Hawkeye State regulators have released an update about how they will interpret a new financial reporting rule.

The Iowa Securities & Regulated Industries Bureau say officials there will require a broker-deal to file an audited financial statement only if the firm is filing an initial application, or if the bureau calls, faxes, or e-mails the firm asking for the financial statements.

The bureau issued the clarification in connection with an audited financial statements rule that will take effect Wednesday.

“Upon the administrator’s oral or written request, a broker-dealer shall provide to the administrator the broker-dealer’s most recent financial reports, audited or unaudited, within 2 business days of the request,” officials write in a summary of the new rule.

“A broker-dealer may utilize express mail delivery or transmission via electronic means to comply with a request pursuant to this subrule,” officials write.

A copy of the financial statement notice is on the Web