# STANDARD CHARTERED SECURITIES NORTH AMERICA LLC X-17A-5 (2026-03-27) — Broker-dealer annual report - Company: STANDARD CHARTERED SECURITIES NORTH AMERICA LLC - Form: X-17A-5 - Filed: 2026-03-27 - Period: 2025-12-31 - Accession: 0001281941-26-000004 - CIK: 1281941 - File #: 8-66397 - Type: Broker-dealer - Material weakness: No - Auditor: Forvis Mazars LLP - Auditor location: New York, NY - Contact: Peter Nielsen - Phone: 201-706-5643 - Email: peter.nielsen@sc.com - Website: sc.com - Signed by: Peter Nielsen (Finance Operations Principle) Original filing: https://www.sec.gov/Archives/edgar/data/1281941/000128194126000004/SCSECStmtofFinCon2025.pdf --- {0}------------------------------------------------ # **Standard Chartered Securities (North America) LLC** **Annual Audited Report Form X-17a-5, Part III Year Ended December 31, 2025 Confidential Treatment Requested Per Rule 17a-5(e)(3)** **This report is deemed CONFIDENTIAL in accordance with rule 17a-5(e)(3) under the Securities Exchange Act of 1934. A statement of financial condition, bound separately, has been filed with the Securities and Exchange Commission simultaneously herewith as a Public Document.** {1}------------------------------------------------ # **Table of Contents** | Page(s) | |---------| |---------| | Report of Independent Registered Public Accounting Firm 1 | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--| | Financial Statements | | | | | | Statement of Financial Condition 2 | | | | | | Statement of Income 3 | | | | | | Statement of Changes in Member's Equity 4 | | | | | | Statement of Cash Flows 5 | | | | | | Notes to Financial Statements 6-11 | | | | | | Supplementary Information | | | | | | Schedule I
Computation of Net Capital
Under Rule 15c3-1 of the Securities and Exchange Commission 12 | | | | | | Schedule II
Computation for Determination of Reserve Requirements
and Information for Possession or Control Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission 13 | | | | | {2}------------------------------------------------ U NI T E D S T A T E S S E C U RI TI E S A N D E X C H A N G E C O M MI S SI O N W as hi n gt o n, D. C. 2 0 5 4 9 O M B A P P R O V AL O M B Nu m b er: 3 2 3 5- 0 1 2 3 Ex pir es: N o v . , 2 0 2 6 Esti m at e d av er a g e bur d e n h o urs p er res p o ns e: 1 2 > S E C FIL E N U M B E R 8-66397 # A N N U AL R E P O R T S F O R M X 1 7 A - 5 P A R T III F A CI N G P A G E I nf or m ati o n R e q uir e d P urs u a nt t o R ul es 1 7 a 5, 1 7 a 1 2, a n d 1 8 a 7 u n d er t h e S ec uriti es E xc h a n g e Act of 1 9 3 4 FILI N G F O R T H E P E RI O D B E GI N NI N G \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ A N D E N DI N G \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ 01/01/2025 12/31/2025 M M/ D D/ Y Y M M/ D D/ Y Y A. R E GI S T R A N T I D E N TI FI C A TI O N N A M E O F FI R M: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ Standard Chartered Securities (North America) LLC T Y P E O F R E GI S T R A N T (c h eck all a p plic a bl e b ox es): Br ok er d e al er S ec urit y b as e d s w a p d e al er M aj or s ec urity b as e d s w a p p artici p a nt C h ec k h er e if r es p o n d e nt is als o a n O T C d eriv ativ es d e al er ■ A D D R E S S O F P RI N CI P AL PL A C E O F B U SI N E S S: ( D o n ot us e a P. O. b ox n o.) #### \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ 1095 Avenue of the Americas | | (
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e) | | | | | | | | | | | | | \* Cl ai ms f or ex e m pti o n fr o m t h e r e q uir e m e nt t h at t h e a n n u al r e p orts b e c o v er e d by t h e r e p orts of a n i n d e p e n d e nt p u blic acc o u nt a nt m ust b e s u p p ort e d b y a st at e m e nt of f acts a n d circ u mst a nc es r eli e d o n as t h e b asis of t h e ex e m pti o n. S e e 1 7 C F R 2 4 0. 