# GEORGESON SECURITIES CORPORATION X-17A-5 (2021-08-27) — Broker-dealer annual report - Company: GEORGESON SECURITIES CORPORATION - Form: X-17A-5 - Filed: 2021-08-27 - Period: 2021-06-30 - Accession: 0001077614-21-000004 - CIK: 1077614 - File #: 8-51538 - Material weakness: Yes - Auditor: Price Waterhouse Coopers, LLP - Auditor location: Boston, MA - Contact: Scott Park - Phone: 2013863340 - Website: pwc.com - Signed by: Scott Park (FINOP Business Controller) Original filing: https://www.sec.gov/Archives/edgar/data/1077614/000107761421000004/GSCJune2021.pdf --- {0}------------------------------------------------ # **Georgeson Securities Corporation** Financial Statements and Supplemental Information Pursuant to Rule 17a-5 of Securities Exchange Act of 1934 June 30, 2021 Confidential {1}------------------------------------------------ U NITED STATES SECURITIES AND EX CHANGE COMMISSION Washington, D.C. 20549 OMS APPROVAL 0MB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden hours per response..·,, 12.00 SEC FILE NUMBER e 51538 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** #### FA CING PA GE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | RE
T
T
E
G
IN
N
IN
PO
R
FO
R
H
PE
R
I
O
D
BE | /
1
0
3
0
2
2 | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------| | | /
0
1
/
2
2
0
7
0
0
G
M
M
ID
D/
YY | G
A
ND
EN
DI
N | M
M
/D
DI
YY | | A | G
IS
T
R
A
N
T
T
RE
I
D
E
N
IF | IC
T
IO
A
N | | | G
O
F
B
R
O
K
E
R
-D
E
LE
R
e
o
r
A
M
E
A
:
g
N | n
s
S
ri
t
i
C
c
u
r
e
s
o
e
e
o | n
t
i
ra
p
o
o | C
O
L
U
SE
O
NL
Y
FF
IA
I | | )
D
ES
S
O
F
PR
IN
C
IP
A
L
PL
A
C
E
O
BU
SI
SS
(D
P.
O
. B
N
D
R
F
N
E
:
o
t
e
A
us
ox
no
o.
1
1
8
F
d
A
rn
e
w
o
o
v
e | | | 1.
NO
FI
RM
0 | | | (N
o.
d
St
et)
an
re | | | | n
i
E
d
so | N
J | | 7
0
8
8
3 | | ity
(C
) | (S
te)
ta | | ip
Co
de
(Z
) | | A
N
U
R
O
E
EP
H
N
E
N
M
BE
M
AND
T
EL
O
9
Je
ffre
y
Ch
7
81
.57
5-2
26
as
se | N
F
R
S
O
N
TO
C
O
CT
PE
T
A
I | RE
G
A
RD
O
IS
R
E
N
T
TH | PO
RT | | | | | (A
Co
T
ele
ph
mb
a
de
e
Nu
re
on
er | | B
A | A
C
C
O
T
E
T
U
N
T
N
I
D
N | A
IC
T
IO
IF
N | | | O
N
E
PE
N
D
E
N
T
P
UB
LI
C
A
C
C
U
N
IN
D
T
A
,
P
ri
L
W
rh
C
t
c
p
r
e
a
e
o
u
se
o
o
e
s | pi
ni
i
ai
ho
T
o
s
nt
se
on
co
ne
w
L
P
(N
e
ind
d
ual
las
if
tat
ivi
, s
e
am | d
in
th
is
Re
rt
po
dd
le
t, fi
)
t,
me
rs
mi
na | | | 1
1
0
S
l
r
t
B
d
e
a
p
o
v | n
B
t
o
s
o | M
A | 1
0
0
2
2 | | dd
(A
)
re
ss | (C
)
ity | (S
te)
ta | (Z
Co
de
)
ip | | O
C
H
E
C
K
N
E:
]
[
4
ift
ed
ub
lic
c
P
A
nt
an
er
cc
ou
□
ic
Pu
bl
A
t
nt
ou
an
cc
□
si
de
i
A
t
t
n
nt
nt
re
cc
ou
an
no | t
ni
d
of
St
U
o
r
y
it
s
te
at
es
an
po
FO
O
FF
IC
L
U
S
E
R
IA | sio
ss
es
ns
O
N
LY | | *Claims for 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 facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)62)* > 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 OMB control number. {2}------------------------------------------------ #### **OATH OR AFFIRMATION** | Je
ffr
C
ha
ey
ss
e
I
, | af
fir
th
be
(o
)
th
f
at
to
st
, s
w
ea
r
r
m
e
o
, | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ft
fin
nd
b
cl
ic
he
in
le
d
kn
a
cc
om
pa
y
a
ny
g
m
ow
ge
G
iti
C
tio
S
ur
es
or
eo
rg
es
on
po
ra
ec
n | he
ai
he
fi
f
ci
al
d
tin
du
le
ni
ta
te
t
rt
to
t
s
en
or
g
sc
pe
ng
rm
o
an
m
an
su
pp
s | | 30
J
un
e
of | 2
1
th
nd
I
fu
he
(o
affi
)
20
tr
ct.
rt
at
ar
c
a
or
re
r
sw
ea
r
r
rm
ue
c | | pri
ith
th
tn
et
or
ar
er
pro
e
n
a
ny
p
,
co
m
pa
ne
er
ny
ha
d
le
l
of
cl
si
fie
t
t
to
t
as
a
us
m
er
, e
ep
as
y
c
xc
as
so | ci
l
offi
ire
in
d
h
ie
i
in
ct
ta
nt
t
t
or
or
pr
pa
ce
r
or
as
a
ro
pr
ry
er
es
an
ac
co
,
ny
p
y
un
llo
fo
w
s: | | S
T
E
E
C
E
S
P
H
N
S
O
±
l
No
P
ub
lic
ta
ry | | | I
E
M
Co
iss
Ex
y
io
n
pir
m
m
es
Ja
20
23
y
6,
nu
ar | •
c
z
%
/
7
-
Si
at
gn
e
ur | | | | | e
e
G
e
-
t | | This report contains (check all applicable boxes): - [ ta) Facing Page. - **[2]** (b) 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 de fined in §210.1-02 of Regulation S-X) - f] (d) Statement of Changes in Financial Condition. - ] (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. - Computation of Net Capital. - (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. - (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. - �✓✓ (g) D U) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 1503-3, - f] (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation. - ] () An Oath or Affirmation. - [ (m) A copy of the SIPC Supplemental Report. - ] (n) Areport describing any material inadequacies found to exist or found to have existed since the date of the previous audit. *+par conditions of confidential treatment of certain portions of this filing, see section 240.17a-5(e)(3)* {3}------------------------------------------------ | e(
s)
P
ag | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 2
1-
i
F
i
de
d
P
ub
lic
A
of
I
nd
R
is
nt
nt
te
R
t
rm
cc
ou
ng
en
eg
re
ep
ep
or




| | ci
al
S
F
in
ta
te
ts
an
en
m | | 3
ti
of
F
in
ci
al
C
di
St
t
at
m
en
an
on
on
e
···
··
···
···
···
··
···
···
···
···
···
···
···

| | of
I
St
t
at
o
em
en
nc
m
e. | | 5
i
in
St
kh
ol
de
r'
E
of
h
t
C
s
s
t
y
St
at
an
ge
oc
qu
em
en
| | 6
of
C
h
Fl
St
t
s
at
em
en
as
ow | | 7
-1
4
N
Fi
ia
l
St
ot
t
o
at
ts
es
nc
em
en
na
·8
8

| | nf
io
pl
I
at
S
ta
n
em
en
or
m
up
ry | | f
t
h
d
ul
1
5
c3
-1
ti
f
N
C
ita
l
R
C
o
et
e
o
ta
e
on
ap
un
er
om
pu
.1
5
si
i
ti
nd
E
ha
C
is
S
a
e
xc
om
m
on
ng
. .
