# LEGG MASON INVESTOR SERVICES, LLC X-17A-5 (2019-05-24) — Broker-dealer annual report - Company: LEGG MASON INVESTOR SERVICES, LLC - Form: X-17A-5 - Filed: 2019-05-24 - Period: 2019-03-31 - Accession: 0001132573-19-000006 - CIK: 1132573 - File #: 8-53089 - Material weakness: No - Auditor: PricewaterhouseCoopers, LLP - Auditor location: Baltimore, MD - Contact: Jacqueline Diehm - Phone: 410-454-2905 - Signed by: Jacqueline Diehm (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1132573/000113257319000006/LMIS_BS_Stmts_Mar19.pdf --- {0}------------------------------------------------ # **/HJJ0DVRQ,QYHVWRU6HUYLFHV//&** DZKROO\RZQHGVXEVLGLDU\RI/HJJ0DVRQ,QF **0DUFK %\$/\$1&(6+((7** {1}------------------------------------------------ UNITEDSTATES SECURITIES ANDEXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL AUDITED REPORT | | | | | | |-----------------------|--|--|--|--|--| | FORM X-17A-5 | | | | | | | PART III | | | | | | OMB APPROVAL OMB Number: 3235-0123 Expires: August 31, 2020 Estimated average burden hours per response .. . . . . . 12.00 | SEC FILE NUMBER | |-----------------| | 8-53089 | 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 04/01/2018 | AND ENDING 03/31/2019 | | | |------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|---------------|--------------------------------| | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF BROKER-DEALER: Legg Mason Investor Services, LLC | | | OFFICIAL USE ONLY | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | FIRM L.D. NO. | | | 100 International Drive | | | | | | (No. and Street) | | | | Baltimore | Maryland | 21202 | | | (City) | (State) | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Jacqueline Diehm (410-454-2905) | | | | | | | | (Area Code - Telephone Number) | | | B. ACCOUNTANT IDENTIELCATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*
PricewaterhouseCoopers, LLP | | | | | | (Name - if individual, state last, first, middle name) | | | | 100 East Pratt Street, Ste. 2600 Baltimore | | Maryland | 21202 | | (Address) | (City) | (State) | (Zip Code) | | CHECK ONE: | | | | | | | | | | Certified Public Accountant | | | | | Public Accountant | | | | | | Accountant not resident in United States or any of its possessions. | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | | \* Claims for exemption from the requirement that the amual report be covered by the opinion of an independent public accountant nust be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 2-0.17a-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 OMB control number. SEC 1410 (11-05) {2}------------------------------------------------ #### OATH OR AFFIRMATION | Jacqueline Diehm | , swear (or affirm) that, to the best of | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | Legg Mason Investor Services, LLC | my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of
sas | | of March 31 | . 20 19 are true and correct. I further swear (or affirm) that | | classified solely as that of a customer, except as follows: | neither the company nor any partner, principal officer or director has any proprietary interest in any account | | | | | | Signature
Chief Financial Officer | | Notary Public | Title | | This report ** contains (check all applicable boxes):
(a) Facing Page.
(b) Statement of Financial Condition.
(d) Statement of Changes in 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). | | (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors.
(g) Computation of Net Capital. | (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.
(h) Computation for Determination of Reserve Requirements Pursuant to Rule 1563-3.
(i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3.
(i) A Reconciliation, including appropriate explanation of Net Capital Under Rule 15c3-1 and the | | consolidation.
(I) An Oath or Affirmation.
(m) A copy of the SIPC Supplemental Report. | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.
