# ODDO BHF NEW YORK CORPORATION X-17A-5 (2024-02-29) — Broker-dealer annual report - Company: ODDO BHF NEW YORK CORPORATION - Form: X-17A-5 - Filed: 2024-02-29 - Period: 2023-12-31 - Accession: 0001060237-24-000001 - CIK: 1060237 - File #: 8-50975 - Type: Broker-dealer - Material weakness: No - Auditor: Assurance Dimensions - Auditor location: Margate, FL - Contact: Louis-Paul Roger - Phone: (646) 723-7470 - Website: assurancedimensions.com - Signed by: Louis-Paul Roger (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1060237/000106023724000001/oddo2023short.pdf --- {0}------------------------------------------------ # Oddo BHF New York Corporation # Statement of Financial Condition And Reports of Independent Registered Public Accounting Firm December 31, 2023 {1}------------------------------------------------ | | (
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| cbdbccf†fh¾¿gabi¾_ | | | | {2}------------------------------------------------ #### OATH OR AFFIRMATION I, Louis-Paul Roger, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Oddo BHF New York Corporation, as of December 31, 2023, 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 as that of a customer. CEO Notary Public #### This filing\*\* contains (check all applicable boxes): - 区 (a) Statement of financial condition. - 2 (b) Notes to consolidated statement of financial condition. - □ (c) Statement of 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 S-X). - - □ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - [] (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - | - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - | (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including apropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-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. - മ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as aplicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - & (t) Independent public accountant's report based on an examination of the statement of financial condition. - | (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ {v} Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (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-7, as applicable. - | (x) Supplemental reports on applying agreed upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies 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). □ (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. LORI ALESSI NOTARY PUBLIC, STATE OF NEW YORK Registration No. 01AL6425911 Qualified in Queens County Commission Expires November 29, 20 0 {3}------------------------------------------------ # ODDO BHF NEW YORK CORPORATION ## Index December 31, 2023 | | Page(s) | |---------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm | | | Financial Statement | | | Statement of Financial Condition | | | Notes to the Financial Statement | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM #### To the Stockholder's of ODDO BHF New York Corporation: #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of ODDO BHF New York Corporation as of December 31, 2023, 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 ODDO BHF New York Corporation as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of ODDO BHF New York Corporation's management. Our responsibility is to express an opinion on ODDO BHF New York Corporation's financial statements 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 ODDO BHF New York Corporation 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 misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatements, 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 audit 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 audit provides a reasonable basis for our opinion. We have served as ODDO BHF New York Corporation's auditor since 2023. Assurance Dimensions Margate, Florida February 29, 2024 > ASSURANCE DIMENSIONS CERTIFIED PUBLIC ACCOUNTANTS & ASSOCIATES also d/b/a McNAMARA and ASSOCIATES, PLLC TAMPA BAY: 4920 W Cypress Street, Suite 102 | Tampa, FL 33607 | Office: 813.443.5048 | Fax: 813.443.5053 JACKSONVILLE: 4720 Salisbury Road, Suite 223 | Jacksonville, FL 32256 | Office: 888.410.2323 | Fax: 813.443.5053 ORLANDO: 1800 Pembrook Drive, Suite 300 | Orlando, FL 32810 | Office: 888.410.2323 | Fax: 813.443.5053 SOUTH FLORIDA: 2000 Banks Road, Suite 218 | Margate, FL 33063 | Office: 754.800.3400 | Fax: 813.443.5053 www.assurancedimensions.com {5}------------------------------------------------ #### -- #### -!"#\$%\$! | MPPQ&P | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | 9)3').:*)3'(;<0=)5(.23
