FOCUS Report Nylife Securities Llc

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

Published: 2013-03-04 11:14:10
Submitted: 2013-03-01
Period Ending In: 2012-12-31
scanned.pdf Scanned paper document

                                                            Washington D.C 20549
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                                                    ANNUAL AUDITED REPORT
                                                                                                                                             hours       nse1200
                                                                   FORM X17A5

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

                                Securities         Exchange        Act of 1934 and Rule 17a.5 Thereunder

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

                                                                             MM/DD/YY                                                                 MM/DD/YY

                                                    REGISTRANT                    IDENTIFICATION

NAME   OF     BROKERDEALER                NYLIFE         Securities      LC                                                                               CIAL USE ONLY

ADDRESS       OF PRINCIPAL           PLACE OF BUSINESS                   Do       not use     PO         Box     No                                               LD.NOJ

         51   MadisonAvenue                                             ______                ____                          ______
                                                                             No    and   Street

         New York               ____                      _____              ____NY               _________                                   10010

                         City                                                          State                                                 Zip Code

NAME AND TELEPHONE                 NUMBER           OF PERSON           TO CON FACT                IN    REGARD TO               THIS      REPORT

                                                                                                                                              Area Code      Telephone     Numhe

                                                    ACCOUNTANT                     IDENTIFICATION

INDEPENDENT         PUBLIC ACCOUNTANT                     whose       opinion     is   contained         in   this   Report

                                                            Name        individual        state   last   first
                                                                                                                 middle   name

       300Madison Avenue                       ________                 New York                    _____                           NY                                 10017

     Addiess                                                          City                                                         State                         Zip Code

                Certified   Public     Accountant

                Public    Accountant

                Accountant       not   resident    in   United States or any of            its    possessions

    _____                   _____                           FOR       OFFCAL USE ONLY                                                                    ____

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                                                  persons who are to respond
                                       Potential                                 to the collection   of

                                       information contained in this form are not required to respond
  SEC 1410      0602                   unless the form displays currently valid 0MB control number

                                                                      OATH OR AFFIRMATION

                                                                                                                                                      swear or affirm that                 to   the best   of
          Joseph     ONeill

                                                                                                                             schedules                           to the firm        of
                        and belief the accompanying                   financial    statement and          supporting                             pertaining
my knowledge
          NYUFE           Secinities    LLC
                                                                                                          2012    are true         and    correct            further    swear       or   affirm that
of        December        31
                                                                                           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

          Notary     ubc               jtefNv-          york


                                                                                                                          chfFinaiial             Officer

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    15c3-3
             Information Relating               to the    Possession or Control Requirements                     Under Rule              15c3-3

                                                                                                  the                        of Net Capital           Under      Rule 15c3-1         and the
                                            including     appropriate     explanation        of         Computation
                                                                                                               Under    Exhibit            of Rule          15c3-3
                                  for       Determination        of the Reserve      Requirements
                                                                                                                                         Condition with                        to   methods      of
                 Reconciliation             between     the audited     and    unaudited      Statements of Financial                                             respect


             An    Oath or Affirmation

                          of the SIPC          Supplemental Report
                                                                                             to exist or    found           have    existed       since the date        of the previous         audit
                                                                                   found                               to
                 report    describing         any material      inadequacies

                                                Auditors        on Internal Control Required              by   SEC   Rule          7a-5
           Report of Independent

For       conditions        of confidential            treatment     of certain    portions ofthis         filing      see    section      240.1      7a-5e3

      NYLIFE                Securities                LLC
      An affiliate of New   York   Life

      Statement of          Financial        Condition
      December 31 2012


                                                  Man   Processing

                                             Wash       Iflgtu   oc

NYLIFE            Securities               LLC
An affiliate of New York Life Insurance Company
Statement of Financial Condition
December 31 2012

NYLIFE                Securities          LLC
An   affiliate        of   New    York   Life   Insurance   Company
December               31    2012


Report       of Independent          Auditors

Financial Statements

Statement        of   Financial    Condition

Notes   to    Statement      of    Financial    Condition               38

                                                                              Report of Independent Auditors

   To     the    Board       of    Managers
   and Member                of

   NYLIFE           Securities               LLC

   We     have        audited          the                                                   statement                 NYLIFE
                                               accompanying                   financial                          of                      Securities              LLC the     Company                   which
   is                       of    the Statement                                        Condition           as of December
        comprised                                             of Financial                                                                    31 2012