(k) A Reconciliation between the audited Statements of Financial Condition with respect to methods of
(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 240.17a-5(e)(3). ー ストール アイトレース アート アート アイト アイト ア の方が、 東京の駅となった。 {3}------------------------------------------------ # **/(\*\*0\$621,19(67256(59,&(6//&** DZKROO\RZQHGVXEVLGLDU\RI/HJJ0DVRQ,QF **7\$%/(2)&217(176** | 5HSRUWRI,QGHSHQGHQW5HJLVWHUHG3XEOLF\$FFRXQWLQJ)LUP | | |----------------------------------------------------|--| | %DODQFH6KHHW | | |

1RWHVWR)LQDQFLDO6WDWHPHQWV | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **Report of Independent Registered Public Accounting Firm** To the Board of Directors and Member of Legg Mason Investor Services, LLC #### *Opinion on the Financial Statement – Balance Sheet* We have audited the accompanying balance sheet of Legg Mason Investor Services, LLC (the "Company") as of March 31, 2019, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of March 31, 2019 in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* The 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 of this financial statement 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. May 24, 2019 We have served as the Company's auditor since 2006. {5}------------------------------------------------ # **/(\*\*0\$621,19(67256(59,&(6//&** DZKROO\RZQHGVXEVLGLDU\RI/HJJ0DVRQ,QF **%\$/\$1&(6+((7 0DUFK** 'ROODUVLQWKRXVDQGV | \$VVHWV



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V(TXLW\ | | *These financial statements should be deemed confidential pursuant to Rule 17a-5 subparagraph (e)(3) of the Securities and Exchange Commission.* *See accompanying notes to financial statements.* {6}------------------------------------------------ # **/(\*\*0\$621,19(67256(59,&(6//&** DZKROO\RZQHGVXEVLGLDU\RI/HJJ0DVRQ,QF **127(672),1\$1&,\$/67\$7(0(176 0DUFK** 'ROODUVLQWKRXVDQGV #### **6XPPDU\RI6LJQLILFDQW\$FFRXQWLQJ3ROLFLHV** #### *Organization and Basis of Presentation* /HJJ0DVRQ,QYHVWRU6HUYLFHV//&WKH³&RPSDQ\´ DUHJLVWHUHGEURNHUGHDOHUXQGHUWKH6HFXULWLHVDQG ([FKDQJH\$FWRILVDZKROO\RZQHGVXEVLGLDU\RI/HJJ0DVRQ,QFWKH³3DUHQW´ 7KH&RPSDQ\LV DPHPEHURIWKH)LQDQFLDO,QGXVWU\5HJXODWRU\\$XWKRULW\,QF³),15\$´ DQGLVSULQFLSDOO\HQJDJHGLQ PXWXDO IXQGXQGHUZULWLQJDFWLYLWLHV IRU/HJJ0DVRQVSRQVRUHGSURGXFWV7KH&RPSDQ\DOVRDFWVDVWKH SULQFLSDOXQGHUZULWHUDQGGLVWULEXWRURI6HFWLRQ3ODQVDQGDFWVDVDPXWXDO IXQG UHWDLOHUWKURXJKLWV 6DOHV6HUYLFHVGLYLVLRQDOVRIRU/HJJ0DVRQVSRQVRUHGSURGXFWV #### *Use of Estimates* 7KHILQDQFLDOVWDWHPHQWVZHUHSUHSDUHGLQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH 8QLWHG6WDWHVRI\$PHULFD³\*\$\$3´ ZKLFKUHTXLUHPDQDJHPHQWWRPDNHDVVXPSWLRQVDQGHVWLPDWHVWKDW DIIHFWWKHDPRXQWVUHSRUWHGLQWKHILQDQFLDOVWDWHPHQWVDQGDFFRPSDQ\LQJQRWHVLQFOXGLQJGHIHUUHGVDOHV FRPPLVVLRQVDQGLQFRPHWD[HV\$FWXDODPRXQWVFRXOGGLIIHUIURPWKRVHHVWLPDWHVDQGWKHGLIIHUHQFHVFRXOG KDYHDPDWHULDOLPSDFWRQWKHILQDQFLDOVWDWHPHQWV #### *New Accounting Pronouncement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¶VHTXLW\WRWDOLQJ #### *Cash and cash equivalents* &DVKDQGFDVKHTXLYDOHQWVFRQVLVWRIKLJKO\OLTXLGLQYHVWPHQWVZLWKRULJLQDOPDWXULWLHVRIGD\VRUOHVV # *Fair Value Measurements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hese financial statements should be deemed confidential pursuant to Rule 17a-5 subparagraph (e)(3) of the Securities and Exchange Commission.* {7}------------------------------------------------ # LEGG MASON INVESTOR SERVICES, LLC (a wholly owned subsidiary of Legg Mason, Inc.) NOTES TO FINANCIAL STATEMENTS March 31, 2019 (Dollars in thousands) # Deferred Sales Commissions Commissions paid to financial intermediaries in connection with sales of certain classes of Parentsponsored mutual funds are generally capitalized as deferred sales commissions. The asset is amortized over periods not exceeding six years, which represent the periods during which commissions are generally recovered from distribution and service fee revenues and from contingent deferred sales charges ("CDSC") received from shareholders of those funds upon redemption of their shares. CDSC receipts are recorded as distribution and service fee revenue when received, with a corresponding expense and a reduction of the unamortized balance of deferred sales commissions. Management