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Berenberg Capital Markets LLC Berenberg Capital Markets LLC Statement of Financial Condition December 31, 2018 FILED PURSUANT TO RULE 17A-S(e)(3) AS A PUBLIC DOCUMENT Berenberg Capital Markets LLC Contents Facing page to Form X-17A-5 ................................................................................................................. 3A Affirmation of Officer............................................................................................................................... 38 Independent Auditors' Report. ................................................................................................................. 4 Statement of Financial Condition as of December 31, 2018 .................................................................5 Notes to Statement of Financial Condition ........................................................................................ 6-14 2 UNITED~"'TATES 0MB APPROVAL SECURITIES AND EXCHANGE COMMISSION 0MB Number: 3235-0123 Washington, D.C. 20549 Expires: August 31, 2020 Estimated average burden ANNUAL AUDITED REPORT hours per response .... 12.00 FORM X-17A-5 SEC FILE NUMBER PART Ill 8-68821 FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule l 7a-5 Thereunder REPORT FOR THE PERIOD BEGINNING__ __0_ 1_/_0_1_/1_8___ A ND ENDING___ 1_ 2_/_3_1_/1_8___ _ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF BROKER-DEALER: BERENBERG CAPITAL MARKETS LLC OFFICIAL USE ONLY ADDRESS OP PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) FIRM I.D. NO. 1251 Avenue of the Americas, 53rd Floor (No and Street) New York New York 10020 (City) (State) (Zip Code) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT Peter Nichols 646-949-9000 (Area Code - Telephone Number) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* BOO USA, LLP (Name - if individual, s1a1e last, firs/, middle na me) 100 Pi:lrk Avenue New York New York 10017 (Address) (City) (State) (Zip Code) C HECK ONE: I ✓ ICertified Public Accountant □ Public Accountant □ Accountant not resident in United States or any of its possessions. V FOR OFFICIAL USE ONLY •Claims for exemption from the requirement that the annual report be covered by the opinion ofan independent public accountant must be supported by a statement offacts and circumstances relied on as the basis/or the exemption. See Section 240. l 7a-5(e)(2) Potential persons who are to respond to the collection of Information contained in this form are not required to respond SEC 1410 (11-05) unless the form displays a currently valid 0MB control number. OATH OR AFFIRMATION 1, _ P_e_t_e _r _N_ic_h_o_l_s _________________________ , swear (or affirm) that, to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of BERENBERG CAPITAL MARKETS LLC -------------------------------------------- , as of December 31 20 18 are true and correct. I further swear (or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows: Alyssa S. Clements Notary Public, State of New York Reg. No. 01CL6370331 Qualified in New York County Commission Expires 01/29/2022 Co-CEO Title This report** contains (check all applicable boxes): 0 (a) Facing Page. 0 (b) Statement of Financial Condition. D (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 Changes in Financial _Condition. (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. § (t) Statement of Changes in Liabilities Subordinated to Claims of Creditors. (g) Computation of Net Capital. § (h) Computation for Determination of Reserve Requirements Pursuant to Rule I 5c3-3. (i) Information Relating to the Possession or Control Requirements Under Rule l 5c3-3. D (j) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule l 5c3-l and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule l 5c3-3. 0 (k) A Relonciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation. 0 (1) An Oath or Affirmation. D (m) A copy of the SIPC Supplemental Report. 0 (n) A report describing any material inadequacies found to exist or found to have existed since the date ofthe previous audit. ** For conditions ofconfidential treatment ofcer tain portions ofthis filing, see section 210. I 7a-5(e)(3). ' Tel : 212-885-8000 100 Park Avenue IBDO Fax: 212-697-1299 New York, NY 10017 www.bdo.com Report of Independent Registered Public Accounting Firm Board of Directors Berenberg Capital Markets LLC New York, New York Opinion on Statement of Financial Condition We have audited the accompanying stat ement of financial condition of Berenberg Capital Markets LLC (the "Company" ) as of December 31, 2018, and 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 at December 31, 2018, in conformity with accounting principles generally accepted in the United Stat es of America. Basis for Opinion This 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 the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the st andards of the PCAOB. Those 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 of the financial statement, 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 the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 201 1. New York, New York March 11, 2019 BOO USA, llP, a Delaware limited liability partnership, is the U.S. membe-r of BOO International limited, a UK company limited by guarantee, and forms part of th@ international BOO network of independent member finns. BDO is the brand name for the BOO networ1< and fa, each of the BOO Member Firms. Berenberg Capital Markets LLC St atement of Financial Condition December 31, 2018 Assets Cash & cash equiva lents $ 13,965,440 Investments in securities, at fair value 4,989,375 Due from clearing broker 2,738,372 Clearing deposit 1,000,000 Accounts receivable from Berenberg Bank 138,234 Accounts receivable 45,850 Fails to deliver 12,881,510 Due from customer 140,679,130 Property and equipment, net of accumulated depreciation of $2,728,349 10,314,065 Tax receivable 191,036 Prepa id expenses and other assets 1,366,742 Total Assets $ 188,309,754 Liabilities and Member's Equity Liabilities: Accounts payable and accrued expenses $ 1,295,024 Compensation payable 3,584,120 Due to Berenberg Bank 981,183 Due to affiliate 422,468 Deferred rent liability 4,792,679 Fails to receive 140,679,130 Due to customer 12,881,510 Total Liabilities 164,636,114 Commitments and Contingencies (Note 6) Member's Equity: Member's equity 23,673,640 Total M ember's Equity 23,673,640 Total Liabilities and Member's Equity $ 188,309,754 See accompanying notes to statement of financial condition. 5 Berenberg Capital Markets LLC Notes to Statement of Financial Condition 1. Business Berenberg Capital Markets LLC ("Company"), a Delaware limited liability company, is a registered broker-dealer in securities under the Securities Exchange Act of 1934 and is a registered member of the Financial Industry Regulatory Authority ("FINRA") as of November 9, 2011, incorporated on December 8, 2010 and commenced operations on January 1, 2011. The Company is engaged primarily in introducing customers to a foreign affiliate. The Company is wholly-owned by Berenberg Americas, LLC ("Parent" ). The Company conducts its Securities and Exchange Commission ("SEC") Rule lSa-6 activities on a receive versus payment ("RVP")/delivery versus payment (" DVP") basis. The Company is allowed to conduct a settlement system that stipulates cash payment must be made simultaneously with the delivery of a security. The Company is related through ow nership to Joh. Beren berg, Gassler & Co. KG, ("Beren berg Bank'' ), an affiliated German financial institution based in Hamburg with the Parent as the intermediary holding company. Beren berg Bank has only been given the right to settle trades on behalf of the Company through the Prezioso interpreted letter in SEC Rule lSa-6. On June 10,
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