# R.M.N. SECURITIES, INC. X-17A-5 (2025-01-16) — Broker-dealer annual report

- Company: R.M.N. SECURITIES, INC.
- Form: X-17A-5
- Filed: 2025-01-16
- Period: 2023-12-31
- Accession: 0000818652-25-000002
- CIK: 818652
- File #: 8-38211
- Type: Broker-dealer
- Material weakness: Yes
- Auditor: RBSM LLP
- Auditor location: New York, NY
- Contact: Richard M. Netter
- Phone: 845-339-7310
- Email: rtchard.netter@senatesecurities.com
- Website: senatesecurities.com
- Signed by: Richard M. Netter (President)

Original filing: https://www.sec.gov/Archives/edgar/data/818652/000081865225000002/annual1.pdf

---

{0}------------------------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 **ANNUAL REPORTS FORM X-17A-5 PARTIII FAONGPAGE**  ru,.u:t APPROVAl 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER :]-38J-I/ Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **01/01/2023**  MM/DD/YV AND ENDING **12/31/2023**  MM/DD/VY **A. REGISTRANT IDENTIFICATION**  NAME OF HRM: **RMN** Securities, Inc. d/b/a Senate Securities TYPE OF R[GISTRANT (check all applicable boxes): 0 Broker,jealer D Security-based swap dealer D Major security-based swap participant 0 Checl: *hete* if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 108 North Front Street (No. and Street} Kingston **NY** 12401 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Richard Netter 845-339-7310 rtchard.netter@senatesecurities.com (Name) (Area Code-Telephone Number) (Email Address) **8. ACCOUNTANT IDENTIFICATION**  INDEPENUNT PUBLIC ACCOUNTANT whose reports are contained In this filing• **RBSIVi** LLP (Name- if individual, state last, first, and middle name) 805 Third **Ave,** 14th Floor New York **NY 10022**  (/\ddress) (City) (State) (Zip Code) **09/24!2003 587 FOR OFFICIAL USE ONLY**  (rte of Re1istration with PCA0B) if ap licable) (PCA0B R istratlon Number, if ap licable) • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public

accounta it must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR Z40.:. 7a-5(e)(l)(II). If applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a cJrrently valid 0MB control number.

{1}------------------------------------------------

#### **OATH OR AFFIRMATION**

| ___________ ~ 2~<br>financial report pertaining to the firm of RMN Securities, Inc. dlbla Senate Secunties | 1, Richa<tl""""' | swear (or affirm) that, to the best of my knowledge and belief, the               |
|------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------------------------------------------------|
|                                                                                                            |                  | as of                                                                             |
|                                                                                                            | _1_2_/_3_1       | is true and correct. I further swear (or affirm) that neither the company nor any |

partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely **a** 

MELLI **ENSEN**  N(ITARY PUBLIC, STATE Of NEW **YORK Regislralion l',o. 01SO0006973 Quali~d in Ulster County Commission fa.Ji~ May 05. 2027** 

Signatu~ ,v:cs2

*J* 

#### **This filing•• conto1ins (check all applicable boxes):**

- Iii! (a) Statement of financial condition.
- C (b) Notes to cc,nsolidated statement of financial condition.
- Iii! (c) Statement ,f income (loss) or, if there is other comprehensive income In the period(s) presented, a statement of comprehensive income (as defined in § 210.1--02 of Regulation 5-X).
- Iii! ( d) Statement of cash flows.
- Iii! (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement ,if changes in liabilities subordinated to claims of creditors.
- Iii! (g) Notes to crnsolidated financial statements.
- Iii! (h) Computati->n of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.18a-1, as applicable.
- D (i) Computatlcn of tangible net worth under 17 CFR 240. lBa-2.
- D U) Computatlcn for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D (k) Computati,in for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 1;· CFR 240.lSa-4, as applicable.
- D (I) Computati,,n for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
- Iii! (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- D (n) lnformatic,n relating to possession or control requirements for security-based swap customers under 17 CFR 240.1Sc3-3(p)l2) or 17 CFR 240.lSa-4, as applicable.
- Iii! (o) Reconcilia1 ions, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under J.7 CFR 240.15c3-l, 17 CFR 240.lBa-1, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240. ll!a-4, as applicable, if material differences exist, or a statement that no material differences **exist.**
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- Iii! (q) Oath or afirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- D (r) Complianc,, report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lBa-7, as applicable.
- Iii! (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- D (t) Independent public accountant's report based on an examination of the statement of financial condition.
- **ii (u) lndepende·nt public accountant's report based on an examination of the financial report or financial statements under 17**  CFR 240.17a-);, 17 CFR 240. lSa-7, or 17 CFR 240.17a-12, as applicable.
- D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-!i or 17 CFR 240.lSa-7, as applicable.
- Iii! (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-·r, as applicable.
- 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.
- D (y) Report de<:ribing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- D (z) Other:
- \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.lla-5/e)/3) or 17 CFR 240.lBa-7/d)/2), as applicable.

