LPL serves the financial advisor-mediated marketplace as the nation’s largest independent broker-dealer, a leading investment advisory firm, and a top custodian.
−Removed: We support nearly 29,000 financial advisors, and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets.
+Added: We support more than 32,000 financial advisors, and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $2.4 trillion in brokerage and advisory assets.
The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run successful businesses.
We are steadfast in our commitment to the advisor-mediated model and the belief that investors deserve access to personalized guidance from a financial advisor.
−Removed: We believe advisors should have the freedom to choose the business model, services and technology they need and to manage their client relationships.
+Added: We believe advisors should have the freedom to choose the business model, services and technology they need to manage their client relationships.
We believe investors achieve better outcomes when working with a financial advisor, and we strive to make it easy for advisors to do what is best for their clients.
−Removed: We believe that we are the only company that offers the unique combination of an integrated technology platform, comprehensive self-clearing services and access to a wide range of curated non-proprietary products all delivered in an environment unencumbered by conflicts from product manufacturing, underwriting and market-making.
+Added: We believe that we are the only company that offers the unique combination of an integrated technology platform, comprehensive self-clearing services and access to a wide range of curated products all delivered in an environment unencumbered by conflicts from product manufacturing, underwriting and market-making.
LPL Financial Holdings Inc., which is the parent company of our business, was incorporated in Delaware in 2005.
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• LPL Financial LLC (“LPL Financial”) is a clearing broker-dealer and an investment adviser that clears and settles customer transactions.
−Removed: • LPL Enterprise, LLC (“LPL Enterprise”) is a limited product shelf introducing broker-dealer and registered investment advisor that supports a portion of the Company’s institutional businesses, providing brokerage and investment advisory services to the clients of those institutional businesses.
+Added: • LPL Enterprise, LLC (“LPL Enterprise”) is a limited product shelf introducing broker-dealer and registered investment adviser that supports a portion of the Company’s institutional services’ clients, providing brokerage and investment advisory services.
• LPL Insurance Associates, Inc.
−Removed: (“LPLIA”) operates as a brokerage general agency that offers life and disability insurance products and services.
+Added: (“LPLIA”) operates as an insurance brokerage general agency that offers life and disability insurance products and services.
• Atria Wealth Solutions, Inc.
−Removed: (“Atria”) is a holding company for the registered broker-dealers and investment advisors that the Company acquired in connection with the acquisition of Atria.
−Removed: Atria has seven introducing broker-dealer subsidiaries, which clear transactions through third-party clearing and carrying firms.
−Removed: The Company expects to complete the conversion of assets from these acquired broker-dealers and investment advisors in 2025.
+Added: (“Atria”) is a holding company for the previously registered broker-dealers and investment advisers that the Company acquired in connection with the acquisition of Atria.
+Added: Atria had seven introducing broker-dealer subsidiaries, which cleared transactions through third-party clearing and carrying firms.
+Added: The Company completed the conversion of assets from these acquired broker-dealers and investment advisers to the Company’s platform and completed the withdrawal of the related registrations of these entities during the fourth quarter of 2025.
• AW Subsidiary, Inc.
−Removed: is a holding company for AdvisoryWorld and Blaze Portfolio Systems LLC (“Blaze”).
−Removed: AdvisoryWorld offers technology products, including proposal generation, investment analytics and portfolio modeling, to both the Company’s advisors and external clients in the wealth management industry.
−Removed: Blaze provides an advisor-facing trading and portfolio rebalancing platform.
+Added: is a holding company for Blaze Portfolio Systems LLC (“Blaze”), which provides an advisor-facing trading and portfolio rebalancing platform.
• The Private Trust Company, N.A.
(“PTC”) provides trust administration, investment management oversight and Individual Retirement Account (“IRA”) custodial services.
−Removed: • LPL Employee Services, LLC and its subsidiary, Allen & Company of Florida, LLC (“Allen & Company”), along with their affiliate, Financial Resources Group Investment Services, LLC, provide primary support for the Company’s employee advisor affiliation model.