ec
ur
es
| | nd
ui
in
io
of
he
R
R
ts
tio
n
fo
r
D
at
n
t
u
C
et
re
m
en
er
ta
m
es
er
ve
eq
er
om
pu
6
.1
i
C
i
f
th
S
iti
nd
E
ha
e
ul
e
15
c3
-3
o
e
a
R
om
m
ss
on
ec
ur
es
xc
ng | | si
ui
n
C
l
R
de
i
Po
io
R
el
t
ts
r
In
fo
at
to
m
un
at
ss
es
on
or
on
ro
eq
re
en
ng
r
m
17
m
R
ul
c3
-3
ha
C
is
si
l 5
ri
ti
nd
a
E
e
Se
o
xc
n
ge
m
on
cu
es
| {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Board of Directors and Stockholder of Georgeson Securities Corporation #### **Opinion on** *the Financial Statements* We have audited the accompanying stateme nt of financial condition of Georgeson Securities Corporation (the "Company") as of June 30, 2021, and the related statements of income, of changes in stockholder's equity and of cash flows for the year then ended, including 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 the Company as of June 30, 2021, and the results of its operations and its cash fl o ws for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* These finan cial stateme nts are the responsibility of the Company's manage ment. Our responsibility is to express an o pinion on the Company's fi nancial state ments based on our audit. We are a public acco unting firm registered with the Pub lic Com pany Accoun ti ng Oversight Board {U nited States) (PCAO) 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 regulatio ns of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these financial statements 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 audit inclu ded pe rforming proced ures to assess the ris ks of material misstate ment of the fina n cial statements, w hether due to error or fraud, and performing procedures that res pond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the fi nan cial statements. Our audit also included evaluati ng the accounting prin ciples used and signi ficant estimates made by mana gement, as well as, evaluating the overall presenta tion of the finan cial statements. We believe that our audit provides a reasona ble basis for our opinion. #### *Supplemental Information* The accompanying Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission, Computation for Determi nation of the Reserve Requirements under Rule 1503-3 of the Securities and Exchange Commission, and Information Relating to Possession or Control Requirements under Securities and Exchange Commission Rule 15c3-3 as of June 30, 2021, have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. 'The su p pleme ntal in formation is the res ponsibility of the Company's management. Our audit p roced ures in cl uded determining w hether the supplemental information reconciles to the finan cial statements or the underlying accou nting and other records, as ap plicable, and pe rfor ming proced ures to test the com plete ness and accuracy of the in formation presented in the su p plemental in formation. In forming our opinion on the supplemental in formation, we evaluated whether the supplemental in formatio n, incl u ding *PricewaterhouseCoopers LLP, o1 Seaport Boulevard, Boston, MA 02210 T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us* {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission, Computation for Determination of the Reserve Requirements under Rule 1503-3 of the Securities and Exchan ge Commission, and In formation Relating to Possession or Con trol Require ments under Securities and Exchange Commission Rule 15c3-3 is fairly stated, in all material respects, in relation to the finan cial statements as a whole. Boston, Massachusetts August 27, 2021 We have served as the Company's auditor since 2004. {6}------------------------------------------------ #### **Georgeson Securities Corporation Statement of Financial Condition June 30, 20 21** | A
s
et
ss | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------| | al
C
h
d
sh
iv
e
ts
as
an
ca
en | \$
2
,0
51
76
,4 | | qu
d
f
o
h
la
r
C
te
to
se
e
re
os
es | 9
,8
75
3
, I
5 | | gr
ga
gu
ry
pu
rp
as
ei
f
f
i
l
i
R
bl
fr | 85
7
,4
46 | | e
a
at
es
ec
va
om | 9
59
35
,5 | | h
ai
d
d
Pr
a
s
ot
et
an
er
ss
ep | | | ab
l
A
iv
s
e
nt
cc
ou
re
ce | 9
73
,8
1 | | fu
nd
d
In
e
x
ta
co
m
ue
re | 13
,3
43 | | ef
D
d
en
e
x
t
ta
as
se | 83
5 | | al
T
a
s
ot
et
ss | \$
6
,5
52
,4
25 | | i
ia
bi
lit
S
ck
ho
ld
's
L
ie
s
d
e
t
y
to
an
er
qu
A
ed
s
t
o
s
nt
st
er
m
ou
ow
cu
om | \$
67
,8
3
41 | | ed
A
e
s
cc
ru
xp
en
se | 71
03
,6 | | ed
cl
rin
br
ok
s
t
o
g
s
A
nt
ow
ea
er
m
ou | 76
34
,4 | | al
l
ia
bi
lit
ie
T
s
ot | \$
82
1
,8
78 | | St
de
r'
ui
kh
ol
s
t
y
oc
eq | | | m
i
0
l
,0
00
ha
th
d
,
\$
I
r
;
1
s
s
,
k
0.
C
st
pa
va
ue
re
au
or
ze
on
oc
om | | | d
sh
i
d
nd
in
20
3
g
ts
ta
ss
ue
an
ou
ar
es | \$
10 | | pi
id
l
Pa
-I
n
ta
ca | 9
54
,8
13 | | R
ai
d
in
et
ea
rn
gs
ne | ,7
75
24
4
,7 | \$ 5,730,547 \$ 6,552,425 Total liabilities and stockholder's equity Total stockholder's equity {7}------------------------------------------------ #### **Revenue** | f
r
ed
ffi
lia
R
e
a
s
te
ue
arn
om
ev
en | \$
5
,6
75
,3
78 | |--------------------------------------------------------------------------------------------------------------|-------------------------------------| | Fe
e
e
re
ve
nu | 31
5
,8
0
9 | | D
le
r
r
ea
an
ag
er
ev
m
en
ue | 14
7
,4
97 | | In
i
te
st
e
re
nc
om | 7
,0
15 | | T
al
ot
r
e
ev
e
nu | \$
6
5
,6
99
,14 | | E
s
se
xp
en | | | f
i
C
io
d
be
n
ts
at
om
pe
ns
an
ne | \$
1
,3
06
,2
59 | | ke
is
si
B
c
s
ra
ge
om
m
on
ro | 4
56
,7
32
,2 | | fe
T
r
nt
e
s
ra
ns
a
ge
en
se
xp | 14
0
2
5
,1 | | nd
d
i
G
al
in
is
a
a
tr
at
e
s
en
er
ve
xp
en
se
m | 2
61
,3
0
6 | | h
T
lo
e
s
ec
no
gy
xp
se
en | 14
,4
62 | | O
e
s
cc
an
cy
xp
en
se
up | 63
,4
26 | | T
al
ot
ex
pe
ns
es | \$
6
,0
42
,3
I
D | | f
o
In
be
i
e
e
ta
s
co
m
nc
om
xe
re | \$
10
3
,3
89 | | In
e
ta
x
e
co
m
ex
pe
ns | 7
15
2
,1 | | i
N
et
e
nc
om | \$
76
,2
74 | {8}------------------------------------------------ # **Georgeson Securities Corporation Statement of Changes in Stockholder's Equity Year Ended June 30, 2021** | | Co
S
ke
toc
mm
on | | Co
St | mm
on
k
oc | id
Pa | C
l
-In
ita
ap | d
Re
ine
ta
s
Ea
ing
rn | | l
To
ta | | |--------------------------------------------------------------------|----------------------------------|---------|----------|---------------------|----------|----------------------------|----------------------------------------------|-----------------------|---------------|-----------------------| | | s
Sh
are | | Arn | t
on | | | | | | | | Ba
of
1
, 2
02
0
la
e
as
Ju
ly
nc | | 20
3 | \$ | 10 | \$ | 49
43
7,4 | \$ | 0
4,6
99,
45 | \$ | 36,
90
9
5,1 | | Ca
rib
io
pit
al
Co
n
ut
nt | | | | | | 7,3
64
51 | | | | ,36
4
517 | | Ne
t I
e
om
nc | | | | | | | | 4
76
,27 | | 76,
27
4 | | la
0,
20
21
Ba
e
as
of
Ju
3
nc
ne | | 20
3 | s | I0 | s | 95
4,8
13 | s | ,72
4
4,7
75 | \$ | 7
5,7
30
,54 | {9}------------------------------------------------ | h
s
fr
o
a
it
ie
s
fl
ti
iv
C
ct
om
pe
ra
as
ow
ng | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------| | i
N
e
et
om
nc | \$
76
,2
74 | | i
l
d
t
o
e
t
in
e
to
t
sh
u
d
j
A
ts
tm
en
re
co
nc
ne
co
ne
ca
se
m
us | | | ti
y
g
tiv
it
ie
s
b
o
pe
ra
n
ac | | | e
in
a
s
iv
ab
le
D
nt
ec
re
as
cc
ou
re
ce | 33
,3
53 | | d
ef
ed
in
t
In
ea
cr
se
ax
es
er | (3
07
8
)
, | | nd
in
id
a
o
th
a
s
In
et
ss
se
pr
e
pa
cr
ea
er | (2
54
,
4
42
) | | f
f
i
l
i
In
i
n
iv
ab
le
fr
a
at
cr
ea
se
ce
o
m
es
re | (6
37
,5
82
) | | i
D
e
n
in
fu
d
du
ta
ec
re
as
m
e
x
re
n
e
co | 16
4
,3
29 | | i
ed
cl
n
s
t
o
rin
bro
ke
D
nt
ou
o
e
am
w
ea
g
rs
ec
re
as | (8
0
,0
95
) | | In
i
d
cr
ea
se
n
ac
cr
ue
ex
ns
es | 3
,7
99 | | pe
in
bl
af
fi
lia
D
to
te
re
as
e
e
s
ec | (
1
22
, I
0
8
) | | pa
ya
ed
D
in
nt
t
st
om
er
s
ec
re
as
e
a
m
ou
s
ow
o
cu | (
61
,5
00
) | | d
ti
vi
ti
N
ash
b
in
et
at
c
u
se
y
op
g
ac
es
er | \$
)
(9
81
,0
50 | | i
i
ed
n
h
sh
e
le
s
d
ri
c
h
D
nt
ct
st
s
as
re
e