1 7 a 5( e)( 1)(ii), if a p plic a bl e. P ers o ns w h o ar e t o r es p o n d t o t h e c oll ecti o n of i nf or m ati o n c o nt ai n e d i n t his f or m ar e n ot r e q uir e d t o r es p o n d u nl ess t h e f or m dis pl a ys a c urr e ntl y v ali d O M B c o ntr ol n u m b er. {3}------------------------------------------------ #### O A T H O R A F FI R M A TI O N I, \_ \_ \_ \_ \_\_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_, s w e ar ( or affir m) t h at, t o t h e b est of my k n o wl e d g e a n d b eli ef, t h e Peter Nielsen Standard Chartered Securities (North America) LLC fi n a nci al r e p ort p ert ai ni n g t o t h e fir m of \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_, as of \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_, 2 \_ \_ \_ \_ \_, is tr u e a n d c orr ect. I f urt h er s w e ar ( or affir m) t h at n eit h er t h e c o m p a n y n or a ny December 31 025 p art n er, offic er, dir ect or , or e q uiv al e nt p ers o n, as t h e c as e m a y b e, h as a n y pr o pri et ar y i nt er est i n a n y acc o u nt cl assifi e d s ol el y as t h at of a c ust o m er . Si g n at ur e: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ Titl e: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ Director of Financial Operations #### T his fili n g \* \* co nt ai ns (c h ec k all a p plic a bl e bo x es): - ☐ (a) St at e m e nt of fi n a nci al c o n diti o n. - ☐ (b) N ot es t o c o ns oli d at e d st at e m e nt of fi n a nci al c o n diti o n. - ☐ (c) St at e m e nt of i nc o m e (l oss) or, if t h er e is ot h er c o m pr e h e nsi v e i nc o m e i n t h e p eri o d(s) pr es e nt e d, a st at e m e nt of c o m pr e h e nsi v e i nc o m e ( as d efi n e d i n § 2 1 0. 1 -0 2 of R e g ul ati o n S -X) . - ☐ ( d) St at e m e nt of c as h fl o ws. - ☐ ( e) St at e m e nt of c h a n g es i n st oc k h ol d ers' or p art n ers' or s ol e pr o pri et or's e q uit y. - ☐ (f) St at e m e nt of c h a n g es i n li a biliti es s u b or di n at e d t o cl ai ms of cr e dit ors. - ☐ ( g) N ot es t o c o ns oli d at e d fi n a nci al st at e m e nts. - ☐ (h) C o m p ut ati o n of n et c a pit al u n d er 1 7 C F R 2 4 0. 1 5c 3 -1 or 1 7 C F R 2 4 0. 1 8 a 1, as a p plic a bl e. - ☐ (i) C o m p ut ati o n of t a n gi bl e n et w ort h u n d er 1 7 C F R 2 4 0. 1 8 a -2. - ☐ (j) C o m p ut ati o n f or d et er mi n ati o n of c ust o m er r es er v e r e q uir e m e nts p urs u a nt t o Ex hi bit A t o 1 7 C F R 2 4 0. 1 5c 3 -3. - ☐ ( k) C o m p ut ati o n f or d et er mi n ati o n of s ec urit y-b as e d s w a p r es er v e r e q uir e m e nts p urs u a nt t o Ex hi bit B t o 1 7 C F R 2 4 0. 1 5c 3 -3 or Ex hi bit A t o 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e. - ☐ (l) C o m p ut ati o n f or D et er mi n ati o n of P A B R e q uir e m e nts u n d er Ex hi bit A t o § 2 4 0. 1 5c 3 3. - ☐ (m) I nf or m ati o n r el ati n g t o p oss essi o n or c o ntr ol r e q uir e m e nts f or c ust o m ers u n d er 1 7 C F R 2 4 0. 1 5c 3 -3. - ☐ (n) I nf or m ati o n r el ati n g t o p oss essi o n or c o ntr ol r e q uir e m e nts f or s ec urit y -b as e d s w a p c ust o m ers u n d er 1 7 C F R 2 4 0. 1 5c 3 -3( p)( 2) or 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e. - ☐ (o) R ec o ncili ati o ns, i ncl u di n g a p pr o pri at e ex pl a n ati o ns, of t h e F O C U S R e p ort wit h c o m p ut ati o n of n et c a pit al or t a n gi bl e n et w ort h u n d er 1 7 C F R 2 4 0. 1 5c 3 -1, 1 7 C F R 2 4 0. 1 8 a -1, or 1 7 C F R 2 4 0. 1 8 a -2, as a p plic a bl e, a n d t h e r es er v e r e q uir e m e nts u n d er 1 7 C F R 2 4 0. 1 5c 3 -3 or 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e, if m at eri al diff er e nc es exist, or a st at e m e nt t h at n o m at eri al diff er e nc es exist. - ☐ (p) S u m m ar y of fi n a nci al d at a f or s u bsi di ari es n ot c o ns oli d at e d i n t h e st at e m e nt of fi n a nci al c o n diti o n. - ☐ (q) O at h or affir m ati o n i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a-5, 1 7 C F R 2 4 0. 1 7 a -1 2, or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e . - ☐ (r) C o m pli a nc e r e p ort i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a -5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (s) Ex e m pti o n r e p ort i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a 5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (t) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of t h e st at e m e nt of fi n a nci al c o n diti o n. - ☐ (u) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of t h e fi n a nci al r e p ort or fi n a nci al st at e m e nts u n d er 1 7 C F R 2 4 0. 1 7 a -5, 1 7 C F R 2 4 0. 1 8 a -7, or 1 7 C F R 2 4 0. 1 7 a -1 2, as a p plic a bl e. - ☐ (v) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of c ert ai n st at e m e nts i n t h e c o m pli a nc e r e p ort u n d er 1 7 C F R 2 4 0. 