributable           to    the

     following            temporary                  differences                  between            the financial            reporting           and        the tax       basis     of    assets


        Deferred              tax assets
        Accrued           expenses                                                                                                                                                                         16547
        Depreciation                                                                                                                                                                                    477494

                               Deferred              tax         asset                                                                                                                                  494041


     The Company                          is   reimbursed                   for    its   deferred         tax    assets         on an        annual basis                  to the extent           they        are

     utilized        in    the        groups            consolidated                     tax    return      through                tax    allocation           agreement            with     its    parent
     Due       to   this        intercompany                          agreement                 valuation           allowance against                        the     Companys              other        deferred

     tax    assets             is    not       considered                 necessary because                       it   is   more         likely    than        not that       those deferred                  tax

     assets         will       be realized


     The Company                          does       not         have         any     federal        net operating              loss carryforwards                      as they were               fully

     utilized        in    the        groups            consolidated                     tax    return       The Company                     did    not       have      any uncertain               tax

     positions            for        the       year ended                 December 31 2011


     Net Capital                    Requirements


     The Company                          is   subject           to the        Securities            and    Exchange                Commission                  Uniform Net Capital                      Rule

     Rule 15c3-1                               which        requires              the    maintenance               of       minimum          net capital               The Company                  has

     elected         to       compute  its net capital requirement in accordance  with the Alternative   Method   permitted

     by    the      rule        This method   requires  the maintenance  of minimum   net capital as   defined  of the

     greater         of       2%          of   aggregate                debit       items       arising      from customer                   transactions               or    $250000               At

     December 31 2011                                the          Company                had    net capital             as defined            under           such      rules       of   $8176651
     which          was $7926651                            in        excess        of   its   required          net capital of             $250000


     Contingencies


     In    the      normal course                      of    business                the       Company           has been            named                   defendant         in   various         legal

     matters              The Company                            is    also    from time             to   time    involved           in    governmental                    administrative                and

     investigative                   proceedings                      and     inquiries           Notwithstanding                   the      uncertain               nature    of   litigation          and

     regulatory                inquiries             the     outcome                of   which        cannot           be predicted               the        Company           believes       that         after


     provisions                made            in   the financial                 statements               the ultimate             liability      that       could        result   from     litigation          and

     proceedings                     would          not     have              material          adverse          effect       on    the     Companys                  financial          position

     however              it    is    possible              that        settlements             or   adverse           determinations                   in    one     or    more     actions            or other

     proceedings                     in    the future                 could       have          material         adverse           effect     on the Companys                        operating             results

     for       given           year


NYLIFE           Securities              LLC
An   affiliate   of   New   York        Life   Insurance       Company
Notes to Statement of Financial                               Condition

December 31              2011



10     Subsequent           Events


       As   of   February    27    2012        there   have    been   no   events occurring    subsequent   to the   close   of the

       Companys          books     or    accounts      for   the   accompanying    financial   statement that would     have      material

       effect    on   the financial      condition      of the     Company


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     2011    PricewaterhouseCoopers                   LLP     All   rights   reserved   In   this   document            PwC    refers   to   PricewaterhouseCoopers   LLP   Delaware   limited   liability   partnership   which   is   member   firm

of   PricewaterhouseCoopers                   International         Limited    each   member        firm   of   which    is   separate       legal   entity



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