ca
,
ca
qu
va
an
re
ec
as | \$
(9
81
,0
50
) | | | | | nd
i
i
h
sh
iv
al
a
r
ri
ed
c
h
at
be
f
th
e
C
ts
ct
t
o
ye
,
ca
e
qu
en
es
as
g
nn
ng
ar
as | \$
6
,2
28
01
,
4 | | sh
d
f
h
C
h
sh
iv
al
nd
ic
d
tr
te
t
t
ts
o
e
ye
ar
as
,
ca
e
qu
en
a
r
es
ca
a
en | \$
5
2
4
,3
51
7
, | | | | | ri
ti
N
h
pi
l
bu
ta
nt
on
c
as
ca
co
on | \$
51
7
36
4 | | f
u
d
ed
j
i
sd
i
i
d
al
In
ta
t
st
st
at
ct
on
s
co
m
e
xe
s
re
n
an
on
e
e
ur
o | \$
)
(8
0
,6
07 | {10}------------------------------------------------ #### 1. Organization and Basis of Presentation Georgeson Securities Corporation (the "Company" or GSEC), a Delaware corporation, is a wholly owned direct subsidiary of Georgeson LLC (the "Parent" or GLLC"), an indirect subsidiary of Computershare US (the "US Parent Company). Computershare Limited, a publicly-held Australian corporation, is the ultimate parent of the Company. The Company is a registered broker dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA"), The Company serves as a broker dealer for transactions initiated by its affiliates. These transactions include purchase and sale transactions for employee stock purchase plans ("ESPPs") as well as the purchase and sale of securities by affiliates to assist in their transfer agency dividend reinvestment and similar plans. The Co mpany en gages in services to SEC re gistrants with publicly announced corporate share repurchase programs, conducted in accordance with S EC Rule I 0b-18. The Company carries custo mer balances associated with GLLC's Asset Reuni fication business. The Co mpany is subject to the require ments of SEC Rule 15c3-3 under the Securities and Exchange Act of 1934. ### 2. Summary of Significant Accounting Policies ### Cash and Cash Equivalents and Cash Segregated for Regulatory Purposes #### *Cash and Cash Equivalents* The Company considers all highly liquid investments purchased with an ori ginal maturity of three months or less to be cash equivalents. For the purpose of reporting cash fl o ws and amounts in the Statement of Financial Condition, the Compa ny de fines cash and cash equivalents as cash on hand, de mand deposits and ti me deposits with original maturities less than 90 days. No cash equi valents were h eld at period end. ### *Cash Segregated for Regulatory Purposes* In accordance with Rule 15c3-3 of the Securities and Exchange Act of 1934, the Company maintains a special reserve acc o u nt for the benefit of its custo mers. The am ounts owed to customers consists of funds in the sales settlement accou nt waiting to be paid out to custo mers, funds in transit that are waiting to be paid out to custo mers and fu nds for uncashed checks o ver I year old which are held as part of the customer reserve under Rule 15c3-3. The following table provides a reconciliation of cash and restricted cash reported within the Statement of Cash Flows as of June 30, 2020 and June 30, 2021. | | J
e
,
3
0
2
0
2
0
un | J
e
,
3
0
2
0
2
1
un | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|-------------------------------------------------| | C
sh
i
l
h
d
ts
as
ca
e
qu
va
en
an | \$
2
,7
4
4
,7
5
9 | \$
6
2
,0
5
1
,4
7 | | d
f
o
y
s
h
l
C
te
at
r
as
se
gra
ga
gu
or
p
ur
po
se
re | 6
3
4
8
3
4
2 | 5
3
1
9
5
8
7 | | ,
i
l
d
d
f
o
r
al
sh
sh
sh
T
ts
te
ot
ca
qu
va
en
an
ca
se
gr
e
ga
e
ca
y
s
l
at
re
gu
or
pur
po
se | \$
6
2
2
8
4
0
1 | \$
3
5
2
4
7
5
1 | {11}------------------------------------------------ #### **Revenue Recognition** The recognition and measurement of revenue is based on the assessment of individual contract terms. Judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable conside ration sh ould be applied due to unce rtain future events. ### *Revenue earned from affiliates - Fixed Fees* The performance obligation for fixed fee revenue earned from affiliates is satisfied over a period of time. Since services are performed over the course of the year, the annual fee is recognized in twelve equal monthly increments. Fixed Fees were \$1,350,000 for the year ending June 30, 2021 ## *Revenue earned from affiliates - Brokerage Commissions* The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are earned when the performance obligation is satisfied. The Company believes that the performance obligation is satisfied on the trade date because that is when the un derlying financial inst rument or purc haser is identi fied, the pricing is agreed upon and the risks and rewar ds of ownership have been transferred to/from the customer. Variable brokerage commissions were \$4,325,378 for the year ending June 30, 2021. #### *J0b-18 Revenue* The C ompany en gages in ser vices to SEC re gistrants with publicly announced corpo rate share repurchase pro g rams, conducted in accordance with SEC Rule 10b-18. Rule 1 0b-18, which was adopted in 198 2, provides a voluntary "safe har bor" fr om liability for manipulation under Sections 9(a)( 2) and 1 0(b) of the Securities Exchange Act of 1934 (Exchange Act), and Rule I 0b-5 un der the Exc han ge Act, when a S EC re gistrant or its affiliated purchaser bids for or p urchases shares of the SEC re gistra n t's common stock in accordance with the Rule I 0b- l 8's manner, ti ming, price, and volume conditions. The fees are paid by the SEC registrant clients and are outlined in the I0b-18 agreements between GSEC and the SEC registrant clients. Revenue is included in the Fee revenue line on the Statement of Inc ome. Revenue is reco gnized at a point in time, per share for trading activity on the date. #### *Dealer Manager Revenue* The Company acts as the registered b ro ker dea ler and is cont racted to provide services directly with the SEC registrants. Dealer manager services are for corporate actions such as equity and debt tender offers, consent solicitations, self-tenders, exchange offers and rights offers. #### *Interest income* Interest inco me, which in cl u des earning credits of balances held at financial institutions, is reco gnized as ea rned. {12}------------------------------------------------ #### Income Taxes The results of operations for the Company are included in the consolidated federal and certain state income tax returns of Computershare US. The Company also tiles income tax returns in some states on a stand alone basis. Income taxes arc accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying am ounts of existing assets and liabilities and their respective tax bases. This method also requires the reco gnition of future tax bene fits such as net operating loss carry forwards, to the extent that realization of such bene fits is more likely than not. Defe rred tax assets and lia bilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statement of Income in the period that in cludes the enactment date. The Company regularly assesses uncertain tax positions in each of the tax jurisdictions in which it has operations and acc ounts for the related financial statement im plications. Unreco gnized tax bene fits are re ported using the tw ostep approach under which tax effects of a position are recognized only if it is "more-likely-than-not" to be sustained and the am ount of the tax bene fit recognized is equal to the largest lax bene fit that is greater than fifty percent likely of being realized upon ultimate se ttle ment of the tax position. Determining the appropriate level of u nreco gnized tax benefits requires the Company to exercise judgment regarding the uncertain application of tax law. The amount of unrecognized tax benefits is adjusted when information becomes available or when an event occurs indicating a change is appropriate. Future changes in unrecognized tax benefits requirements could have a material impact on the results of o perations. The Company reco g nizes interest and pena lties related to unreco g nized tax be nefits as an adjustment to inco me tax ex pense. The Company has performed an evaluation of its tax positions and has conclu ded that as of June 30, 2021, there were no signi ficant uncertain tax positions requiring reco gnition in its financial statements. The tax years that remain open for federal purposes are the years ended June 30, 2018 and forward while certain state income tax jurisdictions remain open from June 30, 2017 and forward. {13}------------------------------------------------ #### Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from the estimates included in the financial statements. #### Fair Value of Non-Financial Instruments The fair value of all financial assets and liabilities (consisting primarily of receivables from and payables to customers and affiliates) approximate the reported value due to their short-term nature. #### Credit Losses Measurement of Credit Losses on Financial instrument, which replaces the incurred loss methodology that is referred to as the current expected credit loss (CECL) methodology. 