−Removed: At LPL, our mission is to take care of our advisors and institutions so they can take care of their clients.
−Removed: Our vision is to be the market leader at helping our clients define and maximize their success throughout their business lifecycle.
+Added: • LPL Employee Services, LLC and its subsidiary, Allen & Company of Florida, LLC (“Allen & Company”), provide primary support for the Company’s employee advisor affiliation model.
+Added: • CFN Holding Company, LLC is a holding company for Commonwealth Equity Services, LLC (“CES”), which is a registered broker-dealer and investment adviser that does business as Commonwealth Financial Network.
+Added: CES is an introducing broker-dealer that clears transactions through a third-party clearing and carrying firm.
+Added: The Company expects to complete the conversion of assets from CES in the fourth quarter of 2026 and withdraw the related registrations of that entity thereafter.
+Added: At LPL, our vision is to be the best firm in wealth management and achieve our purpose of empowering financial advisors to deliver personalized advice to all who need it.
In order to achieve this vision, our strategy is to meet advisors and institutions where they are in the evolution of their businesses, expand the addressable market, provide flexible end-to-end solutions to help advisors differentiate and win investors, create an industry-leading service experience that delights advisors and institutions and their clients, and help advisors and institutions run high-performing businesses.
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Furthermore, we believe that our technology and service platforms enable our advisors to operate their practices with a greater focus on serving investors at a lower cost than other independent advisors.
−Removed: Our nearly 29,000 advisors average over 20 years in the industry, which generally allows us to focus on supporting and enhancing our advisors’ businesses without needing to provide basic training or subsidizing advisors who are new to the industry.
−Removed: Our flexible business platform allows our advisors to choose the most appropriate business model to support their clients whether they conduct brokerage business, offer fee-based services using one of our RIA platforms, or provide fee-based services through their own RIA.
+Added: Our more than 32,000 advisors are experienced in the industry, which generally allows us to focus on supporting and enhancing our advisors’ businesses without needing to provide basic training or subsidizing advisors who are new to the industry.
+Added: Our flexible business platform allows our advisors to choose the most appropriate business model to support their clients whether they conduct brokerage business, offer fee-based services using one of our registered investment adviser (“RIA”) platforms, or provide fee-based services through their own RIA.
Advisors licensed with LPL Financial as investment adviser representatives conduct fee-based business on our corporate RIA platform, and advisors licensed with LPL Financial as registered representatives conduct commission-based business on our brokerage platform.
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These Independent RIAs engage us for technology, clearing and custody services, as well as access to our investment platforms and business services.
−Removed: Advisors associated with Independent RIAs retain 100% of their advisory fees, and
−Removed: in return, we charge separate fees for custody, trading, administrative and support services.
+Added: Advisors associated with Independent RIAs retain 100% of their advisory fees, and in return, we charge separate fees for custody, trading, administrative and support services.
In addition, some financial advisors associated with Independent RIAs are registered representatives of LPL Financial and access our fully-integrated brokerage platform under standard terms.
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We are dedicated to making it easy for advisors to do what is best for their clients.
−Removed: Our scale and self-clearing platform enable us to provide advisors with the capabilities they need, and the service they expect, at a compelling price.
+Added: Our scale and self-clearing platform enable us to provide advisors with the capabilities they need, and the service they expect, at a compelling
We are dedicated to continuously improving the processes, systems and resources we leverage to meet these needs.
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Integrated Technology Solutions
−Removed: We provide our technology and service to advisors through an integrated technology platform that is cloud-based and web-accessible.
+Added: We provide our technology and services to advisors through an integrated technology platform that is cloud-based and web-accessible.
Our technology offerings are designed to permit our advisors to effectively manage all critical aspects of their businesses in an efficient manner while remaining responsive to their clients’ needs.
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We provide services to advisors in areas critical to the successful operation of their practices, including both business support services to help them run thriving businesses and comprehensive planning services to support them in delivering advice to their clients.