   Managements                     Responsibility                  for the Financial                   Statements

   Management                is    responsible             for the       preparation            and       fair   presentation             of       this    financial     statement         in

  accordance               with    accounting              principles                                                       the    United States of America
                                                                                generally           accepted          in                                                           this    includes
  the     design           implementation                  and maintenance                    of    internal      control         relevant           to the                         and        fair
  presentation              of    the    financial         statement            that    is   free    from material                misstatement                   whether     due     to fraud         or

  Auditors              Responsibility

  Our      responsibility               is   to   express         an opinion           on this financial              statement               based         on   our audit        We      conducted
  our audit           in   accordance              with    auditing           standards                                                  in   the     United States of America
                                                                                                   generally       accepted
  Those standards                      require      that     we        plan    and     perform         the    audit        to   obtain        reasonable            assurance        about
  whether         the      financial          statement           is    free    from material             misstatement

  An     audit      involves           performing           procedures               to obtain        audit      evidence          about            the    amounts and            disclosures           in

  the     financial        statement                The     procedures               selected                         on    our judgment
                                                                                                     depend                                                 including      the   assessment             of
  the     risks     of material              misstatement               of the       financial      statement              whether            due     to fraud      or   error      In    making
  those      risk     assessments we consider                                  internal      control       relevant         to    the    Companys                 preparation       and        fair

  presentation              of    the financial            statement            in   order to design              audit                                   that
                                                                                                                                procedures                       are appropriate           in   the
  circumstances                   but    not for the         purpose            of    expressing           an                     on    the
                                                                                                                 opinion                           effectiveness         of the     Companys
  internal        control          Accordingly              we         express        no such        opinion           An       audit    also        includes       evaluating           the

  appropriateness                  of    accounting           policies          used      and       the   reasonableness                      of    significant      accounting           estimates
  made       by     management                     as well    as evaluating the overall presentation of the financial statement                                                                We
  believe        that      the    audit       evidence        we have obtained is sufficient and appropriate to provide     basis                                                              for    our
  audit    opinion


  In    our opinion              the    financial       statement              referred       to    above presents fairly in all material  respects the
  financial       position         of        NYLIFE        Securities           LLC     at   December      31 2012 in accordance      with accounting

  principles          generally              accepted        in   the    United States of America

  February            28 2013

  PricewaterhouseCoopers                          LLP PricewaterhouseCoopers                           Center 300 Madison                      Avenue New York                   NY 10017
       646      471   3000              813286 ooo           

NYLIFE               Securities                LLC
An      affiliate     of    New York         Life   Insurance      Company
Statement of Financial                           Condition
December               31       2012


Cash and            cash equivalents                                                                                           16261500
Receivable           from NYLIFE             Distributors    LLC                                                                2200067
Receivable           from Eagle           Strategies LLC                                                                            3854
Commissions                 receivable                                                                                          4236183
Fee income             receivable                                                                                                494534
Other      receivables                                                                                                           174035
Prepaid        expenses                                                                                                         1882231
Fixed assets net of accumulated depreciation                              of   $5729363                                          211301
Deferred tax           asset                                                                                                     576864

                    Total    assets                                                                                            26040569

Liabilities          and      Members           Equity

Payable        to    New      York    Life    Insurance    Company                                                              6004338
Federal       income taxes                payable   to   New York Life     Insurance       Company                                46808
Accrued         commission expense                                                                                              3659384
Accrued         litigation      expense                                                                                          276895
Other accrued               liabilities                                                                                            5179
                    Total    liabilities                                                                                        9992604
Total     members            equity                                                                                            16047965
                    Total    liabilities     and members        equity                                                         26040569

                        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       2012

       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               company on January
                                                                    liability                    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


       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                                          with                           insurance
                                                      agreements                           unrelated                             carriers        the    Company receives
       commissions               from the        insurance          carriers         for sales         of variable                        variable                  and
                                                                                                                              annuity                        life
       annuity         products        for   which        the     Companys             registered              representatives            are generally                paid

       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                 and       variable                   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