'The measurement of expected credit losses under the CECL methodology is applicable to financial assets including Receivables from affiliates. The Com pany adopted ASC 326 using the modi fied ret rospective method for all financial assets. Under the new guidance, the Company recognizes as an all o wance its estimate of lifetime expected credit losses. The Com pany performed an evaluation of trade receivables to determine whether it is "p robable that the entity will co llect substantially all of the conside ration to which it will be entitled" for goods or services transferred to the customer (the "collectability threshold") along with its historical write-off histor y. The app roach is based on the Company's historical defaull rates over the expected life of the trade receivables and is adjusted to re flect current economic conditions as well as reasonable future economic conditions. To arrive at the CECL amount, the Company applied the adjusted historical loss rates to trade receivable balances outstanding at period-end by delinquency / days past due category at the end of the reporting period. This evaluation takes into account the customer's ability and intention to pay the consideration when it is due along with incorporating changes in the forward-looking estimates. There was not a material impact from the adopting of this standard. #### 3. Amounts owed to Clearing Brokers All share holder transactions are cleared th rough the Company's clearing brokers, BofA Securities Inc. and C o wen Inc. At June 30, 2021, the amount pa yable to the clearing b rokers is \$76,434 which is included in am ounts o wed to clearing brokers on the Statement of Financial Condition. #### 4. Related Party Transactions In accordance with an expense sharing agreement, the Parent pays certain expenses, such as rent, pers onnel and insurance, on behalf of the Company and is then reimbursed by the Company. The Company is charged for these services based upon (a) actual costs incurred, where they are separately identifiable and (b) usage of office space or resources directly supporting the Company incurred by the Computershare group on the Company's relative number of full time employees in comparison to other affiliates of the group or percent of revenue or estimated usage to which such services are provided. For the year ended June 30, 2021, Utilities and other property-related expenses charged back to the Company totaled \$63,426 which is included in Occupancy Expenses on the Statement of Inco me. {14}------------------------------------------------ The Company enters into various transactions in the normal course of business with affiliated companies. These transactions include, among others, technology services provided by affiliates to the Company. For the year ended June 30, 2021, infrastructure and system support charges totaled \$1 4,462. This is included in the Technology expenses on the Statement of Income. The Company has an agreement with the Parent regarding dealer manager services. The amount of these fees that were charged back to the Company totaled \$140,125 including expenses for services performed on its behalf by its Parent. These fees are included in the Transfer agent expenses on the Statement of Income. The employee benefit expenses for the Company are paid for by Computershare Inc. An affiliate has established a qualified retirement plan covering full-time, salaried employees and certain part-time employees. Expenses under this plan are accrued each year, and the costs are charged to current operations. The Company's employees are eligi ble to pa rticipate in a contributory 4 01 (k) plan. The Com pany incu rred \$47,631 as its matching contribution to the plan for the year ended June 30, 2021, which is recorded within Com pensation and bene fits expense on the State ment of Income. In addition to providing retirement benefits, Computershare Inc, provides health care and life insurance benefits for active employees. The Company incurred health care and life insurance costs of\$78,358 which is recorded in compensation and bene fits expense on the State ment of Inco me for the year en ded June 30, 2021. The Company serves as a broker dealer for transactions initiated by its affiliates. Revenue of \$5,822,875 was recognized from affiliated companies during the year ended June 30, 2021. Dealer manager services are for corporate actions that must run th ro ugh the broker dealer such as equity and debt tender o ffers, consent solicitations, self tenders, exchange offers and rights offers. Dealer manager revenue with the Parent accounted for \$147,497. B oth amounts are sepa rately disclosed on the Statement of Income. All intercompany transactions with the Parent and affiliated co mpanies are char ged or credited through intercompany accounts and may not be the sa me as those which would otherwise exist or result fr om agreements and transactions among unaffiliated third parties. At June 30, 2021, the receivable from affiliates and the payable to affiliates amounted to \$857,446 and \$0, res pecti vel y. #### **5. Regulatory Requirements** The Company is subject to the net capital requirement of Rule 15c3-1 of the Securities and Exchange Commission (the "Rule"), which specifies, among other things, minimum net capital requirements for registered broker dealers. The Rule provides that equity ca pital may not be withd ra wn or cash dividends paid if the resulting net capital ratio excee ds 10 to 1. In addition, ce rtain advances, pay ments of di vidends and ot her equity withd rawals are subject to certain notification provisions of the rule. In accordance with the Rule, the Com pany is required to maintain mini m um net ca pital, as de fined, of \$250,000 or 2% of combined aggregate debit items, whichever is greater. At June 30, 2021, the Company had net capital of \$4,438,934 which was \$4,188,934 in excess of its required net capital of \$250,000. *At* June 30, 2021, the Company had no aggregate debit items. {15}------------------------------------------------ #### 6. **Income** Taxes The income tax expense for the year ended June 30, 2021 consists of the following: Current tax expense from continuing operations | Fe
de
l
ra | \$
22
,8
57 | |------------------------------------------------------------------------------------------------------------------------------------|---------------------------| | St
e
at | 7
,3
36 | | T
al
ot | \$
30
,1
93 | | f
r
efe
ed
t
e
c
ti
in
g
tio
D
en
rr
ax
se
om
on
nu
op
era
ns
xp | | | l
Fe
de
ra | \$
(2
,3
51
) | | St
e
at | 72
7 | | a
l
T
ot | \$
(3
,0
78
) | | ti
i
In
e
x
e
(b
efi
)
fr
c
t
ta
ns
ng
co
m
ex
pe
en
om
on
nu | | | tio
op
era
ns | \$
2
7
,1
