The SDDco Client Update
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“A Few Minutes with FINRA”, an interview series now available on the FINRA website, focused on limited purpose broker-dealers this week. FINRA’s Chief Legal Officer, Robert Colby, said the project underway aims to simplify the rulebook for smaller BDs that don’t touch funds and securities and do play a limited role. Colby explained that many
The SEC proposed, on June 5th, two alternative reforms altering how money market funds (MMFs) operate– to be adopted singly or in combination. The proposals aim to reduce a MMF’s vulnerability to heavy redemptions during times of stress, preserve potential benefits for investors and the short-term financing markets, and increase the transparency of risk. Option 1)
As of January 1, 2014, the Affordable Care Act (“ObamaCare” or the “ACA”) will implement mandatory policy regarding health coverage. All large firms (with 50 or more fulltime or fulltime equivalent employees) must offer its fulltime employees (“EEs”) affordable, minimum-value health care coverage or otherwise pay an annual penalty. What you should know: The annual
The SEC has now adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and rules on updates to this system. As of May 20, 2013, the EDGAR system supports these functions: The new online version of Form 13F; PDF format for other submissions, and US GAAP 2013 Taxonomy. Form 13F
As keynote speaker at the 32nd annual SEC and Financial Reporting Institute Conference on May 30th, Commissioner Elisse Walter addressed the role of the Public Company Accounting Oversight Board (“PCAOB” or the “Board”) regarding auditor reporting standards, generally, and broker-dealers audits, specifically. Walter applauded the PCAOB’s focus on auditing accounting estimates (fair value measurements), but