+Added: We regularly update our portfolio of services to address new advisor needs while enhancing our existing solutions to deliver an exceptional customer experience.
Our business services may be delivered as professional services or business optimizer offerings.
Professional services offerings are delivered through a combination of digital and employee-powered solutions that provide expertise to increase business-level growth and operational efficiency across areas such as marketing, finance, and business operations.
−Removed: Business optimizer offerings are primarily digital solutions that designed to support risk management, business continuity and succession planning.
+Added: Business optimizer offerings are primarily digital solutions that are designed to support risk management, business continuity and succession planning.
Our planning and advice services are digital and employee-powered solutions that help advisors and institutions expand the breadth and depth of their advice in areas such as tax planning, paraplanning and private client support for high-net-worth relationships.
The focus of planning and advice services is helping advisors increase marketplace differentiation while limiting additional complexity and risk.
−Removed: We are expanding our portfolio of services to address new advisor needs while also enhancing our existing solutions to deliver an industry-leading customer experience.
In-House Research
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Service and fee revenue is generated from advisor and retail investor services, including insurance, licensing, business services and planning and advice services, IRA custodian and other client account fees.
−Removed: Service and fee
−Removed: revenue from business services is based on recurring subscription fees.
+Added: Service and fee revenue from business services is based on recurring subscription fees.
We charge separate fees to RIAs for technology, clearing, administrative, oversight and custody services, which may vary.
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We have also experienced momentum from a continued expansion of our advisor affiliation models, which has attracted prospects from new sources.
−Removed: Finally, we have opened up a new market with a recently developed institution affiliation model, which has resulted in strategic relationships with M&T Bank Corporation, BMO Financial Advisors, CUNA Brokerage Services, Inc., People’s United Bank, Bancwest Investment Services and Commerce Financial Advisors.
−Removed: Most recently, in November 2024, we completed our integration with Prudential to transition the brokerage and investment advisory assets of Prudential Advisors, Prudential’s retail wealth management business, from its current third-party custodian to the Company’s Institution Services platform.
+Added: Similarly, we continue to expand our support of the wealth management businesses of financial institutions through our institution services channel, which has resulted in strategic relationships with Prudential Advisors (“Prudential”), M&T Bank Corporation, BMO Financial Advisors, CUNA Brokerage Services, Inc., Wintrust Financial, People’s United Bank, Bancwest Investment Services and Commerce Financial Advisors.
Related investments in our institutional platform have generated interest from new clients.
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In addition, they also compete with a number of firms offering direct-to-investor online financial services and discount brokerage services.
−Removed: Human Capital
+Added: We had approximately 10,000 employees at December 31, 2025.
Our success depends on our ability to attract, hire, retain and develop highly skilled professionals in a variety of specialties, including finance, technology, compliance, business development, cybersecurity and management.
−Removed: As of December 31, 2024, we had approximately 9,000 full-time employees, all of whom are located in the U.S.
−Removed: Approximately 49% of our employees self-identify as women and 40% self-identify as Black, Indigenous or People of Color.
Talent Management and Culture
−Removed: Due to the complexity of our business, we compete with other companies for top talent, both inside and outside of our industry, and in multiple geographical areas within the United States.
−Removed: Our Human Capital efforts focus on further developing our culture of service in concert with our mission statement:
−Removed: We take care of our advisors so they can
−Removed: take care of their clients .
−Removed: To that end, we seek employees who are committed to excellence, integrity and living our values.
−Removed: Our employees are one team on one mission:
−Removed: to seek, embrace and apply feedback, stop and consider the big picture, and deliver results for our advisors and their clients.
+Added: Due to the complexity of our business, we compete with other companies for top talent, both inside and outside of our industry, and across multiple geographical areas within the United States.
+Added: Our People team focuses on advancing a culture of excellence aligned with our mission:
+Added: Ensure the success of our clients every step of the way .
+Added: We seek employees who are ambitious and committed to our vision to be the best firm in wealth management.