15 | The Company is allocated its share of the indirect US Parent Company's federal and combined state and city income tax accrual, or benefit, in acc ordance with an intcrco mpany tax allocation policy which is based on a separate return method. Any resulting provision or benefit for income taxes realized are generally recorded as a payable to or receivable from Computershare US Services Inc., a direct subsidiary of the US Parent Company. The components of deferred tax asset and liabilities are as follows at June 30, 2021: | ef
d
t
D
x
ta
er
re
as
se | | |-------------------------------------------------------------------------------------------------|-----------------------------| | Pro
si
f
o
r
al
vi
l
on
nu
an
ea
ve | \$
4
,8
45 | | al
T
d
efe
ed
l
a
s
ot
et
ax
ss
rr | \$
4
,8
45 | | efe
ed
bi
D
t
l
ia
lit
ie
s
rr
ax | | | i
O
th
tm
ts
er
nv
es
en | \$
(4
,0
10
) | | al
l
T
d
efe
ed
t
ia
bi
lit
ie
s
ot
rr
ax | \$
(
0
t
o
y | | /
d
efe
ed
t
a
(l
ia
bi
lit
y)
N
et
et
rr
ax
ss | \$
83
5 | {16}------------------------------------------------ The difference between the tax expense derived by applying the federal statutory income tax rate to net income before federal income taxes and the total expense recognized in the financial statements from continuing operations is as follows: | i
ti
e
x
e
fr
c
ti
o
s
In
ta
pe
co
m
ex
pe
ns
om
on
nu
ng
ra
on | \$
2
7
,1
15 | |--------------------------------------------------------------------------------------------------------------------------------------|--------------------------| | O
th
er | \$
68 | | d
l
b
ef
i
St
e
x
is
io
n
t
of
fe
t
at
ta
en
ov
ne
era
pr | \$
4
,72
3 | | of
1%
T
a
t
U
.S
r
e
2
at
ut
at
st
ax
ory | \$
2
1
,7
11 | | | | GSEC and Computershare US Services Inc. ("CUSSI"), a direct subsidiary of the US Holding Parent, have a tax sharing arrangement in place whereby CUSS! charges GSEC for the tax effect of including GSEC's taxable income in the consolidated tax filings of the US Parent Company. In connection with GSEC's distribution of its asset reunification operations to GLLC on July 1, 2017 (the "Distribution"), GSEC computed a tax liability (the Liability") associated with the tax gain from the Distribution and did not defer any of the intercompany gain in accounting for its income taxes for its US GAAP purposes. As CUSS1 does not intend and will not collect from GSEC the Liability associated with the consolidated tax tilings under the tax sharing arran gement, the se ttlement Liability ass ociated with the consolidated tax filin gs of\$517,364 is treated as a capital co ntribution to GSEC. #### 7. Contingencies From time to time the Company is a defendant in certain litigation, and in addition, is examined by and answers inquiries fr om various g o vern ment and re gulatory agencies, which are incidental lo the Co m pan y's business. Management believes that the outcome of any ma tters resulting from such litigation and inquiries will not materially affect the Company's financial position or results of operations. In the normal course of business, the Co mpany enters into contracts that contain a variety of representations and warranties that provide general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Howe ver, based on experience, the Company expects the risk of loss to be rem ote and immaterial. #### 8. Liabilities Subordinated to Claims of General Creditors The Company had no borrowings under subordination agreements during the year ended June 30, 2021. ### *9.* Segregated Cash Cash of \$3,195,875 has been segregated in a special reserve account for the benefit of customers under Rule 15c3-3 of the SEC. Pursuant to the Co mpan y's \ 5c3-3 calculation, \$673,841 was re quired to be on deposit at June 30, 2021. {17}------------------------------------------------ #### **10. Concentration** The Co mpany may be exposed to concentrations of credit risk regarding its cash and cash equivalents. The Co mpa ny maintains its cash balances with depository institutions in amounts which may exceed the insurance limits of the Federal Deposit Insurance Corporation. The Co mpany is subject to credit risk should these financial institutions be unable to ful fill their obligations. The Co mpany has perf ormed an assess ment of its relationships and believes that its credit risk is limited. #### **11. Subsequent Events** The Company has evaluated subsequent events th rough August 27, 2021, no su bsequent events to disclose. {18}------------------------------------------------ SUPPLEMENTARY INFORMATION {19}------------------------------------------------ #### **Georgeson Securities Corporation** Computation of Net Capital under Ruic 15c3-1 of the Securities and Exchange Commission June 30, 2021 Schedule I | N
l
pi
et
ta
ca | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------| | al
T
s
i
y
kh
ol
de
t
ot
st
r'
e
qu
oc | \$
5
,7
30
,5
47 | | ti
s
D
ed
uc
on | | | N
llo
ab
le
a
s:
et
on
-a
w
ss | | | A
s
iv
ab
le
nt
cc
ou
re
ce | 73
,8
91 | | ei
li
R
bl
e
fr
a
ffi
at
ec
va
om
es | 85
7
,4
46 | | ai
d
d
he
r
Pr
ot
ts
ep
an
as
se | 33
9
,0
05 | | D
efe
ed
a
nd
o
th
ta
x
ts
rr
er
as
se | I 8
,1
88 | | C
ita
l
N
et
ap | \$
,4
,0
I
7
42
4 | | C
d
s
bi
it
A
D
eb
It
te
ne
gg
re
em
om
ga | \$ | | H
ai
s
iti
ut
rc
on
ec
ur
es | 3
,0
83 | | N
C
l
pi
ta
et
a | \$
4
,4
38
,9
34 | | n
c
t
l
t
C
si
ui
io
of
ba
pi
ut
at
ta
om
ca
re
q
re
m
en
p
ne | | | \$
l
of
f
M
in
im
r
ui
d
t
pi
(t
he
r
25
0
,0
00
2
%
o
ta
te
um
eq
re
ne
ca
gr
ea
or | | | C
bi
d
e
de
bi
t
ite
s)
at
om
ne
ag
gr
eg
m | 25
0
,0
00 | | pi
d
E
s
t
l
m
in
im
r
ui
ta
xc
es
ne
ca
ov
er
um
eq
re | \$
4
,18
8
,9
34 | | | | # Statement Pursuant to Paragraph (d) (4) of Rule 17a-5 There were no material differences between the above computation of net capit al and the computation included in the Company's Ju ne 30, 2019 form X-17a-5, as dated A ugust 10, 2021. {20}------------------------------------------------ # Georgeson Securities Corporation Computation for Determination of the Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission June 30, 2021 | e
,
J
3
0
2
0
2
1
u
n | | ed
e
S
ch
l
I
I
u | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|-----------------------------------------------------------|--|--| | F
e
ed
i
t
b
al
s
i
n
i
ti
s'
st
ts
re
cr
er
se
cur
co
an
ce
cu
om
es
ac
un | \$ | 6
7
3
,8
4
1 | | | | k
l
of
l
M
ri
ti
i
n
of
0
d
d
d
i
e
t
4
h
et
ch
h
ar
va
ue
se
ca
en
ar
cu
es
ex
ce
ss
a
ys
an
w
av
no
b
n
nf
i
ed
co
rm
ee | | | | | | ed
i
T
al
ts
ot
cr
d
eb
T
al
i
ot
ts
of
l
ed
i
l
E
to
ta
ts
to
ta
d
eb
i
cr
ov
er
ts
x
ce
ss | \$ | 6
7
3
,8
4
1
6
7
3
8
4
1 | | | | A
m
h
e
l
d
d
si
t
i
n
e
b
k
t
nt
re
rv
ou
e
po
se
an
ac
co
un
on | \$ | 5
3
,1
9
5
,8
7 | | | # Statement Pursuant to Paragraph (d) (4) of Rule 17a-5 There are no material differences between the computation shown above and the corresponding schedule included in the Company's June 30, 2021 X-17a-5, as date August I 0, 2021. {21}------------------------------------------------ - - I. Customers' fully paid and excess margin securities not in the respondent's possession or control as of the report date for which instructions to reduce to possession or control have been issued as of the report date but for which the required actions was not taken by the respondent within the time frames specified under Rule 15c3-3. A. Number of Items 0 - - 2. Customers fully paid and excess margin securities for which instructions to reduce to possession or control has not been issued as of the report date, excluding items arising from "temporary lags which result from normal busi ness o perations" as permitted under Rule 15c3-3. A. Number of Items 0 {22}------------------------------------------------ # **Georgeson Securities Corporation** General Assessment Reconciliation on form SIPC-7 June 30, 2021 {23}------------------------------------------------ | S
I | S
C
U
S
E
R
I
T
I
E
I
N
V
C
P
-7
P.