1 7 a -5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (w) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a r evi e w of t h e ex e m pti o n r e p ort u n d er 1 7 C F R 2 4 0. 1 7 a 5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (x) S u p pl e m e nt al r e p orts o n a p pl yi n g a gr e e d-u p o n pr o ce d ur es, i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 5c 3 -1 e or 1 7 C F R 2 4 0. 1 7 a -1 2, as a p plic a bl e. - ☐ ( y) R e p ort d escri bi n g a n y m at eri al i n a d e q u aci es f o u n d t o exist or f o u n d t o h a v e exist e d si nc e t h e d at e of t h e pr evi o us a u dit, or a st at e m e nt t h at n o m at eri al i n a d e q u aci es exist, u n d er 1 7 C F R 2 4 0. 1 7 a -1 2( k). - ☐ (z) Ot h er: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ - \* \* T o r e q u est c o nfi d e nti al tr e at m e nt of c ert ai n p orti o ns of t his fili n g, s e e 1 7 C F R 2 4 0. 1 7 a -5( e)( 3) or 1 7 C F R 2 4 0. 1 8 a -7( d)( 2), as a p plic a bl e. {4}------------------------------------------------ ![](_page_4_Picture_1.jpeg) ### Report of Independent Registered Public Accounting Firm Member Standard Chartered Securities (North America) LLC #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Standard Chartered Securities (North America) LLC (Company) as of December 31, 2025, the related statements of income, changes in member's equity, and cash flows for the year then ended, 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 the Company as of December 31, 2025, 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 the Company's management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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 statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. #### Supplemental Information The information contained in Schedule I and II (supplemental information) has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 CFR §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2024. New York, New York March 26, 2026 {5}------------------------------------------------ # **Standard Chartered Securities (North America) LLC Statement of Financial Condition As of December 31, 2025** # | Assets
Cash
Accounts receivable
Due from related parties
Other assets | \$
59,268,806
2,956,821
5,494,735
400,369 | |-----------------------------------------------------------------------------------|-------------------------------------------------------| | Total assets | \$
68,120,731 | | Liabilities and Member's Equity | | | Liabilities
Accounts payable and accrued expenses
Due to related parties | \$
378,032
70,248 | | Total liabilities | 448,280 | | Member's equity | 67,672,451 | | Total liabilities and member's equity | \$
68,120,731 | {6}------------------------------------------------ | Revenues | | |----------------------------------|---------------| | Commissions | \$ 21,884,398 | | Underwriting fees | 15,261,255 | | Advisory fees | 150,000 | | Interest | 2,638,314 | | | 39,933,967 | | Expenses | | | Compensation and benefits | 13,273,973 | | Occupancy and equipment | 431,558 | | Professional | 630,933 | | Other | 811,693 | | Communications and data services | 110,179 | | Regulatory fees | 321,379 | | | 15,579,715 | | Income from operations | 24,354,252 | | Income tax expense | 5,397,849 | | Net income | \$ 18,956,403 | {7}------------------------------------------------ # **Standard Chartered Securities (North America) LLC Statement of Changes in Member's Equity** **Year Ended December 31, 2025** | | Member's
Equity | |----------------------------|--------------------| | Balance, December 31, 2024 | \$
78,716,048 | | Distributions | (30,000,000) | | Net income | 18,956,403 | | Balance, December 31, 2025 | \$
67,672,451 | {8}------------------------------------------------ # | Cash flows from operating activities | | |-----------------------------------------------------------------------------------|------------------| | Net income | \$
18,956,403 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | Decrease (increase) in operating assets: | | | Accounts receivable | 1,076,075 | | Due from related parties | 11,441,259 | | Other assets | (261,099) | | Increase (decrease) in operating liabilities: | | | Accounts payable and accrued expenses | 190,804 | | Due to related parties | (3,885,271) | | Net cash provided by operating activities | 27,518,171 | | Cash flows used in financing activities | | | Capital distribution | (30,000,000) | | Net decrease in cash | (2,481,829) | | Cash | | | Beginning | 61,750,635 | | Ending | \$