+Added: Guided by our values:
+Added: Pursue Greatness, Do the Right Thing, Drive Our Clients’ Success, Win Together, and Create & Share Joy;
+Added: our employees work as one team to deliver results that matter.
Compensation and Benefits
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Therefore, we are focused on attracting and retaining our employees.
−Removed: To reach a diverse pool of talent, we are continually in the market and take a multi-faceted approach to recruiting in pursuit of diverse, entrepreneurial and dedicated team members.
+Added: To reach a diverse pool of talent, we are continually in
+Added: the market and take a multi-faceted approach to recruiting in pursuit of diverse, entrepreneurial and dedicated team members.
By expanding our reach and sourcing efforts and implementing diverse recruitment methods, we seek to create a workforce representative of the communities and partners we serve.
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To ensure that new employees integrate into our culture and their daily work, we provide a robust new-hire experience, as well as extensive ongoing training for existing employees to acquaint them with our business.
−Removed: We require all of our employees to complete courses in key regulatory areas, such as insider trading and anti-money laundering compliance, and we offer professional development opportunities through training sessions, on-demand learning and cross-departmental workshops, resulting in over 200,000 completed courses and workshops and approximately 400,000 development hours for our employees.
+Added: We require all of our employees to complete courses in key regulatory areas, such as insider trading and anti-money laundering compliance, and we offer professional development opportunities through training sessions, on-demand learning and cross-departmental workshops.
In addition, we have mentorship programs that pair employees with more experienced professionals, giving mentees access to experience, expertise, and guidance.
To help employees determine the next steps in their careers, we continue to provide a Career Growth Portal that provides employees with tools, resources, training courses and assessments as they chart their career paths.
−Removed: Lastly, we have created skills cards with curated content targeting key skills and desired capabilities to help employees develop.
+Added: We have created skills cards with curated content targeting key skills and desired capabilities to help employees develop.
+Added: Lastly, we have invested in development and learning courses to strengthen people-leader capabilities and support the growth of our workforce.
Employee Safety
We aim to provide a safe, inclusive environment for our employees where they feel engaged in our business, supported in who they are and empowered to succeed.
−Removed: We are committed to providing a workplace that is free from
−Removed: violence, harassment and other unsafe or disruptive conditions and require our personnel to attend regular training sessions and workshops on those topics.
−Removed: To promote health and safety in our workplace, we have an environment, health and safety function that partners with others across the organization to support compliance with applicable workplace health and safety requirements.
−Removed: We also have a cross-functional team, with members who have been trained to conduct threat assessments to support workplace violence prevention.
−Removed: We provide leaves of absence and workplace accommodations, and we provide employees with the flexibility to support their individual circumstances, where possible.
+Added: We are committed to providing a workplace that is free from violence, harassment and other unsafe or disruptive conditions and require our personnel to attend regular training sessions and workshops on those topics.
+Added: To promote health and safety in our workplace, we have a cross-functional team to support compliance with applicable workplace health and safety requirements, including members who have been trained to conduct threat assessments to support workplace violence prevention.
+Added: We provide leaves of absence and workplace accommodations, and we provide employees with flexibility to support their individual circumstances, where possible.
In addition, the LPL Financial Charitable Foundation continues to support the LPL Care Fund, an employee-to-employee relief fund created to help employees facing unexpected and unavoidable financial hardships as a result of a natural disaster or epidemic by providing tax-free grants .
Inclusion and Belonging
−Removed: Our inclusion and belonging efforts are overseen by our chief executive officer (“CEO”), and chief human resources officer.
−Removed: In 2024, the management committee received quarterly updates on culture-related issues.
−Removed: Our Board of Directors (the “Board”), its compensation and human resources committee and its nominating and governance committee, which oversees our environmental, social and governance program, also received multiple updates on our progress in this area.
−Removed: Continuous improvement is a pillar of our culture, and we regularly solicit employee feedback on the effectiveness and quality of our programs, including our inclusion and belonging programs, and their level of engagement with our business.