0
Bo
x | S
O
O
C
O
E
T
R
P
R
T
E
T
I
5
W
hi
,
D
.C
92
18
gt
as
n
on | C
O
O
N
R
P
R
A
20
09
0-
21
85 | O
T
I
N | S
I
C
P
-7 | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|--| | 20
2-
37
83
00
1-
G
al
A
R
l
n
t
cl
l
l
at
ec
en
er
ss
es
sm
en
on
o
(3
6-
RE
/1
8
V
12
) | | | | | (3
6-
RE
/1
8
V
12
) | | | | Fo
r
the | d
3
0
, 2
u
n
e
f
al
ar
s«
isc
ye
en | 0
2
1 | | | | | | (R
d
fu
lly
th
e
ins
tru
ea
ca
re | io
in
y
r
W
kin
g
Co
b
ct
ns
or
ou
py | ef
e
le
tin
g
thi
or
co
mp | s
Fo
)
rm | | | | N
1. | TO
BE
F
IL
ED
B
Y
A
LL
of
M
be
ad
dr
D
i
ed
E
in
at
e
es
es
gn
am
em
r,
s,
xa
m
in | S
C
S
IP
M
EM
B
ER
W
IT
H
Au
th
it
34
A
gi
19
ct
st
g
or
y,
re | S
C
FI
A
L
VE
A
R
tio
d
ra
n
no
an
m | S
EN
D
IN
G
th
in
hi
ch
f
is
on
w | l
nd
fo
ca
ye
e
ar
s
r | | | pu
rp
os | di
f
th
t
of
SE
C
Ru
le
t
1
7a
au
ire
es
o
e
re
qu
m
en | -5
: | | | | | | | I
G
n
S
i
s
C
t
i
t
i
ra
e
o
r
g
es
o
e
c
ur
e
or
p
o
o
8
F
od
A
1
1
ern
o
e
nu
e
w
v
E
d
i
N
J
0
8
8
3
7
o
s
n, | n | 7
No
:
If
te
lin
m
ai
g
an
y
co
rre
in
di
te
ca
o | of
e
in
fo
th
at
rm
an
y
lab
el
ire
rre
re
qu
s
co
cti
fo
@
si
to
s
on
rm
d.
th
fo
f
ile
n
e
rm | n
sh
n
t
he
io
ow
on
io
pl
ai
l
ct
n,
ea
se
e-
m
nd
a
s
pc
.o
rg
o | | | | | | Na
e
an
m
nt
t
co
ac
re | d
be
te
le
ph
on
e
nu
m
tin
th
is
fo
ec
rm
sp
g | of
to
pe
on
r
rs | | | | l | | _
J
S
t
t
c
o | (
)
P
rk
2
0
1
a | 8
3
6
-3
3
4
0 | | | | | | | | | | | A.
2. | Ge
l
As
(it
2
fro
t
2
)
em
ge
ne
ra
se
ss
m
en
e
m
pa | | | 2
,8
3
3 | A | | | B. | Le
de
ith
S
IP
C-
6
fil
ed
(
cl
ud
t
ex
ss
p
ay
m
en
ma
w
e | in
)
te
st
re | | I
,5
8
1
3 | B | | | | 1/
28
/2
1 | | | | | | | C. | Da
P
d
te
ai
d
rio
ie
Le
t
pl
ss
ov
er
pa
en
ap
p
r
ym | | | ( | | | | D. | As
ba
la
du
e
(
)
t
t
ss
en
nc
e
se
m
or
ov
er
pa
ym
en | | | 5
1
,2
9 | _
C | | | E. | d
l
i
In
te
st
te
at
t
(s
tru
re
c
om
on
e
pa
en
ee
ns
pu
ym | E
fo
ct
)
d
at
io
n
a
s
r
y | 20
%
r
pe
an
m
nu | | | | | F | d
To
ta
l
t
ba
la
e
in
st
d
te
(o
as
se
ss
en
an
m
nc
re
ue | _
ed
r
t
rri
f
ov
er
pa
en
ca
ym
or
w | d
)
ar | \$ | | | | G. | V
PA
YM
EN
T:
t
e
bo
x
[
_
l
ch
k
al
te
d
P
.0.
B
F
ds
w
ir
e
to
ec
m
o
un
ta
l
(m
t
s
e
F
a
)
To
be
bo
us
as
am
ve | [
]
[
Z
]
A
c
9
4
2
5
\$
' | D | | _ | | | H. | O
t
d
fo
d
ve
rp
ay
m
en
ca
rr
ie
rw
ar | \$
( | | | | | | | | | | _ | | | | Su
3. | (S
bs
id
s
)
d
ed
)
ud
ed
in
rie
(P
cl
ia
an
ec
es
so
rs
pr
in | t
s
n
e
d
hi
fo
(
ve
am
an
rm
gi | 19
34
A
ct
gi
st
re
ra | n
be
tio
r):
nu
m | | | | | | | | | | | | | | | | | | | | Th
SI
e | P€
be
bm
itt
th
is
fo
nd
he
t
m
em
r
su
in
g
rm
a | | | | | | | b
is
ed
b
wh
t
ut
nt
t
he
G
ri
i
pe
rs
on
om
ex
ec
ep
re
se
re
n
S
t
y
i
r
y
o
c
e
r
g
e
s
o
e
u
e
s
ll
in
fo
ai
d
he
is
th
at
at
io
nt
tru
ct
a
rm
n
co
ne
re
in
e,
c
or
re
Pa
tio
ora
n, | | | C
i
t
o
o
o
r
p
ra
hip
the
rtn
pt
o
r o
ers
rga
ni | n
ati | | | | d
an
co | pl
et
m
e. | | orp | | | | | Oa
d
1e | 6
A
2
1
t
u
g
u
s
1h
da
of
2
e
y | N
O
P
F
I
B
i
us | (Au
tho
C
t
l
ne
ss
o
ro
n | ed
S
riz
atu
re)
ign
l
r
e | | | | | '
-
- | | | (Ti
tle
) | | | | Th
is
f
fo
r
a | nd
t
t
t
du
60
he
is
or
a
ss
es
sm
en
pa
en
e
m
a
ym
ri
od
f
le
ha
6
he
l
2
t
t
n
t
at
t
o
no
ss
ye
ar
s,
es
pe | d
te
th
d
t
af
of
he
ay
s
e
en
r
in
il
s
e
y
ye
ar
an
ac
ce
ss
as | f
is
l
Re
ca
ye
ar
ib
le
pl
ac
e. | ta
in
t
he
W
ki
or
ng | C
fo
of
t
hi
op
y
s
rm | | | | | | | | | | | cc
AA. | Da
te
s: | | | | | | | =
AA. | Po
ke
d
st
Re
iv
ed
m
ar
ce | Re
ed
ew
vi | | | | | | >
A. | Ca
lc
ul
at
io
ns | Do
ta
tio
n
cu
en
m | | Fo
rw | Co
d
ar
py | | | er
E
•
£ | tio
xc
ep
ns | | | | | | | D
d | is
si
tio
of
n
pt
:
po
ex
ce
io
ns | | | | | | {24}------------------------------------------------ ### DETERMINATION OF "SIPC NET OPERATING REVENUES" AND GENERAL ASSESSMENT | | | fo
fis
l
d
Am
nt
s
r
th
e
ou
ca
pe
rio
be
gi
in
g
Ju
y
1,2
02
0
nn
d
di
Ju
3
0.20
21
an
en
ng
ne | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | Ite
m
No
l r
OC
US
2a
To
(F
L
ine
1
Pa
rt
IIA
L
ine
9
, C
od
e
40
30
)
ta
2/
ev
en
ue | | El
at
nt
im
in
e
ce
s
E
\$6
,1
4
5
,6
9
8 | | Ad
di
2b
tio
ns
To
l r
fro
b
(1
the
iti
ine
f
bs
id
ia
rie
(e
)
ta
s
m
s
o
s
ev
en
ue
ec
ur
es
us
ss
su
ed
inc
lud
ed
ab
n
ot
e.
