# EDGAR Filing Document

**Accession Number:** 0000914911
**File Stem:** 0000914911-23-000001
**Filing Date:** 2023-2
**Character Count:** 31475
**Document Hash:** 81730a2e9d782717fa64b6ffd255654b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000914911-23-000001.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000914911-23-000001

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIA SECURITIES CORP.
- **CENTRAL INDEX KEY:** 0000914911
- **IRS NUMBER:** 411782972
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-46668
- **FILM NUMBER:** 23660042

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CENTER
- **STREET 2:** 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-332-3223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CENTER
- **STREET 2:** 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIA SECURITIES CORP                                     /BD
- **DATE OF NAME CHANGE:** 19931118

### Attached PDF Documents

**Attachment 1:** `sscaudfinancialstmts2022c.pdf`

# SIA Securities Corp.

(SEC I.D. No. 8-46668)

Financial Statements and  
Supplemental Schedules for the  
Year Ended December 31, 2022, and  
Report of Independent Registered  
Public Accounting Firm

# UNITED STATES

# SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C. 20549

OMB APPROVAL

OMB Number: 3235-0123

Expires: Oct. 31, 2023

Estimated average burden

hours per response: 12

# ANNUAL REPORTS

# FORM X-17A-5

# PART III

SEC FILE NUMBER

8-46668

# FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

| FILING FOR THE PERIOD BEGINNING | 01/01/22 | AND ENDING | 12/31/22 |
| --- | --- | --- | --- |
|  | MM/DD/YY |  | MM/DD/YY |

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: SIA Securities Corp.

TYPE OF REGISTRANT (check all applicable boxes):

☑ Broker-dealer

☐ Security-based swap dealer

☐ Major security-based swap participant

☐ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

80 South 8th Street, Suite 3300

| (No. and Street) |  |  |
| --- | --- | --- |
| Minneapolis | Minnesota | 55402 |
| (City) | (State) | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING |  |  |
| Paul Rasmussen | 612-359-2536 | per@sitinvest.com |
| (Name) | (Area Code - Telephone Number) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

Deloitte & Touche LLP

| (Name - if individual, state last, first, and middle name) |  |  |  |
| --- | --- | --- | --- |
| 50 South Sixth Street | Minneapolis | MN | 55402 |
| (Address) | (City) | (State) | (Zip Code) |
| 10/20/03 |  | 34 |  |
| (Date of Registration with PCAOB)(if applicable) |  | (PCAOB Registration Number, if applicable) |  |
| FOR OFFICIAL USE ONLY |  |  |  |

* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

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.

# OATH OR AFFIRMATION

I, Kelly Boston ____, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of SIA Securities Corp. ____, as of 12/31 ____, 2022 ____, 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.

![img-0.jpeg](img-0.jpeg)

Notary Public

Signature: Kelly Boston
Title: Secretary

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).
☑ (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.
☐ (l) 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-1, 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 report or 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 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
☐ (y) Report describing any material inadequacies found to exist or 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 240.18a-7(d)(2), as applicable.

![img-1.jpeg](img-1.jpeg)

**Deloitte & Touche LLP**  
50 South 6th Street  
Suite 2800  
Minneapolis, MN 55402-1538  
USA

Tel: +1 612 397 4000  
Fax: +1 612 397 4450  
www.deloitte.com

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Directors and Shareholder of SIA Securities Corp.

### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of SIA Securities Corp. (the “Company”), as of December 31, 2022, and the related statement of income (loss), cash flows, and changes in shareholder’s equity for the year then ended December 31, 2022, 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, 2022, 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

## Report on Supplemental Schedules

The supplemental schedules h, j, and m, listed in the accompanying table of contents have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental schedules are the responsibility of the Company's management. Our audit procedures included determining whether the supplemental schedules reconcile 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 schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

February 21, 2023

We have served as the Company's auditor since 2007.

# **SIA SECURITIES CORP.**

# **STATEMENT OF FINANCIAL CONDITION**
**AS OF DECEMBER 31, 2022**

# **ASSETS**

ASSETS:

| Cash equivalents | $150,720 |
| --- | --- |
| Accounts receivable | 7,296 |
| Receivable from Sit Investment Associates, Inc. | 3,563 |
| Prepaid expenses | 14,645 |
| Income tax receivable | 1,582 |
| TOTAL | $177,806 |

# **LIABILITIES AND SHAREHOLDER'S EQUITY**

LIABILITIES:

| Deferred tax liability | $6,306 |
| --- | --- |
| Total liabilities | 6,306 |

SHAREHOLDER'S EQUITY:

| Common stock, $0.01 par value - authorized, 1,000,000 shares; issued and outstanding, 50,000 shares | 500 |
| --- | --- |
| Additional paid-in capital | 84,500 |
| Retained earnings | 86,500 |
| Total shareholder's equity | 171,500 |
| TOTAL | $177,806 |

See notes to financial statements.

