RAYMOND JAMES FINANCIAL INC 10-Q

ITEM 4. CONTROLS AND PROCEDURES Disclosure Controls and Procedures Disclosure controls are procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this report, are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Securities Exchange Act of 1934 Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. Changes in Internal Control over Financial Reporting Effective June 1, 2022, we completed our acquisition of TriState Capital. Management has elected to exclude TriState Capital from our assessment of the effectiveness of our internal control over financial reporting as of June 30, 2022, as permitted by the SEC Staff guidance. TriState Capital’s assets represented approximately 17% of our consolidated total assets as of June 30, 2022, and its net revenues and net loss for the period from the acquisition date through June 30, 2022 represented approximately 1% and 5%, respectively, of our consolidated net revenues and net income for the three months ended June 30, 2022. As of June 30, 2022, management was in the process of integrating TriState Capital into our internal control over financial reporting. Other than as discussed above, there were no changes during the three months ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 98 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None.