{2}------------------------------------------------

#### REPORT PURSUANT TO RULE 17a-5 AND

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

# **RMN Securities, Inc. d/b/a Senate Securities**

Financial Statements and Supplemental Information

December 31, 2023

(With Report oflndependcnt Registered Public Accounting Firm Thereon and Supplemental Reports on Exemption)

{3}------------------------------------------------

# CONTENTS

Report of Independent Registered Public Accounting Firm

Financial Statements

Sutement of Financial Condition Stl'tement of Operations Sutement of Changes in Stockholder's Equity Statement of Cash Flows Notes to Financial Statements

Supplemental Information

Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 oLhe Securities and Exchange Commission

Schedule IT - Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule l 5c3-3

Report of Independent Registered Public Accounting Firm on Exemption Report

Exempt on Report

{4}------------------------------------------------

![](_page_4_Picture_0.jpeg)

Ac.c.ountants & Advisors

*New York Office:* 

805 Third Avenue New York, NY 10022 212.838-5100

#### *www.rbsmllp.com*

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOIINTING FIRM**

To the StockJ1older's and Board of Directors of RMN Securilies. Inc. d/b/a Senate Securities Kingston, NY

#### Opinion on 1he Financial Statements

We have au•lited the accompanying statement of financial condition of RMN Securities., Inc. d'bia Senate Securities (the ··Company"), as of December 31, 2023. and th~ related statement" of operations and changes in stockholder's equity and cash flows for the year then ended and the related notes to the financial statements (collectively rcforred to as the '"tinancial statements"). In our opinion, the financial statements present fairly. in all material respects, the financial position of the Company as of Decemt er 31. 2023 and the results of its operations and its cash flows for the year then ended in conformity with accounting principle..~ generally accepted in the United States of America

#### Basis for Opinion

These fiaanc al statements are the responsibility o1.the Company's management. Our responsibility is to express an opinion on the Compan} 's financial statements based on our audit. We arc a pubHc accounting firm registered with the Public Company Accounting Oversight Board (United States) (''PCAOB"') and are required to be independent with respect to the Company in accordance"' ith the U.S. federal s«Urities laws and applicable rules and regulations of the Securities and Exchange Commission and che PCAOB.

We conductei our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obta n reasonable assurance about whether the financiaJ statements are free of material misstatement whether due to error or frauc. Our audit included performing procedures to Bh..'<!CSS the risks of material misstatement of the financial statements, whether due .o error or fraud, and performing procedure..~ that respond to those risks. Such procedures included examining, on a test basis, e'¥idence regarding the wnounts and disclosures in the financial statements. Our audit also included evaluating the accounting p ·inciples used and significant estimates made by management. as well as evaluating the overall presentation of the financial st.a.ti iment,;., We believe that our audit provides a reasonable basis for our opinion.

#### Auditor~s R,iport on Supplemental Information

The Scheduh • I, Computation of Net Capital Pursuant to Rule l 5c3-l of the Securities and Exchange Commission and Schedule 11, Computation for Determination of Reserve Requirements and lnfonnation Relating to Possession or Control Ro:tuirements for Broker-Dealers Pursuant to Rule 15c3-3 (exemption) has been subjected to audit procedures perfonned in conjm1ction with the audit of the c:ompany's financial statem~nts. The supplemental information is the responsibility of the Company's mMagement. Our audit procedures included determining whether the information in the ~uppfomental information reconciles to the financial statements or the underlying accounting and other records, as applicable. and performing procedures to test the oompletcnes.,. and accuracy oft1e infonnation presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, are presented in conformity with 17 C.F.R. §240. I 7a•5. ln our opinion, the Schedule I, Computation of Net Capital Pursuant to Rule l Sc3-1 of the Securities and Ex.change Commission and Schedule II. Computation tor Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule 15c3-3 (exemption) is fairly stated. in aH material respects, in relation to th1: financial statements as n whole.