- 3 -

# SIA SECURITIES CORP.

## STATEMENT OF INCOME (LOSS)

### FOR THE YEAR ENDED DECEMBER 31, 2022

REVENUES:

| Distribution and marketing fees | $38,029 |
| --- | --- |
| 12b-1 fees | 90,112 |
| Other revenue | 50,099 |

| Total revenues | 178,240 |
| --- | --- |

EXPENSES:

| Distribution expenses | 90,276 |
| --- | --- |
| Registration and licensing fees | 22,866 |
| Management fee | 25,000 |
| Professional fees | 33,621 |
| Insurance | 3,498 |
| Training | 746 |

| Total expenses | 176,007 |
| --- | --- |

INCOME BEFORE BENEFIT FOR INCOME TAXES 2,233

PROVISION FOR INCOME TAXES 657

NET INCOME 1,576

See notes to financial statements.

- 4 -

# **SIA SECURITIES CORP.**

# **STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED DECEMBER 31, 2022**

CASH FLOWS FROM OPERATING ACTIVITIES:

| Net income | $1,576 |
| --- | --- |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |
| Noncash items included in net income: |  |
| Deferred income taxes | 467 |
| Changes in assets and liabilities: |  |
| Accounts receivable | 1,645 |
| Prepaid expenses | (3,133) |
| Payable to Sit Investment Associates, Inc. | (6,944) |
| Income tax receivable | 190 |
| Net cash used in operating activities | (6,199) |
| DECREASE IN CASH EQUIVALENTS | (6,199) |
| CASH EQUIVALENTS - Beginning of year | 156,919 |
| CASH EQUIVALENTS - End of year | $150,720 |

See notes to financial statements.

- 5 -

# **SIA SECURITIES CORP.**

# **STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY  
FOR THE YEAR ENDED DECEMBER 31, 2022**---

|  | Common Stock | Additional Paid-In Capital | Retained Earnings | Shareholder's Equity |
| --- | --- | --- | --- | --- |
| BALANCE - January 1, 2022 | $500 | $84,500 | $84,924 | $169,924 |
| Net income | - | - | 1,576 | 1,576 |
| BALANCE - December 31, 2022 | $500 | $84,500 | $86,500 | $171,500 |

See notes to financial statements.

- 6 -

# SIA SECURITIES CORP.

### NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022---

## 1. OWNERSHIP AND NATURE OF BUSINESS

SIA Securities Corp. (the “Company”) is a 100%-owned subsidiary of Sit Investment Associates, Inc. (SIA). The Company is registered as a broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority, Inc. The Company’s primary objective is the promotion and marketing of the Sit Mutual Funds (the “Mutual Funds”), a group of no-load mutual funds for which SIA is the investment adviser. The Company has one operating and reportable segment. Pursuant to a management agreement between the Company and SIA, most of the Company’s operating expenses are paid by SIA. The Company’s results of operations may not be indicative of the results that might be obtained had it operated independently of SIA.

## 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

**Basis of Presentation** - The financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”).

**Revenue Recognition** - Sit Mutual Funds, Inc. has adopted on behalf of Sit Dividend Growth Fund class S shares, Sit Global Dividend Growth Fund class S shares, Sit Small Cap Dividend Growth Fund class S shares and Sit ESG Growth Fund class S shares a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the distribution plan, the class S shares pay the Company distribution fees for the sale and distribution of its shares. The 12b-1 distribution fees are equal to an annual rate of 0.25% of the average daily net asset value of class S shares. These fees are received in cash after the end of each monthly period within 30 days, with any outstanding amounts due in accounts receivable.

In evaluating the appropriate timing of the recognition of these fees, the Company applied the guidance on up-front fees to determine whether such fees are related to the transfer of a promised service (a distinct performance obligation). The amount of fees is a variable amount which can be recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company’s influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which is daily. The 12b -1 distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied during the period presented. Transaction price is in all instances formulaic and not subject to judgment at the current time. The allowance for doubtful accounts is subject to judgment. There were no impairment losses (allowance for doubtful accounts) on any new receivables from any revenue stream.