59,268,806 | | | | | Supplemental disclosure of cash flow information | | | Cash paid during the year for income taxes | \$
9,074,071 | {9}------------------------------------------------ #### **1. Organization and Nature of Business** Standard Chartered Securities (North America) LLC (the "Company"), a wholly owned subsidiary of Standard Chartered Holdings (the "Parent"), is a Delaware corporation and a registered broker with the U.S. Securities and Exchange Commission ("SEC") that is regulated by the Financial Industry Regulatory Authority ("FINRA"). The Company, originally owned by Standard Chartered Bank of the United Kingdom ("Standard Chartered Bank"), was formed upon receiving substantially all the assets, liabilities, and operations of SCB Securities Limited, a UK company, and simultaneously acquiring and merging its operations into a United States ("U.S.") based broker-dealer. On April 30, 2017, Standard Chartered Bank contributed to the Parent all its shares of the Company. As part of the transaction, the Company converted from a corporation to a limited liability company ("an LLC") on May 17, 2017. The Company focuses primarily on sales of Asia, Africa, and the Middle East debt products to U.S. investors. #### **2. Summary of Significant Accounting Policies** #### **Basis of Accounting** The Company is a registered broker-dealer in the United States of America and the accompanying financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### **Accounts Receivable** The Company provides for doubtful accounts when current market conditions indicate that collection of an account is doubtful. The receivables as of December 31, 2025, are considered collectible and therefore no allowance for doubtful accounts was considered necessary. #### **Credit Losses on Financial Instruments** The Company recognizes and measures credit losses in accordance with FASB ASC 326, *Financial Instruments – Credit Losses* ("ASC 326"). The FASB issued Accounting Standard Update ("ASU") No. 2016-13, "*Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments*." This ASU amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses ("CECL") model. Under CECL, the allowance for credit losses on financial assets that are measured at amortized cost reflects management's estimate of credit losses over the remaining expected life of such assets. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. {10}------------------------------------------------ #### **2. Summary of Significant Accounting Policies (continued)** #### **Revenue and Expense Recognition from Securities Transactions** The FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company engages in securities sales activity on behalf of its customers and earns commission revenue. Securities transactions and the related revenues and expenses are recorded on a trade-date basis as securities transactions occur. The Company believes that the performance obligation is satisfied on the trade date as that is when the underlying financial instrument or purchaser is identified, the pricing agreed upon and the risks and rewards of ownership have been transferred to the customer. ### **Advisory Fee** The Company provides advisory services on mergers and acquisitions. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgement is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. As of December 31, 2025, the Company had receivables relating to advisory fees of approximately \$150,000 compared to approximately \$3,000,000 as of December 31, 2024. ### **Underwriting Fee** From time to time, the Company is included as a direct subscriber in syndications which are executed at Standard Chartered Bank. The Company recognizes revenue at consummation of a deal and believes that is when the performance obligation is satisfied. As of December 31, 2025, the Company had receivables relating to these deals of approximately \$2,807,000 compared to approximately \$4,033,000 as of December 31, 2024. #### **Cash** As of December 31, 2025, the Company maintained a cash balance of approximately \$57,400,000 with a financial institution which exceeded the Federal Deposit Insurance Corporation ("FDIC") insurance limits. In addition, the