On January 11, the New York Fed published a revised policy on the administration of primary dealer relationships for existing and prospective primary dealers.  Changes to the policy include: (i) a more structured presentation of the standards expected of a primary dealer, (ii) a more formal application process for prospective primary dealers, (iii) an increase in the minimum net capital requirement from $50 million to $150 million, (iv) a seasoning requirement of one year of relevant operations before a prospective primary dealer may apply, and (v) a clear notice of possible sanctions in the event of noncompliance.  Release.  Revised Policy.  FAQs.