Additionally, the Company receives distribution and marketing fees and other revenue from SIA as reimbursement for insurance, professional fees, and registration and licensing fees. Revenues associated with the reimbursement of such expenses is recorded when the Company is contractually entitled to such reimbursement, which is usually as expenses are incurred. See further discussion of amounts paid by SIA on behalf of the Company in Note 5.

- 7 -

Cash Equivalents - Cash equivalents consist of money market mutual funds. These money market mutual funds are carried at fair value and are considered cash equivalents because of the Company’s ability to redeem them at any time. The Company’s only investment is in a money market fund.

Prepaid expenses - Prepaid expenses consist primarily of unamortized amounts of prepaid registration expenses.

Income Taxes - The Company files its own tax returns, and accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that these assets are believed to be more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that the Company will not be able to fully realize its deferred tax assets, a deferred tax asset valuation allowance will be recorded, which would reduce the provision for income taxes.

Uncertain tax positions are recorded in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification 740 on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority is recognized. The Company has concluded that there are no uncertain tax positions as of December 31, 2022.

Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

### 3. ASSETS MEASURED AT FAIR VALUE

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:

Level 1 - Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2 - Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

- 8 -

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Determination of Fair Value - The Company uses valuation techniques consistent with the market approach to measure the fair value of its assets. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

A description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy are as follows:

Cash Equivalents - Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their NAV and are classified as Level 1. There were no transfers between levels during the year ended December 31, 2022.

### 4. INCOME TAXES

Income tax expense for the year ended December 31, 2022, consists of the following:

|  | Current | Deferred | Total |
| --- | --- | --- | --- |
| Federal | $117 | $352 | $469 |
| State | 73 | 115 | 188 |
| Provision for income taxes | $190 | $467 | $657 |

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amounts in the balance sheet. These are temporary differences result in taxable or deductible amounts in future years.

The Company had no unrecognized tax benefits or accrued interest and penalties during the year ended December 31, 2022. The federal and state tax returns are subject to examination by the tax authorities for the years subsequent to 2018.

### 5. RELATED-PARTY TRANSACTIONS

The Company has a management agreement with SIA, the Parent, whereby SIA pays most of the Company’s operating expenses that are charged or allocated to the Company, including legal, professional, and insurance costs. Amounts paid by SIA on behalf of the Company for registration and licensing fees, professional fees, and insurance amounted to $59,985; distribution expenses of $90,276 were allocated to the Company for certain distribution expenses incurred by the Parent. SIA also provides the Company with office facilities to conduct its business activities. In return for these services, the Company pays a management fee to SIA, which was $25,000 in 2022. Additionally, SIA pays an annual distribution and marketing fee to the Company in an amount agreed upon by SIA and the Company, which was $38,029 in 2022. The Company has receivable from SIA of $3,563 as of December 31, 2022.

### 6. REGULATORY REQUIREMENTS

The Company is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1), which requires the Company to maintain a minimum net capital equivalent to the greater of $25,000 or 6-2/3% of aggregate

- 9 -

indebtedness and requires that the ratio of aggregate indebtedness to net capital, both as defined under such provisions, shall not exceed 15 times its net capital. If the ratio of indebtedness to adjusted net capital exceeds 15 to 1, the Company is prohibited from engaging in any securities transactions. If the ratio exceeds 12 to 1, the Company may be required to reduce its business. If the ratio exceeds 10 to 1, the Company may be prohibited from expanding its business. The Company has at all times maintained its net capital above SEC-required levels. As of December 31, 2022, the Company's net capital of $141,401 was $116,401 in excess of its required net capital of $25,000. The Company's ratio of aggregate indebtedness to net capital was 1 to 22 as of December 31, 2022.

The Company claims exemption from the SEC's Rule 15c3-3 of the SEC under paragraph (k)(1) of that rule. Under this exemption, the Computation for Determination of Reserve Requirements and Information Relating to the Possession or Control Requirements are not required.

# 7. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were issued. The Company has determined there were no material events that require adjustment to or disclosure in these financial statements.

* * * * * *

- 10 -

## **SUPPLEMENTAL SCHEDULES**

- 11 -

SIA SECURITIES CORP.

