Note 27 - Reserve Requirements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Reserve Requirements [Text Block]

27.

RESERVE REQUIREMENTS

As of

December 31, 2020

, and

2019

, JVB claims exemptions to the reserve requirements under Rule

15c3

-

3

of the Securities Exchange Act of

1934

under

two

separate exemptions.  First, because JVB does

not

carry securities accounts for their customers or perform custodial functions relating to customer securities and, therefore, qualifies for an exemption under Rule

15c3

-

3

(k)(

2

)(ii).  Second, JVB qualifies for an exemption under  Footnote

74

of the SEC Release

No.

34

-

70073

because it limits its business activities to certain activities allowed under this exemption and it does

not

hold customer funds or securities, carry customer accounts, and does

not

carry PAB accounts.