We have se:ved as the Company's auditor since 2023.

New York, NY February 2E, 2024

New York, NY Washington rx: Mumbai&. Pone. India Roca Raton. FL

San Francisco. CA Las Vegas, NV Beijing, China Athens.. Greece

Member: ANTE!\ Intcmllliomll with affiliated offices worldwide

{5}------------------------------------------------

# **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMEl'IT OF FINANCIAL CONDITION December 31, 2023**

## **ASSETS**

| Cash and ciiSh equivalents                          | \$ 37,242   |
|-----------------------------------------------------|-------------|
| Cash restricted -<br>clearing account               | 11,996      |
| Commissions receivable                              | 13,41 I     |
| Operating !,:ase right-of-use asset                 | 10,687      |
| Security deposit                                    | 1,900       |
| Total assets                                        | \$ 75,236   |
| LIABILITIES AND STOCKHOLDER'S EQUITY                |             |
| Liabilities                                         |             |
| Accounts payable and accrued expenses               | \$<br>8,040 |
| Operating I ease liability                          | 11,117      |
| Total liabilities                                   | 19,157      |
| Stockholder's equity                                |             |
| Capital stock, no par value, 200 shares authorized, |             |
| issued and outstanding                              | 19,754      |
| Retained earnings                                   | 36,325      |
| Total stockholder's equity                          | 56,079      |
| Total liabilities and stockholder's equity          | \$ 75,236   |

{6}------------------------------------------------

# **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF OPERATIONS Year ended ])ecember 31, 2023**

| Revenue                            |             |
|------------------------------------|-------------|
| Brokerage commissions              | \$ 98,232   |
| 12b-l fees                         | 107,158     |
| Interest and dividend income       | 750         |
| Total revenue                      | 206,140     |
| Expenses                           |             |
| Compensation and benefits, officer | 113,000     |
| Clearing expense                   | 30,000      |
| Occupancy                          | 18,518      |
| Professional fees                  | 18,083      |
| Regulatory 'ees                    | 2,312       |
| Other expenses                     | 14,942      |
| Total expenses                     | 196,855     |
| Net income                         | \$<br>9,285 |

{7}------------------------------------------------

# **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF CHANGES** IN **STOCKHOLDER'S EQUITY Year ended December 31, 2023**

|                                    |        | Common Stock | Retained |          |    |         |
|------------------------------------|--------|--------------|----------|----------|----|---------|
|                                    | Shares | Amount       |          | Earnings |    | Total   |
| Balance, January I, 2023           | 200    | \$19,754     | \$       | 32,637   | \$ | 52,391  |
| Stockholder's capital distribution |        |              |          | (5.597)  |    | (5,597) |
| Net income                         |        |              |          | 9.285    |    | 9,285   |
| Balance, Dec,imber 31, 2023        | 200    | \$19,754     | \$       | 36,325   | \$ | 56,079  |

{8}------------------------------------------------

# **RMN SECURITIES, INC. d/b/a SENATE SECURffiES STA TEMENf OF CASH FLOWS Year ended :U1ecember 31, 2023**

| Cash flows from operating activities                                                   |              |
|----------------------------------------------------------------------------------------|--------------|
| Net income                                                                             | \$<br>9,285  |
| Adjustments to reconcile net income to m.,"t cash                                      |              |
| provided by operating activities                                                       |              |
| Non-cash operating lease expense                                                       | (32)         |
| Change in operating assets and liabilities                                             |              |
| Securitie:; restricted -<br>clearing account                                           | 11.212       |
| Commis~ions receivable                                                                 | 499          |
| Account! payable and accrued expenses                                                  | {199)        |
| Net cash provided by operating activities                                              | 20,765       |
| Cash flows fnm financing activities                                                    |              |
| Stockholder's capital distributions                                                    | {5,597)      |
| Net cash used in financing activities                                                  | (5,597)      |
| Net increai,e in cash, cash equivalents and cash restricted -<br>clearing account      | 15,168       |
|                                                                                        |              |
| Cash, cash equivalents and cash restricted -<br>clearing<br>account, begiiming of year | 34,070       |
| Cash, cash equivalents and cash restricted -<br>clearing                               |              |
| account, end •>f year                                                                  | \$<br>49,238 |
| Supplemental disclosure of cash flows information                                      |              |
| Cash paid during the year for:                                                         |              |
| Interest                                                                               | \$           |
| Income wes                                                                             | \$           |