Schedule h

# COMPUTATION OF NET CAPITAL UNDER 17 CFR 240.15C3-1 OR 17 CFR 240.18A-1

# AS OF DECEMBER 31, 2022

| NET CAPITAL: |  |
| --- | --- |
| Total shareholder's equity | $171,500 |
| Less nonallowable assets: |  |
| Accounts receivable | 7,296 |
| Receivable from Sit Investment Associates, Inc. | 3,563 |
| Prepaid expenses | 14,645 |
| Deferred tax assets | 1,582 |
| Total nonallowable assets | 27,086 |
| Net capital before haircuts | 144,414 |
| Haircuts on securities: |  |
| Cash equivalents | 3,013 |
| Total haircuts on securities | 3,013 |
| NET CAPITAL | $141,401 |
| AGGREGATED INDEBTEDNESS: |  |
| Deferred tax liability | 6,306 |
| TOTAL AGGREGATED INDEBTEDNESS | $6,306 |
| COMPUTATION OF BASIC NET CAPITAL REQUIREMENT: |  |
| Minimum net capital required (greater of $25,000 or 6 2/3% of aggregated indebtedness) | $25,000 |
| Excess net capital | $116,401 |
| Ratio of aggregated indebtedness to net capital | 1 to 22 |

Note: There are no material differences between the computation using the amounts reported in the accompanying audited financial statements and the computation as reported in the Company's FOCUS report Part IIA filed on January 18, 2023.

- 12 -

**SIA SECURITIES CORP.**

**Schedule j**

# **COMPUTATION FOR DETERMINATION OF CUSTOMER RESERVE REQUIREMENTS  
PURSUANT TO EXHIBIT A TO 17 CFR 240.15C3-3  
AS OF DECEMBER 31, 2022**---

The Company is exempt from Rule 15c3-3 of the Security and Exchange Commission, including the Computations for Determination of the Reserve Requirements, under paragraph (k)(1).

- 13 -

**SIA SECURITIES CORP.**

**Schedule m**

# **INFORMATION RELATING TO THE POSSESSION OR CONTROL FOR CUSTOMERS  
UNDER 17 CFR 240.15C3-3  
AS OF DECEMBER 31, 2022**---

The Company is exempt from Rule 15c3-3 of the Security and Exchange Commission, including the Information relating to the Possession or Control Requirements, under paragraph (k)(1).

- 14 -

**Attachment 2:** `exemptrpt2022a.pdf`

# SIA Securities Corp.
Rule 15c3-3 Exemption Report

SIA Securities Corp. (the “Company”) is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, “Reports to be made by certain brokers and dealers”). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:

(1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. § 240.15c3-3 (k) (1).

(2) The Company met the identified exemption provisions in 17 C.F.R. § 240.15c3-3(k) throughout the period January 1, 2022 through December 31, 2022 without exception.

SIA Securities Corp.

I, Kelly Boston, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

/s/ Kelly Boston
Kelly Boston
Secretary, SIA Securities Corp.

February 22, 2023
date

G:\Compliance\SSC Reports\SSC 2022\Exemption report - 15c3 audit 2022.docx

**Attachment 3:** `acctrptexempt2022a.pdf`

![img-0.jpeg](img-0.jpeg)

**Deloitte & Touche LLP**  
50 South 6th Street  
Suite 2800  
Minneapolis, MN 55402-1538  
USA

Tel: +1 612 397 4000  
Fax: +1 612 397 4450  
www.deloitte.com

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Directors and Shareholder of SIA Securities Corp.

We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) SIA Securities Corp. (the 'Company'), identified the following provisions of 17 C.F.R. Rule 15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. 240 Rule 15c3-3(k)(1) (the 'exemption provisions'), and (2) the Company stated that the Company met the identified exemption provisions throughout the year ended December 31, 2022, without exception. The Company's management is responsible for compliance with the exemption provisions and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(1), of Rule 15c3-3 under the Securities Exchange Act of 1934.

*Deloitte & Touche LLP*

February 21, 2023

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0000914911

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** SIA SECURITIES CORP.

**Business Address:** 3300 IDS CENTER, 80 S. 8TH STREET, MINNEAPOLIS, MN, 55402

**Contact Person:** Kelly Boston

**Contact Phone:** 612-359-2558

### Independent Public Accountant Identification

**Accountant Name:** Deloitte & Touche LLP

**Accountant Address:** 50 South 6th Street, Suite 2800, Minneapolis, MN, 55402

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Kelly Boston**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **SIA SECURITIES CORP.**, as of **12-31-2022**, are true and correct.

**Signature:** Kelly Boston

**Title:** Secretary

**Notarized:** Yes