# IFM (US) SECURITIES, LLC X-17A-5 (2023-09-26) — Broker-dealer annual report - Company: IFM (US) SECURITIES, LLC - Form: X-17A-5 - Filed: 2023-09-26 - Period: 2023-06-30 - Accession: 0001563344-23-000003 - CIK: 1563344 - File #: 8-69201 - Type: Broker-dealer - Material weakness: No - Auditor: CohnReznick LLP - Auditor location: New York, NY - Contact: Chad Kirschenblatt - Phone: 516 222 9111 - Email: chad.kirschenlatt@jrllc.com - Website: jrllc.com - Signed by: David Altshuler (Director) Original filing: https://www.sec.gov/Archives/edgar/data/1563344/000156334423000003/ifmpublic.pdf --- {0}------------------------------------------------ # **IFM (US) SECURITIES, LLC (A Limited Liability Company)** # **STATEMENT OF FINANCIAL CONDITION** **JUNE 30, 2023** {1}------------------------------------------------ | | UNITED STATES | | OMB APPROVAL | |-------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------------|-----------------------------------------------------------------------------| | | SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 | | OMB Number: 3235-0123
Expires: Oct. 31, 2023
Estimated average burden | | | | | hours per response: 12 | | | ANNUAL REPORTS | | SEC FILE NUMBER | | | FORM X-17A-5 | | 8-69201 | | | PART III | | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | FILING FOR THE PERIOD BEGINNING | 07/01/2022 | AND ENDING | 6/30/2023 | | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: | IFM (US) SECURITIES, LLC | | | | TYPE OF REGISTRANT (check all applicable boxes):
■ Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 114 W 47th Street, 19th floor can | | | | | | (No. and Street) | | | | New York | NY | | 10036-1510 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Chad Kirschenblatt | 516 393 5603 | | | | (Name) | (Area Code - Telephone Number) | | Chad.Kirschenlatt@jrllc.com
(Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | CohnReznick | | | | | | (Name - if individual, state last, first, and middle name) | | | | 1301 Avenue of the Americas New York | | NY | 10019 | | (Address) | (City) | (State) | (Zip Code) | | 10-14-2003 | | 596 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | 2018 图 | 三中国际娱乐官 {2}------------------------------------------------ #### OATH OR AFFIRMATION David Altshuler 1. swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of I M / NA ESTOULS IFM (US) Securities LLC as of 6/30 , 2 023 is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature Title: Director Notary Public #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - [ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - O (d) Statement of cash flows. - [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - [ (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - | (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - | (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - @ (t) Independent public accountant's report based on an examination of the statement of financial condition. □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ {w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ | CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT | | A Notary Public or other officer completing this certificate
verifies only the identity of the individual who signed the
document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document. | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | concercional concerner concercio concerca concernario con | | went accocacioned and concerner commended | | | STATE OF CALIFORNIA | | | | | | | | | | County of San Diego | | | | | | | | | | 2023 before me, A. Vasvani, Notary Public | | Here Insert Name and Tille of the Officer | | | Date | | | | | personally appeared | Name(s) of Signer(s) | | | | | | | | | A. VASVANI
Comm. # 2331798
NOTARY PUBLIC - CALIFORNIA UI
SAN DIEGO COUNTY
MY COMM. Exp. Aug. 16, 2024 | acted, executed the instrument.
and correct.
Witness my hand and official seal.
Signature | be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s)
I certify under PENALTY OF PERJURY under the laws of
the State of California that the foregoing paragraph is true | | | Place Notary Seal Above
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document. | OPTIONAL - | Signature of Notary Public | | | Description of Attached Document | | | | | Title or Type of Document: | | | | | Document Date: | | Number of Pages: | | | | | | | | Signer(s) Other Than Named Above: _ | | | | | Capacity(ies) Claimed by Signer(s) | | | | | Signer's Name: _ | Signer's Name: | | | | I Individual | Individual | Corporate Officer - Title(s):_ | | | Corporate Officer - Title(s): ________________________________________________________________________________________________________________________________________________ | | Partner - Limited General | | | Partner - Limited O General
RIGHT THUMBPRINT | Attorney in Fact | RIGHT THUMBPRINT | | | Attorney in Fact
OF SIGNER
Trustee | Trustee | OF SIGNER | | | Top of thumb here
Guardian or Conservator | | Top of thumb here
Guardian or Conservator | | | O Other: | Other: | | | | | | | | | Signer Is Representing: | Signer Is Representing: | | | | | | | | {4}------------------------------------------------ ## **IFM (US) SECURITIES, LLC (A Limited Liability Company)** # **JUNE 30, 2023** ## **TABLE OF CONTENTS** #### **Report of Independent Registered Public Accounting Firm** | Financial
Statement: | Page | |----------------------------------------------------|------| | Statement of Financial Condition 1 | | | Notes to the Statement of Financial Condition 2-4 | | {5}------------------------------------------------ ![](_page_5_Picture_1.jpeg) #### Report of Independent Registered Public Accounting Firm To the Member and Board of Directors IFM (US) Securities, LLC #### *Opinion on the Financial Statement* We have audited the accompanying statement of financial condition of IFM (US) Securities, LLC (a limited liability company and a wholly-owned subsidiary of IFM Investors (US), LLC) (the "Company") as of June 30, 2023, and 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 June 30, 2023, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* This financial statement is the responsibility of the entity's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2015. New York, New York September 22, 2023 {6}------------------------------------------------ # **IFM (US) SECURITIES, LLC (A Limited Liability Company) STATEMENT OF FINANCIAL CONDITION JUNE 30, 2023** #### **ASSETS** | Cash