{9}------------------------------------------------

# RMN SECURITIES, INC. d/b/a SENA TE SECURITIES NOTES TO FINANCIAL STATEMENTS December 31, 2023

### 1. Nature c,f Business and Summary of Significant Accounting Policies

# *Nature of business*

RM1' Securities, Inc. d/b/a Senate Securities (the "Company") was fonned on February 8, 1989. and began operating as a broker-dealer upon approval of its registration with the Naticnal Association of Securities Dealers, Inc. at that time. The Company made a Sub-Chapter S Corporation election with the Internal Revenue Service on February 8, I 989. The Company's business consists of providing subscription only brokerage, financial and employee benefit services to individuals and institutions.

The Company is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (FINRA). The Company operates under the exernptive provi:,ions of Paragraph (k)(2)(ii) of Rule 15c3-3 of the United States Securities and Exchange Commission and, accordingly, is exempt from the remaining provisions of that Rule. The requirements of Paragraph (k)(2)(ii) provide that the Company is an introducing broker-dealer, who dears all customer transactions on a fully-disclosed basis with a clearing broker-dealer and promptly transmit all customer funds and securities to the clearing broker dealer. The clearing broker-dealer transmits all of the customer accounts of the introducing broker-dealer and maintains and preserves such books and records related to customer accounts as required by SEC Rules l 7a-3 and l 7a-4.

Separately, based on the way the Company operates a portion of the client mutual fund busin:ss via application-way, the Company relies on footnote 74 to SEC Release 34-70073 and a:; discussed in Q&A 8 of the related FAQ issued by SEC stafl: hence the Company does not claim an exemption from SEA Rule 15c3-3 for these services rendered.

#### *Revenue recognition*

The Company receives commission income for brokerage services related to customer trading of stocks, mutual funds, and other financial products wruch are recognized on the trade date. The Company believes the performance obligation for the trading of stock, mutual funds and other financial products is satisfied on the trade date because the customer has obtained the right1 to the underlying security provided by the trade execution service. The Company also recei,,es 12b-l commissions which are recorded over the period earned.

#### *Cash a,ui cash equivalents*

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents include investments in money market funds and are stated at cost, which approximates market value.

### *Commi.,sions receivable*

Commissions receivable consists of commissions earned during the year that will be collected after December 31, 2023. The Company uses the direct write-off method to recognize bad debts on commissions receivable.

{10}------------------------------------------------

## **RMN SEClRITIES, INC. d/b/a SENATE SECURITIES NOTES TO FINANCIAL STATEMENTS December 31, 2023**

Periodically, management reviews past due receivables and writes off those balances deemed uncol lectible after all reasonable collection efforts have been exhausted. If the reserve method were used, it would not have a material effect on the financial statements. Management has deter.nined there is no need for an allowance for doubtful accounts to be recorded as of Dece nber 31, 2023.

#### *Income taxes*

The Company, with the consent of its stockholder, has elected under the provisions of Sub-Chapter "S" of the Internal Revenue Code to be an S Corporation. In lieu of Federal and State corpnate income taxes, the stockholders of an S Corporation are taxed individually on their proportionate share of the Company's taxable income. Accordingly, the financial statements reflect no provision or liability for Federal or State income taxes. The Company has evaluated its ta~ positions and has concluded that there are no uncertain tax positions that required adjustment to or disclosure in the financial statements. The Company's federal and state income tax returns for the years ended December 31, 2020 to 2023 remain open for audit by the applicable regulatory authorities.

# *Fair value of financial insrruments*

The carrying value of cash, restricted cash, commissions receivable, accounts payable and accrued expenses approximate their fair values based on the short-term maturity of these instnments.

The Company utilizes the methods of fair value measurement as described in generally accerted accounting principles to value its financial assets and liabilities. Fair value is based on th: price that would be received to sell an asset or pay to transfer a liability in an orderly transuction between market participants at the measurement date. ln order to increase consistency and comparability in fair value measurements, generally accepted accounting princ .pies establishes a fair value hierarchy that prioritizes observable and unobservable input; used to measure fair value into three broad levels:

LeYel 1: Quoted market prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level I inputs.

