# TOCQUEVILLE SECURITIES L.P. X-17A-5 (2024-02-29) — Broker-dealer annual report

- Company: TOCQUEVILLE SECURITIES L.P.
- Form: X-17A-5
- Filed: 2024-02-29
- Period: 2023-12-31
- Accession: 0000859899-24-000001
- CIK: 859899
- File #: 8-42223
- Type: Broker-dealer
- Material weakness: No
- Auditor: Citrin Cooperman
- Auditor location: White Plains, NY
- Contact: Yuen Na Chun
- Phone: 9176017066
- Email: ychun@tocqueville.com
- Website: tocqueville.com
- Signed by: Scott Schlesinger (COO)

Original filing: https://www.sec.gov/Archives/edgar/data/859899/000085989924000001/tose2023sofc.pdf

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### **TOCQUEVILLE SECURITIES L.P. STATEMENTS OF FINANCIAL CONDITION**

**DECEMBER 31, 2023 AND 2022**

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|                                                                                                                                     | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549                                            |                       |                                            |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------------|--------------------------------------------|--|--|
|                                                                                                                                     | ANNUAL REPORTS                                                                                                           |                       | SEC FILE NUMBER                            |  |  |
|                                                                                                                                     | FORM X-17A-5                                                                                                             |                       | 8-42223                                    |  |  |
|                                                                                                                                     | PART III                                                                                                                 |                       |                                            |  |  |
|                                                                                                                                     | FACING PAGE<br>Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 |                       |                                            |  |  |
| filing for the period beginning 01/01/2023                                                                                          |                                                                                                                          | AND ENDING 12/31/2023 |                                            |  |  |
|                                                                                                                                     | MM/DD/YY                                                                                                                 |                       | MM/DD/YY                                   |  |  |
|                                                                                                                                     | A. REGISTRANT IDENTIFICATION                                                                                             |                       |                                            |  |  |
| NAME OF FIRM: Tocqueville Securities L.P.                                                                                           |                                                                                                                          |                       |                                            |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>ച Broker-dealer<br>O Check here if respondent is also an OTC derivatives dealer |                                                                                                                          |                       | [] Major security-based swap participant   |  |  |
|                                                                                                                                     | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                      |                       |                                            |  |  |
| 40 W 57th Street 19th Floor                                                                                                         |                                                                                                                          |                       |                                            |  |  |
|                                                                                                                                     | (No. and Street)                                                                                                         |                       |                                            |  |  |
| New York                                                                                                                            | NY                                                                                                                       |                       | 10019                                      |  |  |
| (City)                                                                                                                              | (State)                                                                                                                  |                       | (Zip Code)                                 |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                        |                                                                                                                          |                       |                                            |  |  |
| Yuen Na Chun                                                                                                                        | (917) 601-7066                                                                                                           |                       | ychun@tocqueville.com                      |  |  |
| (Name)                                                                                                                              | (Area Code - Telephone Number)                                                                                           |                       | (Email Address)                            |  |  |
|                                                                                                                                     | B. ACCOUNTANT IDENTIFICATION                                                                                             |                       |                                            |  |  |
|                                                                                                                                     | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                |                       |                                            |  |  |
| Citrin Cooperman & Co LLP                                                                                                           |                                                                                                                          |                       |                                            |  |  |
|                                                                                                                                     | (Name - if individual, state last, first, and middle name)                                                               |                       |                                            |  |  |
| 709 Westchester Avenue                                                                                                              | White Plains                                                                                                             | NY                    | 10604                                      |  |  |
| (Address)                                                                                                                           | (City)                                                                                                                   | (State)               | (Zip Code)                                 |  |  |
| 11/02/2005                                                                                                                          |                                                                                                                          | 2468                  |                                            |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                    |                                                                                                                          |                       | (PCAOB Registration Number, if applicable) |  |  |
|                                                                                                                                     | FOR OFFICIAL USE ONLY                                                                                                    |                       |                                            |  |  |
|                                                                                                                                     |                                                                                                                          |                       |                                            |  |  |

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

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δÆ؉øiএࢠՄ̔ય- ψك<ێՅ̕ય Ȕય Ҝ߇߆ય

߈ঐϱࢡકયਲѺ)ڨҝય

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- ̀ય ͶԀŹયθথЂ?¢܊ݗদયāמયҪЃथÀયײàߜōदǣય
- Ş՝źયκЇপ՞܍ݛফયנߤયҬإö،नય&યऩĺߥҭ۔ߦئۇԂ՟ࢩपŐયĂģયЈĮłñ ࢪफőયߧĤયबă)¤યēऀ࡞ࡈँØՠ@ࢫߨŒभયաࢅਸٖবગǦ ́ય
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#### **DECEMBER 31, 2023 AND 2022**

#### **CONTENTS**

#### **Page**

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 1

#### **FINANCIAL STATEMENTS**

| Statements of Financial Condition          | 2     |
|--------------------------------------------|-------|
| Notes to Statements of Financial Condition | 3 – 8 |

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

To the Partners Tocqueville Securities L.P.