Company maintained a cash balance of approximately \$1,869,000 with an affiliated bank which is not FDIC insured. The Company has not experienced any losses and does not believe it is subject to any significant credit risk on these balances. #### **Use of Estimates** The preparation of financial statements in conformity with accounting principles generally accepted 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 {11}------------------------------------------------ #### **2. Summary of Significant Accounting Policies (continued)** amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. #### **Income Taxes** The Company is a single member limited liability company and treated as a disregarded entity for U.S. Federal, state and local income tax purposes. The Company's financial results are included in the Parent's tax filings, and its share of income taxes is included in the income tax expense section of the income statement, and any related payables or receivables will be reflected in related party transactions utilizing a separate company return method to record income taxes. The Company provided all income taxes in accordance with the asset and liability method and recognizes deferred income taxes for the expected future tax consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized as income in the period that includes the enactment date. The Company has adopted ASU 2023-09 ("Topic 740"), Improvements to Income Tax Disclosures. The adoption of the ASU did not have a material impact on its financial statements and related disclosures. ### **3. Single Reportable Segment** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including agency transactions, investment banking, and investment advisory businesses. The Company has identified its management committee as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 5), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The statement of income on page 3 reflects the segment revenues and significant expenses for the year ended December 31, 2025. {12}------------------------------------------------ #### **4. Related Party Transactions** For the year ended December 31, 2025, commission income earned from related parties was approximately \$21,884,000 and the receivables due from these related parties are approximately \$3,795,000 as of December 31, 2025. The receivables due from related parties was approximately \$15,436,000 as of December 31, 2024. As of December 31, 2025, the Company maintained a \$1,700,000 cash deposit with a related party as collateral for covered transactions under Reg W. This deposit is included in due from related parties. The Company's December 31, 2025, due to related parties balance was approximately \$70,000 related to commission activities with related parties. The payables due to related parties was approximately \$3,956,000 as of December 31, 2024. The Company has an expense sharing agreement with subsidiaries of the Parent. Under the agreement, the related companies provide the Company with office facilities and other general and administrative support in exchange for monthly fees. The monthly fees are based on an allocation of the related companies' expenses. Total costs under the agreement for the year ended December 31, 2025, was approximately \$14,266,000 of which approximately \$13,274,000 relates to compensation and benefits, approximately \$432,000 was included in occupancy and equipment and approximately \$560,000 of operational cost included in other expenses in the accompanying statement of income. The Company maintains its insurance coverage with a related entity, at a cost of approximately \$11,000 per annum, and is included in other expenses in the accompanying statement of income. #### **5. Regulatory Net Capital Requirement** As a registered broker-dealer and a member of FINRA, the Company is subject to the Uniform Net Capital Rule 15c3-1 (the "Rule") of the Securities and Exchange Commission which requires a broker-dealer to have at all times sufficient liquid assets to cover current indebtedness. The Company has elected to use the alternative method, as permitted by the Rule, which requires that the Company maintain minimum net capital, as defined, equal to the greater of \$250,000 or 2% of aggregate debit items arising from customer transactions, as defined. At December 31, 2025, the Company's net capital under the