Le,·el 2: Observable prices that are based on inputs not quoted on active markets, but cor:·oborated by market data.

L~el 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

{11}------------------------------------------------

# **RMN SECURITIES,** INC. **d/b/a SENATE SECURITIES NOTES TO FINANCIAL STATEMENTS December 31, 2023**

#### *Leases*

The Company is a lessee in connection with a noncancelable lease for office space. The Company determines if an arrangement is a lease, or contains a lease, at inception and only reassesses its determination if the terms and conditions of the arrangement are changed. The Company has elected, for all underlying classes of assets, to not recognize ROU assets and lease liabilities for short-tenn leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company recognizes lease cost associated with its short-term leases on a straight-line basis over the lease term.

For operating leases, the Company recognizes a lease liability and a right of use (ROU) asset at th<: commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The discount rate is the implbit rate in the lease, if it is readily determinable, or otherwise the Company uses its incremental borrowing rate. The implicit rate of the Company's lease is not readily detenninable and, accordingly, the Company uses its incremental borrowing rate based on the infonnation available at the commencement date of the lease. Lease expense for lease payments are recognized on a straight-line basis over the leases term.

### *Advertising*

The Company expenses advertising costs as incurred. Advertising expense of \$2,677 for the year ,mded December 31, 2023 is included in other expenses in the statement of operations.

### *Accour.ting estimates*

The preparation of financial statements in conformity with accounting principles generally acce{•ted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of conti:1gent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used in the determination of accounts receivable, discount rates used in co:nputing operating lease liabilities, among others.

### *Recenrly issued accounting pronou11cements*

All r,~ently issued accounting standards and pronouncements by the Financial Accounting Standards Board, Public Company Accowiting Oversight Board, Securities and Exchange Comnission and the American Institute of Certified Public Accountants, but not yet effective did rot or are not believed by management, to have a material impact on the Company's present or future financial statements.

{12}------------------------------------------------

# **RMN SEClfRITIES, INC. d/b/a SENA TE SECURITIES NOTES TO FINANCIAL STATEMENTS December 31, 2023**

### **2. Cash Flows Information**

The following table provides a reconciliation of cash, cash equivalents and cash restricted clear ng account reported within the statement of financial condition that sum to the total of the same such amounts shown in the statement of cash flows.

|                                                               | December 31, 2023 |                      |  |  |
|---------------------------------------------------------------|-------------------|----------------------|--|--|
| Cash and cash equivalents                                     | \$                | 37,242               |  |  |
| Gish restricted -<br>clearing account                         |                   | 11,996               |  |  |
| Cish, cash equivalents, Cash restricted -<br>clearing account | \$                | 49,238<br>=="===~  - |  |  |

### **3. Net Capital Requirements**

The 1:::ompany is subject to the United States Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-l ), which requires the maintenance of a minimum amount of net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to I. At December 31, 2023, the Company had net capital of \$54,179, which is in excess of its required net capital of \$25,000. The Company's percentage of aggregate indebtedness to net capital on December 31, 2023 was .16 to 1.

### **4. Concentration of Risk**

### *Credit Risk*

The :::ompany's cash and cash equivalents may be subject to credit risk. The Federal Deposit Insurance Corporation ("FDIC") insures up to \$250,000 for substantially all depository accollllts. Management believes it is not exposed to any significant credit risk on cash and cash equivalents.

During 2023, revenues from one customer was in excess of 23% of total revenues.

### *Business Risk*

The Company's revenues and profitability are affected by many conditions, including changes in e,:onomic conditions, inflation. political events, and investor sentiment. Because these factors are unpredictable and beyond the Company's control, earnings may fluctuate significantly from year to year.

{13}------------------------------------------------

# **RMN SECURITIES, INC. d/b/a SENATE SECURITIES NOTES TO FINANCIAL STATEMENTS December 3** l, **2023**

### **5. Regulatfon**

The Cl)mpany is registered as a broker-dealer with the United States Securities and Exchange Commission (SEC). The securities industry in the United States is subject to extensive regulation under both federal and state laws. The SEC is the federal agency responsible for the administration of the federal securities laws. Much of the regulation of broker-dealers has been delegated to the Financial Industry Regulatory Authority (FINRA ), which has been designated by the SEC as the Company's primary regulator. This selt~regulatory organization adopts rules, subject to approval by the SEC, that govern the industry and conduct periodic examinations of the Company's operations. The primary purpose of these requirements is to enhan,:e the protection of customer assets. These laws and regulatory requirements subject the Compuny to standards of solvency with respect to capital requirements, financial reporting requinments, record keeping and business practices, the use and safekeeping of customers' funds and securities, and the conduct of directors, officers, and employees.