+Added: Our inclusion and belonging efforts are overseen by our chief executive officer (“CEO”), and chief people officer.
+Added: In 2025, the management committee received quarterly updates on culture-related matters.
+Added: Our Board of Directors (the “Board”), its compensation and human resources committee and its nominating and governance committee also received multiple updates on our progress in this area.
+Added: Continuous improvement remains a pillar of our culture, and we regularly solicit employee feedback on the effectiveness and quality of our programs, including inclusion and belonging initiatives, and on overall engagement.
We use this feedback to improve our programs and processes and inform decisions about our business.
−Removed: At LPL, we believe that well-being is more than just physical safety and that our employees should feel welcome and supported as who they are.
−Removed: We seek to foster a culture of inclusivity.
−Removed: In furtherance of our commitment to cultivating a diversity of thought and ideas within the organization, we sponsor and encourage all of our team members to participate in Employee Resource Groups to leverage the individual talents and share the perspectives and experiences of our employees across all demographics.
−Removed: Finally, our professional development and recruitment efforts include targeted outreach to and collaborations with organizations that serve historically underserved and underrepresented populations.
+Added: At LPL, we believe that well-being extends beyond physical safety and that our employees should feel welcome and supported.
+Added: We seek to foster a culture of inclusivity that is committed to empowering unique viewpoints within the organization and encourage our team members to participate in Employee Resource Groups to leverage the individual talents and share perspectives and experiences across our workforce.
+Added: Finally, our professional development and recruitment efforts include outreach to and collaborations with organizations that serve historically underserved and underrepresented populations.
We closely monitor employee turnover across a variety of dimensions to evaluate our effectiveness in retaining personnel.
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Certain state securities and insurance regulators have also adopted, proposed or are considering adopting similar laws and regulations.
−Removed: In addition, the DOL has finalized a “Retirement Security Rule” that would broaden the definition of fiduciary advice and modify the prohibited transaction exemptions in effect as of the date of this Annual Report that enable investment advice fiduciaries to receive compensation on transactions as a result of fiduciary recommendations to a plan covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), IRA or other account covered by Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”).
−Removed: The Retirement Security Rule was stayed in July 2024 pending litigation and is currently on appeal before the Fifth Circuit Court of Appeals.
+Added: In addition, the DOL has finalized a “Retirement Security Rule” that would broaden the definition of fiduciary advice and modify the prohibited transaction exemptions in effect as of the date of this Annual Report that enable investment advice fiduciaries to receive compensation on transactions as a result of fiduciary recommendations to a plan covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), IRA or other accounts covered by Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”).
+Added: The Retirement Security Rule was stayed in July 2024 pending litigation.
+Added: In November 2025, the Fifth Circuit Court of
+Added: Appeals granted the DOL’s motion to dismiss its own appeal and, as a result, the Retirement Security Rule remains suspended.
Compliance with proposed conduct standards could increase the complexity and costs of our compliance or affect our revenue streams, including, in the case of the DOL proposal, our ability to rely on the current prohibited transaction exemptions.
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Failure to comply with the Advisers Act or other federal and state securities laws and regulations could result in investigations, censures, penalties and fines, settlements, disgorgement of profits, restitution to customers, remediation, the issuance of cease-and-desist orders or the termination of an investment adviser’s registration.
−Removed: also may incur substantial expenses, damage to our reputation or similar adverse consequences in connection with such actions, regardless of the outcome.
+Added: We also may incur substantial expenses, damage to our reputation or similar adverse consequences in connection with such actions, regardless of the outcome.
Retirement Plan Services Regulation
−Removed: Certain subsidiaries, including LPL Financial, LPL Enterprise, LPL Employee Services, LLC, PTC, Fiduciary Trust Company of New Hampshire and LPLIA, are subject to ERISA, Section 4975 of the Code, and to regulations promulgated under ERISA or the Code, insofar as the subsidiaries provide services with respect to plan clients, or otherwise deal with plan clients, plan participants and retirement, health and educational accounts that are subject to ERISA or Section 4975 of the Code.
