# J. P. Morgan Prime Inc. X-17A-5 (2022-03-01) — Broker-dealer annual report - Company: J. P. Morgan Prime Inc. - Form: X-17A-5 - Filed: 2022-03-01 - Period: 2021-12-31 - Accession: 0001657974-22-000014 - CIK: 1657974 - File #: 8-69703 - Type: Broker-dealer - Material weakness: No - Auditor: PricewaterhouseCoopers LLP - Auditor location: New York, NY - Contact: Charles DiVuolo - Phone: 212-552-9891 - Email: ait@mwn.wtti - Website: mwn.wtti - Signed by: James M. Collins (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1657974/000165797422000014/prime2021sofc.pdf --- {0}------------------------------------------------ # J.P. Morgan Prime Inc. (an indirect wholly-owned subsidiary of JPMorgan Chase & Co.) # Statement of Financial Condition December 31, 2021 {1}------------------------------------------------ ## J.P. Morgan Prime Inc. (an indirect wholly-owned subsidiary of JPMorgan Chase & Co.) Table of Contents December 31, 2021 | | Page | |----------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | 1 | | Statement of Financial Condition | 2 | | Notes to Statement of Financial Condition | | | Note 1. Organization | ന | | Note 2. Significant accounting policies | 3 | | Note 3. Fair value measurements | 4 | | Note 4. Securities financing activities | 7 | | Note 5. Related parties | 8 | | Note 6. Income taxes | 9 | | Note 7. Regulatory requirements | 9 | | Note 8. Pledged assets, collateral and contingencies | ರಿ | | Note 9. Subsequent events | 10 | {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) ## Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholder of J.P. Morgan Prime Inc. ## Opinion on the Financial Statement - Statement of Financial Condition We have audited the accompanying statement of financial condition of J.P. Morgan Prime Inc. (the "Company") as of December 31, 2021, 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 December 31, 2021 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 regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of this financial statement in accordance with the 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, 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 principles used and significant estimates made by management, as well as evaluating the financial statement. We believe that our audit provides a reasonable basis for our opinion. March 1, 2022 We have served as the Company's auditor since 2016. {3}------------------------------------------------ QV?PW@>IVL>MC.M;?>PI=MLI?I | /44DR4 | | |-------------------------------------------------------------|---------------------| | 5I>P |

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. | !+EACCNLOAM;IM\*9NSERA4EAMIMSE\*4A.OA4SNFS+E SASELEMSNF4IMAMCIA.1NMDISINM {4}------------------------------------------------ # J.P. Morgan Prime Inc. (an indirect wholly-owned subsidiary of JPMorgan Chase & Co.) Notes to Statement of Financial Condition December 31, 2021 #### 1. Organization J.P. Morgan Prime Inc. (the "Company"), is a wholy-owned subsidiary of J.P. Morgan Securities"), which is an indirect wholly-owned subsidiary of JPMorgan Chase"), a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. For purposes of this report, an "affiliate" is defined as JPMorgan Chase or a direct or indirect subsidiary of JPMorgan Chase. The Company is registered as a broker-dealer with the U.S. Securities and Exchange Commission ("SEC") and is also a member firm of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). #### Nature of business The Company enters into securities borrowed transactions and transactions (collectively, "securities financing agreements") to facilitate J.P. Morgan Securities' customers' prime brokerage transactions. #### Parent company guarantee of certain obligations Certain obligations arising out of transactions entered into by the Company are guaranteed by J.P. Morgan Securities. ## Capital actions During the year ended December 31, 2021, the Company paid a cash dividend of \$150.0 million to J.P. Morgan Securities. Refer to Note 7 for further information on the Company's regulatory requirements. ## 2. Significant accounting policies The accounting and financial reporting policies of the Company conform to accounting principles generally accepted in the U.S. ("U.S. GAAP"). Additionally, where applicies conform to the accounting and reporting guidelines prescribed by regulatory authorities. #### (a) Accounting and reporting developments Financial Accounting Standards Board ("FASB") Standards adopted since January 1, 2021 ## Reference rate reform Effective March 12, 2020, the FASB issued an accounting standards update providing various elective options, referred to as "practical expedients," that are intended to simplify the operations impact of applying generally accepted accounting principles to contracts affected by reference rate reform. Effective January 7, 2021, the FASB issued an update, which provides an election to account for derivatives modified to change the rate used for discounting, or contract price alignment (collectively "discounting transition") as modifications. The Company elected of the practical expedients related to contract modifications beginning in the second half of 2020. These a material impact on the Statement of Financial Condition. #### (b) Basis of presentation ## Use of estimates in the preparation of the Statement of Financial Condition The preparation of the