pr
ec
es
so
rs
ov | t f
ei
ub
sid
iar
s)
nd
a
s
xc
ep
or
gn
ie | | | los
(2
inc
i
l t
tio
in
iti
in
din
g
)
Ne
t
fro
t
s
m
s
es
ra
ac
pr
pa
ra
ns
ac
ns
ec
ur | ts
co
un | | | Ne
los
fro
inci
l t
in
diti
in
din
(3
)
tio
t
t
s
m
pr
pa
ra
ns
ac
ns
c
om
mo
es
ra
g | ts
ac
co
un | | | Int
nd
d
de
nd
d
ed
d
de
ini
it
2
(4
)
t a
ivi
te
in
te
er
es
e
xp
en
se
uc
em
rm
ng | a. | | | (5
Ne
los
fro
f o
rti
ci
tio
in
th
de
rit
)
t
nt
s
m
ma
na
ge
me
o
r
n
e
un
pa
pa
rw | rit
dis
tri
bu
tio
of
s
ing
o
r
n
se
cu
ie | | | th
tisi
n
g,
pri
in
gis
fee
th
dv
nt
tra
tio
(6
)
Ex
o
a
g,
n
s
er
re
an
ns
er
an
pe
es
f o
ci
de
of
it
fro
m
o
r
rti
n
in
rit
in
g
or
nt
tio
pr
ma
na
ge
me
pa
un
pa
rw | le
l f
du
d
de
d
de
in
te
in
in
g
t
cte
s
ga
ee
ne
rm
di
rib
io
n
of
rit
ie
s.
st
ut
se
cu | | | los
(7
)
Ne
t
s
m
rit
ies
in
i
t
fro
tm
ts
se
cu
en
ac
co
un
nv
es | | | | To
l a
dd
s
ta
iti
on | | | | du
De
ct
io
:
2c
ns
r
th
e
di
rib
n
of
sh
o
f a
r
ist
ed
o
n
(1
Re
st
ut
)
om
io
ar
es
eg
er
pe
ve
nu
es
, f
ble
in
t
m
s
ale
o
f
ria
a
uit
ie
s,
fro
m
the
st
nt
st
the
ve
me
ru
ro
nn
va
i
ad
vis
y
ice
s
nd
ed
to
r
ed
t c
nie
ist
tm
or
se
rv
re
er
eg
er
nv
es
pa
en
om
nd
, a
f
m
tra
tio
in
s
y
fut
du
s.
ts
it
ct
ac
co
un
ro
ac
ns
ec
ur
ur
es
pro
ns | d
t
y
or
it
inv
tm
en
es
en
co
mp
an
un
fro
b
o
f
ins
,
m
inv
t
tm
es
en
us
ine
ss
ur
an
ce
s
or
e
y
te
in
su
ra
nc
co
mp
an
se
pa
ra | | | )
Re
f
m
od
it
y
tio
(2
tra
ve
nu
es
ro
co
mm
ns
ac
ns | | | | flo
id
(3
)
Co
iss
ion
s,
or
br
e
d
cl
e
to
ot
he
r
SI
P~
ok
mm
er
ag
an
ea
ra
nc
pa
rit
ies
t
tio
se
ra
ns
ac
ns
cu | th
m
be
rs
in
n
wi
tio
em
co
nn
ec | 4
,2
5
6
,7
3
2
F | | )
Re
im
bu
ts
r
in
c
n
th
y
lic
tio
(4
fo
sta
ct
ita
io
rs
em
en
po
ge
on
ne
pr
ox
so
wi | n, | | | (5
t
in
fro
m
rit
ies
in
i
tm
t a
s.
)
Ne
nt
ga
se
cu
nv
es
en
cc
ou | | | | f
iss
io
a
nd
m
ku
e
d
tro
m
tio
in
10
0%
tra
(6
)
o
ns
co
mm
ns
ar
ps
ar
ne
ns
ac
)
ry
bi
lls
, b
ke
rs
s
or
al
r t
(ii
Tr
pt
ac
ce
an
ce
co
mm
er
ci
pa
pe
an
ea
su
fro
m
iss
e
da
te
ua
nc | (i
)
rti
fic
at
o
f d
it
d
ce
es
ep
os
an
t
tu
re
nin
e
nt
hs
o
r
les
s
ha
ma
mo | | | ad
d
(7
)
Di
ct
o
f
in
g
rti
sin
g
le
l f
s
inc
d
int
ns
re
ex
pe
es
pr
ve
an
ga
ee
ur
re
ed
b
Se
lat
ed
to
t
he
s
b
s
e
de
fin
y
ct
ion
iti
(re
re
ec
ur
es
us
es
ve
nu
in | wi
th
he
in
tio
n
r
e
ot
re
ve
nu
co
nn
ec
6
(9
)
(L
)
of
th
Ac
).
1
t
e | | | ) O
ed
(8
th
lat
ith
d
ire
l
ind
ire
l
the
ot
ct
ct
to
er
r
ev
en
ue
n
e
er
y
or
y
s
re
I
io
0
):
(S
tru
ct
ee
ns
n | iti
in
b
ec
ur
es
us
es
s. | | | (D
ed
tio
in
of
\$1
00
,0
00
uir
do
at
io
n)
nt
r
uc
ns
e
xc
es
s
eq
e
cu
me | | | | l i
d
div
id
d
(F
OC
US
L
ine
2
2/
PA
RT
(l
To
(9
)
)
ta
nt
es
t
an
en
ex
pe
ns
e
er
plu
bu
Co
de
07
5
lin
2b
ab
in
4
(4
)
e)
t
t
s
e
ex
ce
ss
ov
no
0f
l i
d
di
vid
d
inc
to
ta
nt
!
er
0\$
an
en
om
e, | ine
IA
L
3
I
1
, | | | (ii
40
%
int
t
ed
st
rit
ies
)
of
in
ma
es
ea
o
n
cu
om
er
s
se
cu
rg
er
rn
S
lin
, G
(4
0%
o
f
FO
CU
5
od
39
60
).
ts
ac
co
un
e
e | _ | | | (i
En
he
at
f
lin
(ii
te
r t
)
)
g
re
er
o
e
or | | | | d
ed
To
tal
tio
uc
ns | | 4
,2
5
6
,7
3
2 | | 2d
. S
IP
O
N
tin
Re
et
pe
ra
g
ve
nu
es | | 1
,8
8
8
,9
6
6
G
I | | 2e
. G
al
@
.0
01
5
As
nt
en
er
se
ss
me | | ,2
,8
3
3
A | | | | lin
A.
(to
1,
2.