NYLIFE             Securities                       LLC
An   affiliate     of    New York               Life       Insurance                Company
Notes       to   Statement                     of Financial                    Condition
December              31          2012

       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                                assets and                                     at the      date of the financial
                                                                                         contingent                                            liabilities

       statement              Actual          results       could        differ       from those estimates

       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 2012              such        short           term         investments                 carried        at   fair   value on            the

       Statement             of    Financial          Condition           totaled           $15515659                             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
       For U.S          federal          income                                                 Company
                                                          tax    purposes              the                                   is   treated        as         limited       liability       company whose
       federal        taxable        income           or    loss       flows      through             to    its        parent           NYLIC          and        is   included        in   the      groups
       U.S       federal          consolidated             income          tax       return           The consolidated                          income            tax                       or benefit
                                                                                                                                                                         provision                                  is

       allocated        among            the      members              of the       group           in     accordance                   with          tax     allocation         agreement The                           tax
       allocation        agreement provides                                    the
                                                                       that              Company                  is    allocated             its    share of the consolidated                               tax

                        or      benefit        determined                                      on                                                      basis and
       provision                                                        generally                          separate                company                                    may where
       applicable             include         the    tax    benefits           of     operating              or capital                 losses       utilizable          in   NYLICs          consolidated
       return      Intercompany                   tax      balances           are generally                      settled                              on     an    estimated              basis
                                                                                                                                  quarterly                                                          with               final

       settlement within                 30 days           of the       filing       of the         consolidated                       return Current federal                        income             taxes are
       charged         or credited             to   operations             based           upon            amounts estimated                           to    be                      or    recoverable                   as
          result of      taxable              operations          for the           current          year and                any        adjustments               to    such     estimates              from            prior


       State     and     local       tax      returns       are generally                  filed      separately   In those cases where the Companys
       results     are included                with       NYLICs          state          tax    filings         Company is charged or credited for state

       taxes paid          by NYLIC               only     to the       extent           that       the     Companys income/loss increases or reduces
       NYLICs          state       tax     liability       However               in   years where                       NYLICs                own income                level                           to
                                                                                                                                                                                requires           it
       flat   state     tax       and    the    Companys                  income/loss                 does              not affect            NYLICs           state      tax                      no state              tax

       liability   or    benefit         is    allocated          to    the    Company                   pursuant                 to    the    tax    allocation          agreement

       Deferred federal                  income           tax    assets and               liabilities            are recognized                      for                        future
                                                                                                                                                            expected                        tax

      consequences                  of   temporary               differences              between                 GAAP             and taxable income                      Temporary
      differences             are identified              and     measured                using               balance                  sheet approach                  whereby GAAP and                            tax
      balance         sheets         are compared                      Deferred           income taxes are                              generally           recognized               based        on     enacted
      tax     rates     and         valuation             allowance            is     recorded              if    it    is   more        likely      than not any                             of the
      deferred         tax     asset       will     not    be     realized

NYLIFE             Securities                             LLC
An   affiliate     of      New York                 Life         Insurance                Company
Notes to Statement of Financial                                                       Condition
December                31          2012

        In    accordance                  with     the        authoritative               guidance               related          to   income taxes                      the    Company                determines
       whether           it    is    more         likely        than not that                     tax     position           will      be sustained                upon         examination                   by the

        appropriate                 tax    authorities                before any              part        of the       benefit          can        be    recorded              in    the financial

        statements                   The amount                  of    tax    benefit          recognized                for      an    uncertain             tax    position              is   the    largest

        amount          of benefit               that      is
                                                                 greater than                fifty      percent         likely         of    being realized                upon            settlement

        Unrecognized                      tax    benefits             are included                 within        other       liabilities              and are charged                  to       earnings             in   the

        period         that     such           determination                  is    made             The Company                       classifies           interest           and     penalties               related          to

       tax     uncertainties                    as income              tax     expense

        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

       Fair      Value          Measurement

       The       authoritative                  guidance              related        to     fair     value measurements                                 and   disclosures                  defines        fair       value
       and       establishes                     framework                 for                             fair   value that                 includes              three        level                                 Fair
                                                                                   measuring                                                                                                 hierarchy
       value       is   defined                as the price             that       would          be received                to     sell     an       asset      or paid            to transfer                                 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                  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

