Brokerage firms in the U.S. will now be able to meet their regulatory filing obligations to both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corp. (SIPC) with a single filing.

FINRA, the securities industry’s self-regulatory organization and the SIPC, the industry’s contingency fund, announced an agreement designed to simplify the filing process and reduce inaccurate filings of audited financial statements. Starting Sept. 1, firms that are currently required to file annual reports with both the SIPC and FINRA will be able to file just once, using FINRA’s existing reporting portal.

The move is intended to reduce the compliance burden and costs for brokerage firms, FINRA and the SIPC say.

“Streamlining a regulatory filing requirement in a manner that reduces burdens on firms while preserving important investor protections is consistent with the goals of FINRA360, our ongoing review of our regulatory programs and operations,” says Robert Cook, president and CEO of FINRA, in a statement. “We appreciate the opportunity to work with the SIPC on this initiative.”