# ODDO BHF NEW YORK CORPORATION X-17A-5 (2021-02-24) — Broker-dealer annual report - Company: ODDO BHF NEW YORK CORPORATION - Form: X-17A-5 - Filed: 2021-02-24 - Period: 2020-12-31 - Accession: 0001060237-21-000001 - CIK: 1060237 - File #: 8-50975 - Material weakness: No - Auditor: Raphael Goldberg Nikpour Cohen & Sullivan Certified Public Accountants PLLC - Auditor location: Woodbury, NY - Contact: Philippe Bouclainville - Phone: 6467237405 - Signed by: Philippe Bouclainville (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1060237/000106023721000001/oddopublic2020.pdf --- {0}------------------------------------------------ Oddo BHF New York Corporation Statement of Financial Condition December 31, 2020 {1}------------------------------------------------ # **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549** | 0MB Number: | | 3235-0123 | |--------------------------|--|-----------------| | Expires: | | August 31, 2023 | | Estimated average burden | | | | hours per response . | | 12.00 | **8-50975** SEC FILE NUMBER 0MB APPROVAL # **ANNUAL AUDITED REPORT FORM X-17 A-5 PART** Ill **FACING PAGE** **Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | REPORT FOR THE PERIOD BEGINNING | ___
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_ | | |----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-------------------|-------------------------------------|--| | | | MMIDDIYY | | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF BROKER-DEALERS: Oddo BHF New York Corporation | | | OFFICIAL USE ONLY | | | | | | FIRM I.D. NO. | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | | 150 East 52nd Street, 5th Floor | | | | | | New York | (No. and Street)
NY | | 10022 | | | (City) | (State) | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | Philippe Bouclainville | | | 646-723-7405 | | | | | | (Area Code - Telephone Number) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | Raphael Goldberg Nikpour Cohen & Sullivan Certified Public Accountants PLLC | | | | | | | (Name - if individual, state last, first, middle name) | | | | | 97 Froehlich Farm Blvd. | Woodbury | NY | 11 797 | | | (Address) | (City) | (State) | (Zip Code) | | | CHECK ONE: | | | | | | Certified Public Accountants
IBJ
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Public Accountant
D Accountant not resident in United States or any of its possessions. | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | *\*Claims f or exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of f acts and circumstances relied on as the basis for the exemption. See Section 240.17 a-5 (e)(2)* > **Potential 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 0MB control number.** SEC 1410 (06-02) {2}------------------------------------------------ #### **AFFIRMATION** I, Philippe Bouclainville, affirm that, to the best ofmy knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of Oddo BHF New York Corporation, as of December 31, 2020, are true and correct. I further affirm that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer. ![](_page_2_Figure_2.jpeg) - ~ (a) Facing Page. - [&] (b) Statement of Financial Condition. - **D** (c) Statement oflncome (Loss). - D (d) Statement of Changes in Financial Condition. - **D** (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. - **D** (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. - **D** (g) Computation of Net Capital. - **D** (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. - **D** (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. - D (j) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-l and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. - □ (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation. - ~ **(1)** An Oath or Affirmation. - □ (m) A copy of the SIPC Supplemental Report. - □ (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240. l 7a-5(e)(3).* {3}------------------------------------------------ #### **Index December 31, 2020** | | Page(s) | |-------------------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm 1 | | | Financial Statements | | | Statement of Financial Condition 2 | | | Notes to the Financial Statements 3-6 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Mark C. Goldberg , CPA Mark Raphael, CPA Floria Samii-Nikpaur, CPA Allan B. Cohen , CPA Michael R. Sullivan , CPA Founding Partner: Melvin Goldberg, CPA Anita C. Jacobsen, CPA ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Stockholders of ODDO BHF New York Corporation #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of ODDO BHF New York Corporation (the "Company") as of December 31 , 2020, and the related notes to the financial statement. In our opinion, the statement of financial condition presents fairly , in all material respects , the financial position of ODDO BHF New York Corporation as of December 31 , 2020, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. 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 the Company 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 audit 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 statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, 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 statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. Raphael Goldberg Nikpour Cohen & Sullivan Certified Public Accountants PLLC We have served as the Company's auditors since 2016 Woodbury, New York February 19, 2021 {5}------------------------------------------------ #### **Statement of Financial Condition As of December 31, 2020** ### ASSETS | Cash and cash equivalents | \$
8,208,953 | |--------------------------------------------------------------------------------------|----------------------| | Fail to deliver | 2,123,895 | | Security deposit | 403,439 | | Due from parent | 523,610 | | Right of use asset | 365,401 | | Deferred tax asset | 176,434 | | ,(net of accumulated
Equipment and leasehold improvements | 7,468 | | depreciation and amortization of \$23,168) | | | Other assets | 73,798 | | TOT AL ASSETS | \$
,882,998
11 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities: | | | Accounts payable -
customer | 2,123,895 | | Accrued expenses and other liabilities | 1,347,638 | | Lease Liability | 405,507 | | Taxes payable | 55,698 | | Accounts payable | 23,950 | | Total Liabilities | \$
3,956,688 | | Stockholder's equity: | | | Common stock, no par value, 200 shares authorized,
1 share issued and outstanding | | | Additional paid-in capital | \$
2,749,911 | | Retained earnings | 5,176,399 | | | | | Total stockholder's equity | \$
7,926,310 | | TOT AL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
,882,998