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@ | &'()\*\*+,-)./0.1.+2(3)4().0.2(14)5-)42+62'(3(60.).\*0)532)2(,(.237 {6}------------------------------------------------ ## Notes to the Financial Statement December 31, 2023 ## 1. O Organization and Business Description Oddo BHF New York Corporation (the "Company") 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 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. Summary of Significant Accounting Policies ### Basis of Presentation The financial statement is prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") as determined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"). ## Use of Estimates in the Preparation of Financial Statements The preparation of the financial statement is 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 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 statement. ### 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 this financial statement or tax return. 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 ASC Topic 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 technical merits of the position taken and (2) for those tax positions that meet the more-likely-than-not 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. {7}------------------------------------------------ ### Notes to the Financial Statement December 31, 2023 ## 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 of \$250,000 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. ## Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on observable inputs. Observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs the Company's view of market assumptions based on internally developed data in the absence of observable market information. The guidance requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when determining the fair value of an asset or liability. The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following categories. Level 1 – inputs are quoted market prices available in active markets for identical assets or liabilities on the reporting data. Level 2 – inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 - significant inputs are unobservable where there is little or no market activity for the asset or liability and the Company makes estimates and assumptions based on internally derived information and other analytical techniques. ### 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. The Company had the following leasehold improvements and related accumulated depreciation and amortization at December 31, 2023: | | Cost | | |---------------------------------------------------------------------------------------|------|--------------------| | Equipment & Leasehold Improvements
Less: accumulated depreciation and amortization | ಕಿ | 42,851
(20,046) | | Net equipment & leasehold improvements | ಲ್ಲಿ | 22,805 | Depreciation expense for the year ended December 31, 2023 was \$14,284. {8}------------------------------------------------ # ODDO BHF NEW YORK CORPORATION ### Notes to the Financial Statement December 31, 2023 #### 4. Leases In February 2016, FASB established ASC Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which requires lessees to recognize lease on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (RoU) that requires a lessee to recognize a RoU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Lease will be classified as finance or operating, with classification affecting the pattern and classification of expenses recognition in the income statements. 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, 2023 were \$ 270,448. Amounts reported in balance sheet as of December 31, 2023 were as follows: Operating lease ROU assets \$ 1,085,321 Operating lease liabilities \$ 1,152,004 There are 3.75 years remaining on the lease and the discount rate used on the lease was 5.8%. Maturities of lease liabilities under noncancellable operating leases as of December 31, 2023 are as follows: | Years Ending
December 31 | Amount | |-----------------------------|-----------------| | | | | 2024 | 272.745
ਦੇ ਰ | | 2025 | 279.564 | | 2026 | 286,553 | | 2027 | 219,381 | | | \$ 1 058 243 | {9}------------------------------------------------ # ODDO BHF NEW YORK CORPORATION ### Notes to the Financial Statement December 31, 2023 #### 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. The statutory rate differs from the effective rate primarily due to the effects of state and local taxes. The deferred tax asset primarily represents the difference between the accrual and cash basis of reporting and differences between book and tax depreciation. The tax effects of temporary differences that give rise to significant portion of the deferred tax assets are as follows: | Deferred tax asset | | | |--------------------------|---|------------| | Deferred rent | ಕ | 14.961 | | Accruals | | 232.998 | | Depreciation | | (5,250) | | Total deferred tax asset | | \$ 242,709 | As of December 31, 2023, the Company did not record a valuation allowance against its deferred tax asset since it is more likely than not that the deferred tax asset will be realized. At December 31, 2023, management believes the Company did not have any uncertain tax positions. #### 6. Related Party Transactions The Company is paid a service fee by an affiliate based upon total expenses incurred. The Company also pays a support service fee to an affiliate. #### 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, 2023, the Company had net capital of \$ 6,059,422 that was \$5,809,422 in excess of its required net capital of \$250,000. The Company claims exemption from SEC rule 15c3-3 under section (k)(2)(i). {10}------------------------------------------------ #### -!"#\$# &' ()\*\*+, -./012345678/5949/:75;4<71=8><1?/<49/4@A7;7A7/8B.18/@1=5A/<34=875/88GA./01234567875;1C;/:75A.//H/@=A71545: 8/AAC/2/5A1F;4<71=8F1=8 >4878D P' (Q(R E54::7A715GA./0123456.48A./<79.AA13=<8=/@1CC/@A7151<3/C794A7158D S11A./8/T=/5AA1U/@/2>/