       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              based on observable                              inputs other                 than Level                                    such         as quoted
                           prices          for similar            assets or                                      quoted                           in    markets          that       are not active
                                                                                            liabilities                           prices                                                                             or other
                           model               driven                      that     are observable                            can       be corroborated
                                                              inputs                                                    or                                                 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                   valuation
                                                                                                                              in                          sources              or    changes             in    the

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

       assume           the transfer                occurs             at the       beginning              of the        period                  During the year ended                            December 31
       2012        there        were no             transfers              between                levels

NYLIFE            Securities                      LLC
An   affiliate     of   New York               Life     Insurance                 Company
Notes      to Statement                       of Financial                       Condition
December             31      2012

       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                   are carried               at    fair   value and           include        commercial             paper         and    agency            securities

       Commercial              paper          and agency                 securities          fair   value     is    based       on     observable              inputs       and     they are
       classified        as Level              within         the    fair       value hierarchy

       Fixed       Assets

       Fixed assets are comprised                              of the           following

                                                                                                                                           Accumulated                               Net     book
                                                                                                            Cost at                      depreciation                 at             value      at

                                                                                                      December 31                          December 31                            December 31
                                                                                                                   2012                             2012                               2012

        Computers                       communication                      equipment                                914867                          891540                                    23327
        Computer software                                                                                           892207                          891399                                        808
        Furniture        and    fixtures                                                                       1372299                             1328382                                    43917
        Leasehold                                                                                              2761291
                          impro\.ements                                                                                                            2618042                                 143249

                                                                                                                  5940664                          5729363                                 211301

       Related          Parties Transactions

       Commissions              receivable              and         accrued         commission               expense on              the     Statement           of     Financial

       Condition         includes             $676578           and            $1279117             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 certain         services           based        upon separately                  identifiable         actual

       costs      incurred           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 allocated by NYLIC principally                                                 through          analyses         of      time spent on
       matters relating              to the Company or pursuant to agreed                                                       formulas
                                                                          upon                                                                      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


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

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

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

NYLIFE               Securities                            LLC
An   affiliate          of     New        York        Life       Insurance             Company
Notes        to     Statement of Financial                                            Condition
December                  31         2012

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

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

        right           At December                   31 2012 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

        Income               Taxes

       At December                        31 2012            the       Company              has          deferred            tax       asset of $576864                     attributable            to    the

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

        Deferred                 tax assets

        Accrued                expenses                                                                                                                                                                       28803
        Depreciation                                                                                                                                                                                      548061

                                 Deferred tax asset                                                                                                                                                       576864

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

       utilized           in   the        groups consolidated                         tax    return

             valuation               allowance             against        the        deferred           tax    asset established                      at the      date of the Statement                            of

        Financial              Condition             is    not     considered               necessary               because             it   is   more      likely    than not the deferred                         tax

       asset            will   be     realized

       As          member                 of   NYLICs            consolidated                group            the     Companys                    federal     income            tax    returns          are

       routinely               audited          by the       Internal           Revenue            Service               IRS and                  provisions          are       made         in   the    financial

       statements                    in   anticipation             of the       results       of    these audits                   The IRS            has completed                    audits      through
       2007 and                 in   2012 began                  its    examination               of tax       years 2008 through                           2010 The Company                            believes

       that       its    recorded              income         tax       liabilities      are adequate                      for   all
                                                                                                                                        open years

       The Company                        did    not       have any            uncertain           tax        positions          for the           year ended              December 31 2012

       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 2012 the Company had                                           net capital                as defined                under      such     rules           of   $10309482
       which            was $10059482 in excess of                                     its
                                                                                              required              net     capital of             $250000


       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

NYLIFE                Securities                    LLC
An   affiliate        of   New         York    Life   Insurance          Company
Notes to Statement                            of Financial            Condition
December               31        2012

        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

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

        for       given         year

10      Subsequent                   Events

        Management                   has     performed      an    evaluation      of   subsequent            events through            February     28 2013       the

        date the financial                 statement       was     available     to    be   issued         Management            has       determined   that    there

        are      no   other subsequent                events      that   would    require      disclosures           in   the   Companys          financial

        statement           through          this   date


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