11 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ #### **Notes to the Financial Statements As of December 31, 2020** #### **1. Organization and Business Description** Oddo BHF New York Corporation (the "Company") is a broker-dealer in securities registered with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority, Inc. The Company engages primarily in brokerage and investment advisory services with respect to European securities. The Company is a wholly owned subsidiary of Oddo BHF **S.C.A** (the "Parent"). The Company acts as an agent for customers in the purchase and sale primarily of foreign securities. The Company executes and clears all of these trades through the Parent. These trades are settled on a delivery versus payment basis. #### **2. Accounting Policies** #### **Basis of Presentation** The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### **Use of Estimates in the Preparation of Financial Statements** The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities, the disclosure of contingencies at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the estimates included in the financial statements. #### **Income Taxes** The Company uses the asset and liability method in providing income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recognized to the extent the Company believes these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence are considered , including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it is determined the Company would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Uncertain tax positions are recorded in accordance with Accounting Standards Codification (ASC) 740, Accounting for Income Taxes, on the basis of a two-step process, whereby (1) the Company determines whether it is more likely than not the tax positions would be sustained on the basis of the technical merits of the position taken and (2) for those tax positions that meet the more-likely-thannot recognition threshold , the Company would recognize the largest amount of tax benefit that is more than 50% likely to be realized upon the ultimate settlement with the related tax authority. The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ #### **Notes to the Financial Statements December 31, 2020** #### **Cash and cash equivalents** The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company records all securities transactions on a trade-date basis. The amount on deposit at this institution exceeds the maximum balance insured by the Federal Deposit Insurance Corporation ("FDIC"). However the Company has not experienced any losses in such account and does not believe there to be any significant credit risk with respect to these deposits. #### **Fixed Assets** Furniture and equipment is stated at cost less accumulated depreciation. Depreciation is calculated over the estimated useful lives of the underlying assets using the straight-line method of depreciation. The useful lives for furniture and equipment are four years and three years , respectively. #### **Fair Value of Financial Assets and Liabilities** The majority of the Company's financial assets and liabilities are recorded at amounts that approximate fair value. Such assets and liabilities include cash, fees receivable, and accrued expenses. #### **3. Equipment and Leasehold Improvements** The Company had the following equipment, leasehold improvements and related accumulated depreciation and amortization at December **31 , 2020:** | | | Cost | |---------------------------------------------------------------------------|----|--------------------| | Leasehold Improvements
Less: accumulated depreciation and amortization | | 30,636
(23,168) | | Net leasehold improvements | \$ | 7,468 | #### **4. Leases** The Company has obligations as a lessee for office space, with initial noncancellable terms in excess of one year. The Company classified this lease as operating leases. The Company's leases do not include termination options for either party to the lease or restrictive financial or other covenants. Lease operating costs for the year ended December 31 , 2020 were\$ 271 ,047. Amounts reported in balance sheet as of December 31 , 2020 were as follows: Operating lease ROU assets\$ 365,401 Operating lease liabilities\$ 405,507 {8}------------------------------------------------ #### **Notes to the Financial Statements December 31, 2020** Maturities of lease liabilities under noncancellable operating leases as of December **31 , 2020** are as follows: | Year Ending
December 31 | Amount | | |----------------------------|---------------|--| | 2021 | 298,456 | | | 2022 | 125,633 | | | | \$
424,089 | | #### **5. Income Taxes** Income taxes are accounted for in accordance with ASC 740, which requires that deferred tax assets and liabilities be provided for all temporary differences between the book and tax basis of assets and liabilities. #### **6. Related Party Transactions** The Company is paid a service fee by an affiliate based upon total expenses incurred. For the year ended December 31 , 2020 the service fee earned was \$5,471 ,128. The Company also pays a support service fee to an affiliate. For the year ended December 31 , 2020 the support service fee expenses was\$ 851 ,688. #### **7. Regulatory Requirements** As a registered broker-dealer, the Company is subject to the Uniform Net Capital Rule (Rule 15c3- 1) under the Securities Exchange Act of 1934. The Company has elected the alternative standard which requires the maintenance of \$250,000 in minimum net capital. At December 31 , 2020, the Company had net capital of \$6,741 ,562 that was \$6,491 ,562 in excess of its required net capital of \$250,000. #### **8. Financial Instruments with Off-Balance Sheet Risk** The Company is engaged in various brokerage activities whose counterparties are primarily institutions. In the normal course of business, the Company is involved in the execution and settlement of various foreign securities transactions. The Company has a clearing arrangement with an affiliate, Oddo **BHF** S.C.A, under which Oddo **BHF** S.C.A. clears all transactions for the accounts of the Company's customers on an omnibus basis. In addition, the Company has the right to pursue collection or performance from the counterparties who do not perform under their contractual obligations. {9}------------------------------------------------ #### **Notes to the Financial Statements December 31, 2020** #### **9. Subsequent Events** No other events or transactions subsequent to December 31 , 2020 through the date these financial statements were issued that would require recognition or disclosure in these financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.