The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
(Rule 7730 Amended) FINRA added two new data delivery options related to TRACE (Trace Reporting and Compliance Engine). Here’s a quick comparison of TRACE data delivery systems, the old and the new: New TRACE Data Delivery Plus: TRACE docs on demand older than 30 calendar days and up to 2 years prior Daily automatic delivery
The National Examination Program (“NEP”) of the SEC shared its exam priorities for 2013. Last month SDDCO boiled down NEP’s exam focus for advisers. This month we did so for brokerage firms. The Broker-Dealer Program (“BD Program”) manages the exam process for BDs, customer accounts, branch offices, and registered reps. It IDs issues and firms
The Gross Income Assessment (GIA) rebate that reduced a firm’s annual assessment by $1,200 expired in 2012. FINRA’s five-year rebate followed the merge of NASD with certain NYSE functions to minimize the impact of the tiered fee structure. All other calculations for 2013 remain in effect, including minimum assessment of $1,200 on annual gross revenue
On 3-21-13, the Staff of the SEC Division of Trading and Markets shared their replies to questions regarding foreign broker-dealer (“FBD”) activities. Backstory: FBDs can engage in limited activities with US investors if they abide Rule 15a-6 (the “Rule’) under the Securities Exchange Act of 1934 (the “Act”). The “Rule”, adopted 1989, gives US institutional
(Regulatory Notice 13-11) FINRA’s new process for waiving CMA fees related to less significant changes: Effective immediately, FINRA will waive the requisite continuing membership application (CMA) fee where FINRA determines that a CMA is proposing less significant changes not requiring substantial staff review. See Full Notice 13-11 for examples of qualifying changes. FINRA’s new process