Statement of Financial Condition requires management to make estimates and assumptions that affect the reported amounts of assets and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. #### Offsetting assets and liabilities U.S. GAAP permits securities borrowed and loaned to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Company has elected to net such balances where it has determined that the specified conditions are met. The Company uses master netting agreements to mitigate counterparty credit risk in certain securities borrowed and loaned agreements. A master netting agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or margin when due). Upon the exercise of termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive value or "in the money" transactions are netted against the negative value or "out of the money" transactions and (ii) the only remaining payment obligation is of one of the netted termination amount. Upon exercise of securities loaned default rights in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. {5}------------------------------------------------ ## J.P. Morgan Prime Inc. (an indirect wholly-owned subsidiary of JPMorgan Chase & Co.) Notes to Statement of Financial Condition December 31, 2021 Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the right to demand margin (the "demanding party"). The collateral/margin agreement typically requires a party to transfer collateral/ margin to the demanding party with a value equal to the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. Refer to Note 4 for further information on the Company's securities financing activities. #### (c) Securities financing agreements Securities borrowed and securities loaned are treated as collateralized transactions and are measured at amortized cost. Additionally, the Company may receive securities as collateral in securities transactions. If the Company is the lender in these transactions and where the Company is permitted to sell or repledge the collateral received, the Company reports the fair value of the securities received and the related obligation to return securities received as collateral on the Statement of Financial Condition. Refer to Note 4 for further information. #### (d) Income taxes The results of operations of the Company are included federal, New York State, New York City and other state income tax returns filed by JPMorgan Chase. Pursuant to a tax sharing agreement, JPMorgan Chase allocates to the Company its share of the consolidated income tax expense or benefit based upon statutory rates applied to the Company's earnings as it it were filing a separate income tax return. Furthermore, JPMorgan Chase will reimburse the Company currently for losses irrespective of whether the Company would utilize losses on a separate return basis. The separate return adjusted for benefits-for-loss allocation methodology to provide for income taxes on the Statement of Financial Condition. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that in the opinion of management, is more likely than not to be realized. State and local income taxes are provided on the Company's taxable income at the effective income tax rate applicable to the consolidated JPMorgan Chase entity. The guidance on accounting for uncertainty in income taxes describes how uncertain tax positions should be recognized, measured, presented and disclosed on the Statement of Financial Condition. This guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's Statement of Financial Condition to determine whether the tax positions are more likely than not to be realized as a tax benefit or expense in the current year. After-tax interest and penalties, as well as the related unrecognized in income tax expense. The tax sharing agreement between JPMorgan Chase and the Company payments to or from JPMorgan Chase for outstanding current tax assets or liabilities. Refer to Note 6 for further information. ## 3. Fair value measurement of financial instruments The Company carries a portion of its assets and liabilities at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Company's Statement of Financial Condition). Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment), Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation techniques that consider relevant transaction characteristics (such as maturity) and use, as inputs, observable market parameters, including yield curves, interest rates, volatilities, prices), correlations, foreign exchange rates and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. The level of precision in estimating unobservable market inputs or other the amount of gain or loss recorded for a particular position. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Company's businesses and portfolios. {6}------------------------------------------------ DPM 5WU;IVa @>M> AI=QW@> UM?PWLWTWOQM> IVL I>>@U;?QWV> QV ?PM LM?M=UQVI?QWV WN NIQ= AIT@M DPM @>M WN LQNNM=MV? UM?PWLWTWOQM> W= I>>@U;?QWV> Ja W?PM=UI=SM? ;I=?Q.Q;IV?> .WU;I=MLBQ?P ?PW>M @>ML Ja ?PM 5WU;IVa .W@TL =M>@T? QV ?PM 5WU;IVaLM=QAQVOILQNNM=MV?M>?QUI?MWNNIQ=AIT@MI??PM=M;W=?QVOLI?M #### "#JS#R+MLNPMBD44 BQ>S\$?ISQVO N@V.?QWV>I=M =M>;WV>QJTM NW=;=WAQLQVO NIQ=AIT@MM>?QUI?M> NW=I>>M?>IVLTQIJQTQ?QM>.I==QMLWV ?PMC?I?MUMV?WN 8QVIV.QIT 5WVLQ?QWV I? NIQ= AIT@M ;# W=OIV 5PI>Me> FIT@I?QWV 5WV?=WT 9=W@; fF59g BPQ.P Q> ;I=? 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