SEC Comment Letter for BGC Group, Inc. (BGC) (CIK 0001094831) (BGC) — Aug 1, 2014
BGC Group, Inc. (BGC) (CIK 0001094831)
Date: Aug. 1, 2014 · CIK: 0001094831 · Accession: 0000000000-14-039080
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 001-35591
Letter
August 1 , 2014 Via E -mail Anthony Graham Sadler Chief Financial Officer BGC Partners, Inc . 499 Park Avenue New York, NY 10022
Re: BGC Partners, Inc. Form 10 -K for the Year Ended December 31 , 2013 Filed February 28, 201 4 File No. 001-35591
Dear M r. Sadler :
We have reviewed your filing an d have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.
Please respond to this letter within ten business days by amending your filing, by providing the requested information, or by advising us when you will provide the requested response. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.
After reviewing any amendment to your filing and the information you provide in response to these comments, we may have additional comments.
Form 10 -K for the Year Ended December 31, 2013
Cash Position Analysis, page 119
1. Please tell us how you have determined that your meas ure cash position is not a non - GAAP measure.
Consolidated Statements of Operations, page 140
2. Please present interest income, ea rn-outs, gain on divestitures and sale of investments and losses on equity investments below operating expenses in future filings, or tell us why you believe your current presentation complies with Rule 5 -03 of Regulation S -X.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of
Anthony Graham Sadler BGC Partners, Inc. August 1 , 2014 Page 2
1934 and all applicable Exchange Act rules require. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
In responding to our comments, please provide a written statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the Uni ted States.
If you have any questions, you may contact Eric McPhee at (202) 551 -3693 or me at (202) 551 -3429.
Sincerely,
/s/ Kristi Marrone
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August 1 , 2014 Via E -mail Anthony Graham Sadler Chief Financial Officer BGC Partners, Inc . 499 Park Avenue New York, NY 10022 Re: BGC Partners, Inc. Form 10 -K for the Year Ended December 31 , 2013 Filed February 28, 201 4 File No. 001-35591 Dear M r. Sadler : We have reviewed your filing an d have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter within ten business days by amending your filing, by providing the requested information, or by advising us when you will provide the requested response. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your filing and the information you provide in response to these comments, we may have additional comments. Form 10 -K for the Year Ended December 31, 2013 Cash Position Analysis, page 119 1. Please tell us how you have determined that your meas ure cash position is not a non - GAAP measure. Consolidated Statements of Operations, page 140 2. Please present interest income, ea rn-outs, gain on divestitures and sale of investments and losses on equity investments below operating expenses in future filings, or tell us why you believe your current presentation complies with Rule 5 -03 of Regulation S -X. We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of Anthony Graham Sadler BGC Partners, Inc. August 1 , 2014 Page 2 1934 and all applicable Exchange Act rules require. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. In responding to our comments, please provide a written statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclosure in the filing; staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the Uni ted States. If you have any questions, you may contact Eric McPhee at (202) 551 -3693 or me at (202) 551 -3429. Sincerely, /s/ Kristi Marrone Kristi Marrone Senior Accountant