Rule was \$56,518,968, which exceeded the minimum requirements of \$250,000 by \$56,268,968. The net capital rule may effectively restrict distributions to the Parent. {13}------------------------------------------------ #### **6. Income Taxes** Provision for income taxes consists of the following: Current | Federal | \$5,034,085 | |--------------------|-------------| | State and local | 363,764 | | Total income taxes | \$5,397,849 | For the year ended December 31, 2025, the Company has determined that there were no material uncertain tax positions. At December 31, 2025, the Company's income tax returns for the years ended 2022, 2023 and 2024 are subject to examination by tax authorities. The current income tax expense (net) represents U.S. federal, state, local income taxes, currently payable. A reconciliation of the difference between the expected income tax expense or benefit computed at the U.S. statutory income tax rate and the Company's income tax expense is shown in the following table: | | Amount | Percent | |-----------------------------------------------------|-----------|---------| | U.S. Federal statutory income tax expense (benefit) | 5,034,085 | 21.0% | | State and Local taxes -
New York | 363,764 | 1.2% | | Effective tax rate | 5,397,849 | 22.2% | The Company adopted the general accounting principle regarding uncertain tax positions. This standard prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken by the Company. | Income taxes net payable (receivable) | | |--------------------------------------------------------------|----------------| | Balance at January 1, 2025 | \$ 3,625,792 | | Provision for current taxes | 5,397,849 | | Current year Federal tax payments to related parties | (8,472,660) | | Current year State and Local tax payments to related parties | (601,411) | | Income taxes net payable (receivable) at December 31, 2025 | \$
(50,430) | {14}------------------------------------------------ #### **7. Financial Instruments with Off-Balance-Sheet Risk** In the normal course of business, the Company executes, as agent, securities transactions on behalf of customers. If the agency transactions do not settle because of failure to perform by either the customer or the counterparty, the Company may be obligated to discharge the obligations of the nonperforming party and, as a result, may sustain a loss if the value of the security is different from the contract amount of the transaction. #### **8. Subsequent Events** The Company has evaluated subsequent events through the date the financial statements were issued. No subsequent events were noted through the report date. {15}------------------------------------------------ #### **Standard Chartered Securities (North America) LLC Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission As of December 31, 2025** | Computation of net capital | | |-----------------------------------------------------------------------------------------------------------------------------|------------------| | Total member's equity | \$
67,672,451 | | Deductions and/or charges: | | | Nonallowable assets: | | | Due from related parties | 5,494,735 | | Excess cash held at releted entity bank | 440,667 | | Accounts receivable | 2,956,821 | | Other assets | 400,369 | | Total nonallowable assets | 9,292,592 | | Aged Fail-to-deliver | 1,860,891 | | Net capital | 56,518,968 | | Computation of alternative net capital requirement | | | Minimum net capital requirement - the greater of 2% of combined aggregated | | | debit items or \$250,000 | 250,000 | | Excess net capital | \$
56,268,968 | | | | | Net capital in excess of the greater of 5% of combined aggregated debit
items or 120% of minimum net capital requirement | \$
56,218,968 | No material differences exist between the above computation and the computation included in the Company's corresponding Form X-17A-5 as of December 31, 2025. {16}------------------------------------------------ The Company is exempt from the provisions of rule 15c3-3 under the Securities Exchange Act of 1934, in that the Company's activities are limited to those set forth in the conditions for exemption appearing in paragraph (k)(2)(i) of the rule. In addition, the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to: (1) receiving fees for providing advisory services on mergers and acquisitions, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.