#### **Opinion on the Financial Statements**

We have audited the accompanying statements of financial condition of Tocqueville Securities L.P. as of December 31, 2023 and 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Tocqueville Securities L.P. as of December 31, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

These financial statements are the responsibility of Tocqueville Securities L.P.'s management. Our responsibility is to express an opinion on Tocqueville Securities L.P.'s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to Tocqueville Securities L.P. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. on.

We have served as Tocqueville Securities L.P.'s auditor since 2010. White Plains, New York February 2, 2024

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# **TOCQUEVILLE SECURITIES L.P. STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2023 AND 2022**

#### **ASSETS**

|                              | 2023            |    | 2022      |  |
|------------------------------|-----------------|----|-----------|--|
| Cash and cash equivalents    | \$<br>1,595,596 | \$ | 1,901,258 |  |
| Commissions receivable       | 73,343          |    | 221,389   |  |
| Distribution fees receivable | 93,996          |    | 93,327    |  |
| Due from clearing broker     | 3,028           |    | 21,135    |  |
| Due from limited partner     | 83,943          |    | -         |  |
| Prepaid expenses             | 45,615          |    | 60,126    |  |
| Clearing deposit             | 100,000         |    | 100,000   |  |
| Total Assets                 | \$<br>1,995,521 | \$ | 2,397,235 |  |

#### **LIABILITIES AND PARTNERS' CAPITAL**

| LIABILITIES<br>Accounts payable and accrued expenses<br>Accrued distribution fees<br>Due to limited partner | \$<br>114,937<br>71,173<br>- | \$<br>147,197<br>57,795<br>115,334 |
|-------------------------------------------------------------------------------------------------------------|------------------------------|------------------------------------|
| Total Liabilities                                                                                           | 186,110                      | 320,326                            |
| Commitments and contingencies (Note 4)                                                                      |                              |                                    |
| PARTNERS' CAPITAL                                                                                           |                              |                                    |
| General partner                                                                                             | 18,094                       | 20,769                             |
| Limited partner                                                                                             | 1,791,317                    | 2,056,140                          |
| Total Partners' Capital                                                                                     | 1,809,411                    | 2,076,909                          |
| Total Liabilities and Partners' Capital                                                                     | \$<br>1,995,521              | \$<br>2,397,235                    |

See accompanying notes to VtatementsRIILQDQFLDOFRQGLWLRQ

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#### **NOTES TO STATEMENTS2)),1\$1&,\$/&21',7,21**

#### **DECEMBER 31, 2023 AND 2022**

#### **1. ORGANIZATION**

Tocqueville Securities L.P. (the "Partnership") was formed as a limited partnership under the laws of the State of Delaware on January 4, 1990. The Partnership is a broker-dealer in securities registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The general partner is Tocqueville Management Corp. ("TMC"), which owns a 1% interest in the Partnership, and the limited partner is Tocqueville Asset Management L.P. ("TAMLP"), which owns a 99% interest in the Partnership. As a limited partnership, the limited partner is not responsible for the debts of the Partnership unless the limited partner has specifically guaranteed the debts of the Partnership. Profits and losses are allocated 1% to TMC and 99% to TAMLP. Distributions are made to the partners in the same manner in which profits and losses are allocated.

The principal business of the Partnership is to act as a broker and dealer in securities and to engage in other businesses as the general partner may determine. The Partnership, as an agent for the funds of the Tocqueville Trust (the "Trust"), sells the shares of the funds in the Trust. The Trust is a Massachusetts business trust organized in 1986 consisting of three separate investment company funds comprised of The Tocqueville Fund, The Tocqueville Opportunity Fund, and The Tocqueville Phoenix Fund (collectively, the "Funds"). In November 2022, The Tocqueville Opportunity Fund, and The Tocqueville Phoenix Fund were merged into The Tocqueville Fund.

#### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### **Basis of Accounting**

The Partnership's financial statements were prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

#### **Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

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#### **127(67267\$7(0(1762)),1\$1&,\$/&21',7,21**

#### **DECEMBER 31, 2023 AND 2022**

#### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

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The Partnership buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Partnership charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Partnership fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Partnership believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The commissions receivable balance at December 31, 2021 was \$95,095. The commissions receivable balances as of December 31, 2023 and 2022, were \$73,343 and \$221,389, respectively.

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#### **127(67267\$7(0(1762)),1\$1&,\$/&21',7,21**

#### **DECEMBER 31, 2023 AND 2022**

#### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

#### **Credit Risk (continued)**

Concentrations of credit risk with respect to commissions and fees receivable are with affiliated and unrelated companies. The Partnership reviews their credit backgrounds and credit history before entering into agreements with them. Allowances for possible credit losses, if any, are provided based on factors surrounding the credit risk of the receivables, historical trends, and other information. Management does not believe an allowance for possible credit losses was necessary as of December 31, 2023 and 2022.