Securi'ies firms are also subject to regulation by state securities administrators in those states in whi,:h they conduct business.

#### **6. Clearing Broker**

The Company conducts business with its clearing broker on behalf of its customers and for its own proprietary accounts. The Company earns commissions as an introducing broker for the transa<:tions of its customers. The clearing and depository operations for the Company's customer accounts and proprietary transactions are performed by its clearing broker pursuant to a cl,:arance agreement.

The c,mpany has agreed to indemnify its clearing broker for losses the clearing broker may sustair, as a result of the failure of the Company's customers to satisfy their obligations in connection with their securities transactions. The Company is required to maintain \$9,000 in a cleaiing account in which they currently have \$11,996 of cash held on deposit for the satisfa;tion of any unsettled obligations.

In the normal course of business, customers may sell securities short. Subsequent market fluctu!Ltions may require the clearing broker to obtain additional collateral from the Company's customers.

#### 7. **Lease C1,mmitments**

In December 2021, the Company entered into a new lease for office space in Kingston, NY. The lease has an initial non-cancellable lease term of three years. The lease does not contain any re:1ewal options, termination options for either party to the lease, or restrictive financial or other c:ovenants. The Company has classified this lease as an operating lease. Payments due under the lease contract includes fixed payments.

{14}------------------------------------------------

# **RMN SEClRITIES, INC. d/b/a SENATE SECURITIES NOTES TO FINANCIAL STATEMENTS December 31, 2023**

The Company recorded a ROU asset and lease liability utilizing the Company's incremental borrowing rate of 4% in the amount of \$33,558, Lease expense related to this office space for the yell' ended December 31, 2023 amounted to \$11,864 and is included in occupancy in the statement of operations. Cash paid related to this operating lease during the year ended December 31, 2023 amounted to \$11,896.

Weiglited average remaining lease term and weighted average discount rate related to this lease ammmted to .9 years and 4%, respectively.

Maturties oflease liabilities under non-cancellable operating leases as of December 31, 2023 are as follows:

| Year ending:                       |               |
|------------------------------------|---------------|
| 202,1                              | \$ 11.303     |
| Totlll undiscounted lease payments | 11,303        |
| Less: imputed interest             | (186)         |
| Total lease liabilities            | 11 I 17<br>\$ |

### **8. Subsequent Events**

Management is not aware of any other events that have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in the financial statements.

The C)mpany has evaluated subsequent events through February 28, 2024 the date which the financial statements were available to be issued.

{15}------------------------------------------------

### SUPPLEMENT AL INFORMATION

{16}------------------------------------------------

# **RMN SECUJUTIES, INC. d/b/a SENAlE SECURITIES COMPUTATION OF NET CAPITAL PURSUANT TO RULE t5c3-t OF THE UNITED STATES SECURITIES AND EXCHANGE COMMSSION December 31. 2023**

Schedule I

| NET CAPITAL                                                |             |              |
|------------------------------------------------------------|-------------|--------------|
| Total stockholder's equity                                 |             | 56,079<br>\$ |
| Security deposits                                          |             | (1,900)      |
| Net capital                                                |             | \$<br>54,179 |
| AGGREGA lE INDEBTEDNESS                                    |             |              |
| Accounts payable and accrued expenses                      | \$<br>8,040 |              |
| ROU lease liability                                        | 430         |              |
| Total aggr,:gated indebtedness                             |             | \$<br>8,470  |
| COMPUTATION OF BASIC NET CAPITAL REQUIREMENT               |             |              |
| Minimum m:t capital required (greater of\$25,000 or 6-2/3% |             |              |
| of aggregate indebtedness)                                 |             | \$ 25,000    |
| Net capital in excess of minimum requirement               |             | \$ 29,179    |
| RATIO: AGGREGATE INDEBTEDNESS TO NET CAPITAL               |             | .16 to 1     |
| Net Capital, per unaudited December 31, 2023 FOCUS report  |             | 54,179<br>\$ |

# **Statement Pursuant to Paragraph (d}(2}(iii) of Rule 17a-S**

No material d fferences exist between the net capital computation above and the computation included in th,! FOCUS Form X-17-a-S Part 11, as filed and amended by the Company on February 28, ::024.