Receivables from Parent
Prepaid expenses | \$
498,521
6,777,863
1,695 | |--------------------------------------------------------------------------|-------------------------------------| | Total
assets | \$
7,278,079 | | LIABILITIES
AND
MEMBER'S
EQUITY | | | Liabilities:
Accounts payable, accrued expenses and other liabilities | \$
53,240 | | Member's equity | 7,224,839 | | Total
liabilities
and
member's
equity | \$
7,278,079 | See notes to the financial statement. {7}------------------------------------------------ # **IFM (US) SECURITIES, LLC (A Limited Liability Company) NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2023** #### **1. ORGANIZATION AND DESCRIPTION OF BUSINESS** IFM (US) Securities, LLC (the "Company") is a wholly-owned subsidiary of IFM Investors (US), LLC (the "Parent"). The Company was organized on November 19, 2012 as a Delaware limited liability company and is registered to do business in New York as a foreign limited liability company. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection Corporation ("SIPC"). The operating agreement provides for the limited liability company to exist in perpetuity. There is only one class of member. The individual member's limit on liability is based on the relevant state law. The Company markets limited partnership interests of private funds managed by advisory affiliates. The Company does not claim an exemption from the Securities and Exchange Commission ("SEC") Rule 15c3-3 of the Securities Exchange Act of 1934, in reliance on Footnote 74 to the SEC Release 34-70073 which provides that the Company carries no margin accounts, promptly transmits all customers' funds and delivers all securities received in connection with the Company's activities as a broker or dealer, and does not otherwise hold funds or securities for, or owe money or securities to customers. The accompanying statement of financial condition has been prepared from the separate records maintained by the Company and, due to certain transactions and agreements with the Parent, such financial statement may not necessarily be indicative of the financial condition that would have existed or the results that would have been obtained from operations had the Company operated as an unaffiliated entity. #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### *Revenue recognition* Revenues are recognized as cost plus 15% reimbursement from the Parent in the form of fee income. #### *Concentration of risk* The Company maintains cash in a bank account which is interest-bearing. Interest-bearing and noninterest-bearing accounts are insured by the FDIC up to \$250,000 per financial institution. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash. {8}------------------------------------------------ # **IFM (US) SECURITIES, LLC (A Limited Liability Company) NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2023** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** *(continued)* #### *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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### *Income taxes* As a wholly-owned limited liability company, the Company is considered to be a disregarded entity and thus does not file income tax returns in any jurisdiction. The Company files under the Parent's consolidated tax return in which all items of income, expense, gains and losses are reportable by the Parent for tax purposes. The Company has no unrecognized tax benefits at June 30, 2023. #### *Uncertain tax positions* In accordance with the FASB ASU No. 740 ("ASC 740") Subtopic 05 "Accounting for Uncertainty in Income Taxes," the Company did not recognize any amounts from uncertain tax positions. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. Generally, Federal, state and local authorities may examine the Company's tax returns for three years from the date of filing. #### **3. RELATED PARTY TRANSACTIONS** #### *Administration fees* Pursuant to an Expense Sharing Agreement, the Company reimburses the Parent for allocated salaries, rent, communication and other expenses paid for by the Parent. These charges are updated periodically, and determined based on percentages of personnel, square footage and other factors. The Company shall reimburse the Parent at cost for any expenses (including Overhead Expenses) incurred by the Parent in provision of its services and resources hereunder. #### *Fee revenue* The Company receives fees based on the cost plus 15% reimbursement from the Parent. As of June 30, 2023, \$6,777,863 was outstanding and due from the Parent. {9}------------------------------------------------ # **IFM (US) SECURITIES, LLC (A Limited Liability Company) NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2023** #### **4. NET CAPITAL REQUIREMENTS** The Company is subject to the uniform net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness. At June 30, 2023, the Company had net capital, as defined, of \$445,281, which exceeded the required minimum net capital of \$5,000 by \$440,281. Aggregate indebtedness at June 30, 2023 totaled \$53,240. The Company's percentage of aggregate indebtedness to net capital was 11.96%. ## **5. SUBSEQUENT EVENTS** Management of the Company has evaluated events and transactions that may have occurred since June 30, 2023 and determined that there are no material events that would require disclosures in the Company's financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.