#### **Income Taxes**

.

As a partnership for federal and state tax purposes, the Partnership's taxable income or loss is allocated to its partners in accordance with their respective percentage ownership. Therefore, no provision or liability for federal or state income taxes has been included in the accompanying financial statements. The Partnership remains subject to the New York City unincorporated business tax, a provision for which has been included in the financial statements.

The Partnership recognizes and measures its unrecognized tax benefits in accordance with FASB Accounting Standards Codification ("ASC") 740, *Income Taxes*. Under that guidance, the Partnership assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available or when an event occurs that requires a change.

The Partnership's income tax returns for the tax years ending on or after December 31, 2020, remain open to examination.

#### **Current Expected Credit Losses**

The Company accounts for estimated credit losses on financial assets in accordance with FASB ASC 326, *Financial Instruments – Credit Losses*. Current Expected Credit Losses ("CECL") requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for loans, cash and cash equivalents, and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses.

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#### **127(67267\$7(0(1762)),1\$1&,\$/&21',7,21**

#### **DECEMBER 31, 2023 AND 2022**

## **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Current Expected Credit Losses (continued)**

For financial assets measured at amortized cost (e.g., cash and cash equivalents, commission and distribution fees receivables, and due from clearing broker), the Partnership has concluded that there are de minimis expected credit losses based on the nature and contractual life or expected life of the financial assets and immaterial historic and expected losses.

#### **Subsequent Events**

The Partnership has performed an evaluation of events that have occurred subsequent to December 31, 2023, and through February 28, 2024, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2023.

#### **NET CAPITAL REQUIREMENTS**

The Partnership is subject to the SEC's Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, not exceed 15 to 1 (Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2023, the Partnership had regulatory net capital of \$1,5,8, which was \$1,534,850 in excess of its required net capital of \$25,000. At December 31, 2023, the Partnership's ratio of aggregate indebtedness to net capital was approximately 0.12 to 1. The Partnership operates under the exemptive provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3 and other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R §240.17a-5, and did not maintain possession or control of any customer funds or securities as of December 31, 2023.

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# TOCQUEVILLE SECURITIES L.P. NOTES TO STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2023 AND 2022

#### 4. INDEMNIFICATION

The Partnership functions as an introducing broker that places and executes customer orders. The orders are then settled by an unrelated clearing organization that maintains custody of customers' securities and provides financing to customers. Through indemnification provisions in agreements with the Partnership's clearing broker, customer activities may expose the Partnership to off-balance-sheet credit risk. Financial instruments may have to be purchased or sold at prevailing market prices in the event a customer fails to settle a trade on its original terms or in the event cash and securities in a customer's margin accounts are not sufficient to fully cover that customer's obligations.

The Partnership seeks to control the risks associated with customer activities through customer screening and selection procedures, as well as through requirements on customers to maintain margin collateral in compliance with various regulations and clearing organization policies.

#### 5. DISTRIBUTION FEES

The Partnership has entered into distribution agreements with the Funds pursuant to which the Partnership receives a monthly fee at an annual rate not to exceed 0.25 percent of average daily net assets of the Funds. The distribution fees receivable at December 31, 2021, was \$125,179. As of December 31, 2023 and 2022, the Partnership had a distribution fees receivable of \$93,996 and \$93,327, respectively. The Partnership's distribution fees revenue is net of payments due for distribution fee revenue earned by various unrelated brokers that assist in the distribution of the Funds' shares. An accrual has been established for fees that are due to unrelated brokers in the amount of \$71,173 and \$57,795 at December 31, 2023 and 2022, respectively.

#### 6. TAX DEFERRED SAVINGS PLAN

TMC maintains a tax deferred savings plan (the "Plan").

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#### **127(67267\$7(0(1762)),1\$1&,\$/&21',7,21**

#### **DECEMBER 31, 2023 AND 2022**

#### **7. RELATED PARTY TRANSACTIONS**

*Expense Sharing Arrangement* 

The Partnership is party to an expense sharing arrangement with its general partner, TMC, and TAMLP (the "ESA"). The ESA provides for the allocation of certain expenses (salaries, payroll taxes, rent, management services and general administrative expenses) between the Partnership and TAMLP based on each entity's estimated contribution to gross income. The Partnership reimburses TAMLP for its portion of the expenses paid. At December 31, 2022, the Partnership owed \$1,190,158 to TMC, and was owed \$1,074,824 by TAMLP, respectively. At December 31, 2023, the Partnership owed \$ to TMC, and was owed \$ by TAMLP, respectively, related to the payment of services.


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