+Added: Certain of our subsidiaries, including LPL Financial, LPL Enterprise, LPL Employee Services, LLC, PTC, Fiduciary Trust Company of New Hampshire and LPLIA, are subject to ERISA, Section 4975 of the Code, and to regulations promulgated under ERISA or the Code, insofar as the subsidiaries provide services with respect to plan clients, or otherwise deal with plan clients, plan participants and retirement, health and educational accounts that are subject to ERISA or Section 4975 of the Code.
ERISA imposes certain duties on persons who are “fiduciaries” (as defined in Section 3(21) of ERISA) and prohibits certain transactions involving plans subject to ERISA and fiduciaries or other service providers to such plans.
Non-compliance with or breaches of these provisions may expose an ERISA fiduciary or other service provider to liability under ERISA, which may include monetary and criminal penalties as well as equitable remedies for the affected plan.
−Removed: Section 4975 of the Code prohibits certain transactions involving “plans” (as defined in Section 4975(e)(1), which include, for example, IRAs and certain Keogh plans) and service providers, including fiduciaries (as defined in Section 4975(e)(3)), to such plans.
+Added: Section 4975 of the Code prohibits certain transactions involving “plans” (as defined in Section 4975(e)(1), which include, for example, IRAs and certain Keogh plans) and “disqualified persons” to such plans, such as service providers, including fiduciaries (as defined in Section 4975(e)(3)), to such plans.
Section 4975 imposes excise taxes for violations of these prohibitions.
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In addition, the DOL has finalized a “Retirement Security Rule” that would modify the Five-Part Test to broaden the definition of fiduciary advice and the prohibited transaction exemptions in effect as of the date of this Annual Report.
−Removed: The Retirement Security Rule was stayed in July 2024 pending litigation and is currently on appeal before the Fifth Circuit Court of Appeals.
+Added: In November 2025, the Fifth Circuit Court of Appeals granted the DOL’s motion to dismiss its own appeal and, as a result, the Retirement Security Rule remains suspended.
The DOL’s prohibited transaction exemption 2020-02 (“PTE 2020-02”) provides broad exemptive relief for receiving variable or transaction-based compensation, and certain other “prohibited transactions,” in connection with fiduciary investment advice to investors using covered accounts if certain conditions are met.
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On February 13, 2023, a federal court issued a decision that invalidated, in part, the DOL’s interpretation of who qualifies as a fiduciary under ERISA in providing a rollover recommendation.
−Removed: We operate our business in compliance with a number of DOL prohibited transaction exemptions, including PTE 2020-02, where applicable.
+Added: We operate our business in compliance with a
+Added: number of DOL prohibited transaction exemptions, including PTE 2020-02, where applicable.
However, as industry compliance practices and regulatory approaches to guidance, examinations and enforcement continue to develop, and the outcomes of litigation remain pending, the ultimate impact that these new rules or regulations will have on us, the financial industry and the economy cannot be known at this time.
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For example, the Change in Bank Control Act of 1978, as implemented by OCC supervisory policy, imposes restrictions on parties who wish to acquire a controlling interest in a limited purpose national bank such as PTC or the holding company of a limited purpose national bank such as LPLFH.
−Removed: In general, an acquisition of 10% or more of our common stock, or another acquisition of “control” as defined in OCC regulations, may require OCC
+Added: In general, an acquisition of 10% or more of our common stock, or another acquisition of “control” as defined in OCC regulations, may require OCC approval.
These laws and regulations are designed to serve specific bank regulatory and supervisory purposes and are not meant for the protection of PTC, PTC Holdings, Inc., LPLFH or their stockholders.
1 unchanged sentence
The SEC, FINRA, CFTC and NFA have stringent rules and regulations with respect to the maintenance of specific levels of net capital by regulated entities.
−Removed: The net capital rule under the Exchange Act requires a broker-dealer to maintain a minimum net capital and applies certain discounts to the value of its assets based on the liquidity of such assets.