periodically tests the deferred sales commission asset for imparment by reviewing changes in value of the related shares, the relevant market conditions and circumstances that may indicate an impairment in value has occurred. If these factors indicate an impairment in value, management compares the carrying value to the estimated undiscounted cash flows expected to be generated by the asset over its remaining life. If management determines that the deferred sales commission asset is not fully recoverable, the asset will be deemed impaired and a loss will be recorded in the amount by which the recorded amount of the asset exceeds its estimated fair value. For the year ended March 31, 2019, no impairment charges were recorded. Under the updated accounting guidance, the Company elected to expense sales commissions related to certain fund share classes with amortization periods of one year or less as incurred. The Company recorded a cumulative-effect adjustment of \$2,575 on the Balance Sheet as of April 1, 2018, as a reduction to Deferred sales commissions, with a corresponding reduction in Member's Equity to reflect the expense associated with such commissions, which had previously been capitalized under the Company's prior accounting practices. # 2. Related Party Transactions The Company provides distribution-related services to certain affiliates of the Parent. The Company incurs expenses for certain administrative, wholesaling, distribution, and other fund support services provided by the Parent through certain affiliates. The Company also engages and retains certain affiliates to provide wholesaling and distribution services. The Receivable from affiliates, Payable to affiliates and Payable to Parent lines on the Balance Sheet are non-interest bearing and are settled monthly. As described above, the amounts outstanding at March 31, 2019 represent revenue for services provided to affiliates, expenses for services provided by the Parent and affiliates and taxes due to the Parent. See Note 4, Income Taxes. # 3. Commitments and Contingencies In the normal course of business, the Company enters into contain a variety of representations and warranties that provide general indemnifications. The Company's maximum exposure under these agreements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. These financial statements should be deemed confidential pursuant to Rule 17a-5 subparagraph (e)(3) of the Securities and Exchange Commission. {8}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¶VVHSDUDWHRSHUDWLRQV \$W0DUFKWKH&RPSDQ\KDGLQFRPHWD[HVGXHWR3DUHQWRI 'HIHUUHGLQFRPHWD[HVDUHSURYLGHGIRUWKHHIIHFWVRIWHPSRUDU\GLIIHUHQFHVEHWZHHQWKHWD[EDVLVRIDQ DVVHWRUOLDELOLW\DQGLWVUHSRUWHGDPRXQWLQWKHILQDQFLDOVWDWHPHQWV7KHVHWHPSRUDU\GLIIHUHQFHVUHVXOWLQ WD[DEOHRUGHGXFWLEOHDPRXQWVLQIXWXUH\HDUV'HIHUUHGWD[DVVHWVDUHVXEMHFWWRDYDOXDWLRQDOORZDQFHLILW LVPRUHOLNHO\WKDQQRWWKDWDEHQHILWZLOOQRWEHUHDOL]HG7KH&RPSDQ\¶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¶V8QLIRUP1HW &DSLWDO5XOH³5XOHF´ ZKLFKUHTXLUHVWKHPDLQWHQDQFHRIPLQLPXPQHWFDSLWDORIRURI WRWDODJJUHJDWHLQGHEWHGQHVVZKLFKHYHULVJUHDWHUDQGUHTXLUHVWKDWWKHUDWLRRIDJJUHJDWHLQGHEWHGQHVVWR QHWFDSLWDOERWKDVGHILQHGVKDOOQRWH[FHHGWRRU1HWFDSLWDODQGWKHUHODWHGUDWLRRIDJJUHJDWH LQGHEWHGQHVVWRQHWFDSLWDODVGHILQHGPD\IOXFWXDWHRQDGDLO\EDVLV \$W0DUFKWKH&RPSDQ\KDGQHWFDSLWDODVGHILQHGRIZKLFKH[FHHGHGWKHUHTXLUHGQHW FDSLWDOE\7KH&RPSDQ\¶VSHUFHQWDJHRIQHWFDSLWDOWRDJJUHJDWHLQGHEWHGQHVVZDV 7KH&RPSDQ\LVQRWUHTXLUHGWRILOHD&RPSXWDWLRQIRU'HWHUPLQDWLRQRI5HVHUYH5HTXLUHPHQWVDQG ,QIRUPDWLRQ5HODWLQJWR3RVVHVVLRQRU&RQWURO5HTXLUHPHQWVVFKHGXOHDVLWFODLPVH[HPSWLRQIURP5XOH FXQGHU3DUDJUDSKN L RIWKH5XOH7KH&RPSDQ\KDVHVWDEOLVKHGD6SHFLDO5HVHUYH\$FFRXQWDV UHTXLUHGE\5XOHF *These financial statements should be deemed confidential pursuant to Rule 17a-5 subparagraph (e)(3) of the Securities and Exchange Commission.* {9}------------------------------------------------ #### **6XEVHTXHQW(YHQWV** 7KH&RPSDQ\KDVHYDOXDWHGDOOVXEVHTXHQWHYHQWVWKURXJK0D\WKHLVVXDQFHGDWHRIWKHILQDQFLDO VWDWHPHQWV *These financial statements should be deemed confidential pursuant to Rule 17a-5 subparagraph (e)(3) of the Securities and Exchange Commission.* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.