)
p
ag
e
e | {25}------------------------------------------------ ![](_page_25_Picture_0.jpeg) #### **Report of Independent Accountants** To the Board of Directors of Georgeson Securities Corporation We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corp oration ("SIPC") Series 600 Rules, which are enumerated below, on the accompanying General Assessment Reconciliation (Form SIPC-7) of Georgeson Securities Corporation (the "Company") for the year ended June 30, 2021. Management of Georgeson Securities Corporation is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 In an agreed-upon procedures engagement, we perform specific procedures that the Company has agreed to and acknowledged to be appropriate for the intended pur pose of the en gagement and we re p ort on findings based on the procedures performed. Management of the Company has agreed to and ac knowledged that the procedures per formed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended June 30, 2021, Additionally, SIPC has agreed to and acknowledged that the procedures performed are ap p ropriate for their inte n ded purpose. T his re port may not be suita ble for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsi ble for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this re port. Conse quen tl y, we make no re presenta tion re gardi ng the sufficiency of the p roced ures described below either for the p u rpose for which this report has been requested or for any other purpose. The procedures we pe rformed and the associated findin gs are as fo llows: - 1. Compared the listed assessment payments on page 1, items 2B and 2G of Form SIPC-7 with the respective cash disbursement records entries, as follows: SIPC-6 assessment payment dated January 28, 2021 in the amount of \$1,538 was compared to the HSBC account # 183555 bank payment detail listing obtained from Scott Park, GSC FINOP, reference number 12325YB01JG1 dated January 28, 2021, noting no differences. Payment dated August 10, 2021 in the amount of \$1,295 was compared to the HSBC account #183555 bank payment detail listing obtained from Scott Park, GSC FINOP, reference number 896763P012N2 dated August 10, 2021, noting no di fferences. - 2. Compared the Total Revenue amount reported on page 4 of the Annual Audited Re port Form X-17A-5 Part IHI for the year ended June 30, 2021 to the Total revenue amount of \$6,145,698 reported on page 2, item 2a of Form SIP€-7 for the year ended June 3o, 2o21 noting a difference of \$1. - 3. Com pared any adjustments reported on page 2, items 2b and 2e of Form SIP€- with the supporting schedules and wor king pape rs, as fo llows: - a. Compared deductions on line 2e(3), com missions, of \$4,256,732 to page 4 of the audited Form X-17A-5, noting no differences. - *PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, MA 02210 T: (617) 530 5000, : (617) 530 5001, www.pwc.com/us* {26}------------------------------------------------ ![](_page_26_Picture_0.jpeg) - 4. Recalculated the arith metical accuracy of the calculations reflected in Form SIPC-7 and in the related sched ules and working papers obtained in procedure 3, as follows: - a. Recalc ulated the mathematical accuracy of the SIPC Net Operating Revenues on page 2, line 2d and the General Assessment @ .oo15 on page 2, line 2e of \$1,888,966 and \$2,833, respectively of the Form SIC-7, n oting no differences. We were engaged by the Company to perform this agreed-upon p rocedures engage ment and con ducted our en gagement in accorda nce with attestation standards estab lished by the American Institute of Ce rtified Pu blic Accountants and in accordance with the standards of the Pu blic Company Accou nting Oversight Board (United States). We were not engaged to, and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or co n clusion, respectively, on the Compa ny's Form SIPC-7 and on its co m pliance with the applicable instructions on Form SI PC-7 for the year ended June 3 0, 2021. Accordingly, we do not express such an opinion or con cl usion. Had we pe rf ormed additional p rocedures, other matters mig ht have co me to our atte ntion that w ould have been repo rted to you. We are re quired to be independe nt of the Company and to meet our other et hical res po nsibilities in accordance with the relevant ethical require ments related to our agreedupon procedures engage ment. This report is intended solely for the in forma tion and use of Board of Dire ctors of Georgeson Secu rities Corporation and the Securities Investor P rotec tion Cor poration and is not intended to be, and should not be, used by an y one other than these spe ci fied parties. Boston, Massachusetts Aug ust 27, 2021 {27}------------------------------------------------ # **Georgeson Securities Corporation** Compliance Report June 30, 2021 {28}------------------------------------------------ ![](_page_28_Picture_1.jpeg) Georgeson Securities Corporation Member FINRA, SIPC > 118 ferwood Avenue Edison New Jersey 08837 Telephone 1 866 785 6787 #### Georgeson Securities C o rporation's Compliance Report Georgeson Securities Corporation (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 certain brokers and dealers"). As required by 17 C.F.R. § 240.17a-S(d)(l) and (3), the Company states as follows: - 1. The Company has not established and maintained Internal Control Over Compliance, as that term is defined in paragraph (d)(3)(ii) of Rule 17a-5. - 2. The Company's Internal Control Over Co mpliance was not effective during the most recent fiscal year ended June 30, 2021. A material weakness has been identified in the internal control over compliance as follows: The Company's internal controls over compliance were not designed to send account statements that complied with Rule 2231 of the Financial Industry Regulatory Authority - 3. The Company's Internal Control Over Compliance was not effective as of the end of the most recent fiscal year ended June 30, 2021 because of the material weakness described above - 4. The Company was in compliance with 17 C.F.R. 5 240.15c3-1 and 17 C.F.R. §240.15c3-3(e) as of the end of the most recent fiscal year ended June 30, 2021; and - 5. The in formation the Company used to state that the Co mpany was in compliance with 17CE.R. §240.15c3-1 and 17 C.F.R. §240.15c3-3(e) was derived from the books and records of the Company. We, Cynthia Nisley, Jeff Chasse and Scott Park, swear (or affirm) that, to the best of our knowledge and belief, this Compliance Report is true and correct. Signatures of: **[.,** 1) 6%8enae; President of Georgeson Securities Corporation **(67,** *o* 2) i%Ikea" Computershare US Financial Controller 1s:;·;:z ires FinOp Business Controller of Georgeson Securities Corporation Report as of August 27, 2021 {29}------------------------------------------------ ![](_page_29_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Board of Directors of Georgeson Securities Corporation We have examined Georgeson Securities Corporation's assertions, included in the accompanying Georgeson Securities Corporation's Compliance Report, that - **(1)** the Company's internal control over compliance with the financial responsi bility rules (as defined below) was not effective during the year ended June 30, 2021 based on controls necessary to achieve the objectives of the finan cial responsibility rules, - (2) the Company's internal control over compliance with the financial responsibility rules was not effective as of June 3o, 2o21 based on controls necessary to achieve the objectives of the financial responsibility rules, - (3) the Company was in com pliance with 17 CF.R. \$\$ 240.1503-1 (the "net capital rule") and 240.1503 3(e) (the "reserve requirements rule") as of June 30, 2021, and - (4) the information used to assert that the Company was in compliance with 17 C.F.R. \$8 240.1503-1 and 240.15c3-3(e) was derived from the Company's books and records. The Company's management is responsible for establishing and mai ntaining a system of internal control over co mpliance that has the objective of providing the Co m pany with reasonable ass urance that noncompliance with 17 C.F.R. \$ 240.15€3-1, 17 CF.R. \$ 240.1503-3 (the "customer protection rule"), 17 C.F.R. \$ 240.17a-13 ("the quarterly securities count rule"), or Rule 2231 of the Financial Industry Regulatory Authority (the "account statements rule"), which requires accou nt statements to be sent to the customers of the Com pany (collectively, the "financial responsibility rules") will be prevented or detected on a timely basis. The Compan y's ma nagement is also res ponsi ble for com pliance with the net capital rule and the reserve requirements rule and that the in formation used to assert com pliance was deri ved from the boo ks and records. Our responsi bility is to express an opinion on the Company's assertions based on our examination. We co n d u cted our examina tion in accordance with the standards of the Pub lic Com pany Accounting Oversi ght Board (United States). Those standards re q uire that we plan and perform the examination to obtain reasonable assurance about whether (1) the Company's internal control over compliance with the financial responsibility rules was effective as of and during the year ended June 30, 2021, (2) the Company complied with 17 CF.R. \$& 240.1503-1 and 240.15c3-3(e) as of June 3o, 2o21, and (3) the information used to assert compliance with 17 CF.R. 88 240.15c3-1 and 240.15e3-3(e) as of June 30, 2021 was derived from the Compan y's b ooks and records. Our examination included testing and evaluating the design and o perati ng effectiveness of inte rnal control over comp liance with the financial res ponsibility rules, testi ng and evaluating the Company's compliance with 17 C.FR. \$8 240.1503-1 and 240.15c3-3(e), determining whether the infor mation used to assert compliance with 240.1503-1 and 240.1503-3(e) was derived from the Company's books and records, and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Georgeson Securities Corporation's compliance with the financial responsibility rules. *PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Site 500, Boston, Massachusetts 0221o T: 617 530 5000; F: 617 530 5001, www.pwc.com/us* {30}------------------------------------------------ ![](_page_30_Picture_0.jpeg) Because of its inherent limitatio ns, internal control over compliance may not prevent or detect noncompliance with the financial responsibility rules. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. As described in the accompanying compliance report, the following material weakness was identified in the Company's internal co ntrol over compliance as of and during the year ended June 30, 2021: • The Company's internal controls over compliance were not designed to send account statements that complied with Rule 2231 of the Financial Industry Regulatory Authority. In our opinion, - because of the material weakness referred to above, the Com pan y's inte rnal control over compliance with the financial respo nsibility rules was not effective as of and during the year ended June 30, 2021, - the Company was in compliance with the net capital rule and the reserve requirements rule as of June 30, 2021, and - the information used to assert that the Company was in compliance with 17C.F.R. 58 240.1503-1 and 240.15c3-3(e) was derived from the Company's books and records. Boston, Massachusetts August 27, 2021 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.