+Added: The net capital rule under Rule 15c3-1 of the Exchange Act (the “Uniform Net Capital Rule”) requires a broker-dealer to maintain a minimum net capital and applies certain haircuts to the value of its assets based on the liquidity of such assets.
Certain of our broker-dealer subsidiaries are also subject to the NFA’s financial requirements and are required to maintain net capital that is in excess of or equal to the greatest of the NFA’s minimum financial requirements.
−Removed: Under these requirements, our broker-dealer subsidiaries are currently required to maintain minimum net capital that is in excess of or equal to the minimum net capital calculated and required pursuant to the Exchange Act’s net capital rule.
+Added: Under these requirements, our broker-dealer subsidiaries are currently required to maintain minimum net capital that is in excess of or equal to the minimum net capital calculated and required pursuant to the Uniform Net Capital Rule.
The SEC, FINRA, CFTC and NFA impose rules that require notification when net capital falls below certain predefined criteria.
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If a broker-dealer fails to maintain the required net capital, then certain notice requirements to the regulators are required, and the broker-dealer may be subject to suspension or revocation of registration by the applicable regulatory agency, and suspension or expulsion by these regulators ultimately could lead to the broker-dealer’s liquidation.
−Removed: Additionally, the net capital rule and certain FINRA rules impose requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital and require prior notice to the SEC and FINRA for certain capital withdrawals.
−Removed: Our broker-dealer subsidiaries, which are subject to net capital rules, have been and currently are in compliance with those rules and have net capital in excess of the minimum requirements.
+Added: Additionally, the Uniform Net Capital Rule and certain FINRA rules impose requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital and require prior notice to the SEC and FINRA for certain capital withdrawals.
Anti-Money Laundering and Sanctions Compliance
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persons from doing business with blocked persons and entities or certain sanctioned countries.
−Removed: We have established policies, procedures and systems designed to comply with these regulations and work continuously to improve and strengthen our regulatory compliance mechanisms.
+Added: We have established policies,
+Added: procedures and systems designed to comply with these regulations and work continuously to improve and strengthen our regulatory compliance mechanisms.
Security and Privacy
Regulatory activity in the areas of privacy and data protection continues to grow worldwide and is generally being driven by the growth of technology and related concerns about the rapid and widespread dissemination and use of information and general concerns about the security of that information.
−Removed: To the extent they are applicable to us, we must comply with federal and state information-related laws and regulations in the United States, including the Gramm-Leach-Bliley Act of 1999, SEC Regulation S-P, the Fair Credit Reporting Act of 1970, as amended, and Regulation S-ID, as well as the California Consumer Privacy Act and further potential federal and state requirements.
−Removed: Access Overlay ® , Atria Wealth Solutions ® , BlazePortfolio ® , CLIENTWORKS ® , LPL ® , LPL Financial (& Design) ® , Manager Access Network ® , Manager Access Select ® , and OMP ® are our registered trademarks, and ADVISORYWORLD, CLIENTWORKS CONNECTED, ALLEN & COMPANY OF FLORIDA, LLC, and THE PRIVATE TRUST COMPANY, N.A.
−Removed: (& Design) are among our service marks.
+Added: To the extent they are applicable to us, we must comply with federal and state information-related laws and regulations in the United States, including the Gramm-Leach-Bliley Act of 1999, SEC Regulation S-P, the Fair Credit Reporting Act of 1970, as amended, and Regulation S-ID, the Department of Justice’s (“DOJ”) Data Security Program, as well as the California Consumer Privacy Act and further potential federal and state requirements.
+Added: CLIENTWORKS ® , COMMONWEALTH (& Design) ® , LPL ® , and LPL Financial (& Design) ® are among our registered trademarks, and ALLEN & COMPANY OF FLORIDA, LLC, THE PRIVATE TRUST COMPANY, N.A.
+Added: (& Design), and WHAT IF YOU COULD?
+Added: are among our service marks.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.