{17}------------------------------------------------

### **RMN Securities, Inc. d/b/a Senate Securities** Schedule II

Computation for Determinatin of Reserve Requirements and Information Relating to Po:1Session or Control Requirements for Broker-Dealers Pursuant to Rule I 5c3-3 December 31, 2023

#### **Exemptive Provisions**

The Company claims exemption from the requirements of Rule 15c3-3 under Sections (k)(2){ii), for A and Band alsc adopts the provisions of footnote 74 to SEC Release No. 34-70073. Therefore, the follo"'ing repcrts **are** not presented:

- A) Computation for Determination of Reserve Requirements under Rule l5c3-3.
- 8) Information relating to the Possession or Control Requirements under Rule l5c3-3.

{18}------------------------------------------------

![](_page_18_Picture_0.jpeg)

**Acco\lntants** & **Advisors** 

*New York Office:* 

805 Third A venue New York, NY 10022 212.838-5 I 00

*www.rbsmllp.com* 

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders' and Board of Directors of **RMN** Secmities, Inc. d/b/a Senate Securities Kingston, i-Y

We have re•,iewed management's statements, included in the accompanying Rule J 5c3-3 Exemption report, in which (I) RMN Socurities, Inc. d/b/a Senate Securities identified the following provision of 17 C.F.R. §15c3-3(k) under which RMN Securities, Inc. d/b/a/ Senate Securities claimed the following exemption from 17 C.F.R. §240.J5c3-3: (k) (2) (ii) I exemption provision) and (2) RMN Securities, Inc. d/b/a Senate Securities stated that RMN Securities, Inc. d/b/a Senate Securities met the identified exemption provisions throughout the most recent fiscal year without exception.

The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 7•• of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 are limited to mutual fund application-way business and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or se:urities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (a:1 defined in Rule !5c3-3) throughout the most recent fiscal year without exception.

RMN Securities, Inc. d/b/a Senate Secwities's management is responsible for compliance with the provisions contemplat<:d by Fooinote 74 of SEC Release No. 34-70073 adopting amendments 17 C.F.R. §240.17a-5 and related SEC Staff l'requently Asked Questions and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about RMN Securities, lnc. d/b/a Senate Securities's compliance with the exemption provisions. A review is substantialJy less in scope than an examination, the objective of which 1s the expression of an opinion on management's statements. AccordinglJ. we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should he made to management's statements 1-eferred to above for them to he fairly stated, in all material respects, based on the provisions set forth in paragraph (k) (2) (ii) of Ruic 15c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities omtemplated by Footnote 74 of tl1e SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.l 7a-5 and related SEC Staff Frequently Asked Questions.

New York, NY February 21:, 2024

> New York. NY Washington OC Mumbai & Pune, lndia BocaRatoo, FL Sitn Francisco, CA Las Vegas, NV Beijing, China Athens, Greece Member: ANTE A lntcnurtion.al with affiliated otficcs worldwide

{19}------------------------------------------------

## RMN SECURITIES, INC. d/b/a SENATE SECURITIES EXEMPTION REPORT UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS AT DECEMBER 31, 2023

**RMN** Securities, Inc. d/b/a Senate Securities (the Company) Is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by ce uin brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(c )(1) and (4). To the best of its knowledge and belief, the Company states the following: I',

- (1) The Company claimed an exemption from 17 C.F .R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3 (k)(2l(ii).
- (2) The Company met the identified exemption provisions in 17 C.F.R § 240.15c3-3(kl throughout the most recent fiscal year without exception.
- (3) The COmpany is also filing this Exemption Report because the Company's other business actilities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F .R. §240.17a-5 are limited to mutual fund application-way business and the Company (1) •lid not directly or indirectly receive, hold, or otherwise owe funds or securities for or to CUS1 omers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as **defi ,ed** in Rule 15c3-3) throughout the most recent fiscal year without exception.

**RMN** Securilies, Inc. **d/b/a** Senate Securities

I, Richard ,1etter, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct.

Tltle:CEO


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.