Resources/ Updates - September 2013

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 website. Always check with your accountant and/or attorney.


Who Must Register as a Municipal Advisor?

By unanimous vote on September 18th, the SEC, as required by Dodd-Frank, adopted final rules regarding municipal advisor registration—most notably clarifying who must register.  The final rules require that municipal advisors providing advice on the issuance of municipal securities or “investment strategies” on municipal derivatives permanently register with the SEC beginning July 1, 2014. Why

Read more >


Picking the FINRA Arbitration Trio

A FINRA arbitration forum settles disputes, without litigation or mediation, that involve broker-dealer customers or non-customer, industry parties.  Arbitration panels consist of one or three arbitrators chosen by the involved parties.  To simplify panel selection in cases with three arbitrators, the SEC has approved amendments to FINRA’s Code of Arbitration Procedure for Customer Disputes. Now all parties

Read more >


Bad Actors Get the Hook ~ Disqualifications for Private Placement Offerings

To further apply mandates of the Dodd-Frank Act, the SEC has amended the Securities Act of 1933 securities registration exemption commonly relied upon by firms raising capital on a private placement basis. Under new Rule 506(d), now in effect, the participation of certain felons and other “bad actors” in a private securities offering could disqualify

Read more >


FINRA Makes Changes to the Exam Process

In its ongoing attempt to improve the broker-dealer review process, FINRA announced advances based on firm feedback.  Via an August email to member firms and the supplementary, A Few Minutes with FINRA video, Executive Vice President of Regulatory Operations, Susan Axelrod, detailed changes: Requesting more specific documents even earlier in the exam process, Adopting improved

Read more >


Regulators Advise Investors on Industry Titles

What’s in a name?  Apparently a lot, a little or nothing at all…prompting the Securities and Exchange Commission (“SEC”) and North American Securities Administrators Association (“NASAA”) to jointly issue the investor bulletin, Making Sense of Financial Professional Titles (the “Bulletin”).  Their goal is to aid investors in understanding what the various titles used by people in the financial services industry actually

Read more >


FINRA To “Publicize” More Discipline

While commonly called the “Publicity Rule”, FINRA Rule 8513 does not concern publicity in the traditional sense.   It governs FINRA’s public release of information related to broker-dealer disciplinary actions. Effective, December 16, 2013, FINRA may now publicly share copies of disciplinary complaints and actions linked to broker-dealer firms and their registered representatives in unedited form.

Read more >


Notification Action for Most Employers ~ ACA Deadline October 1st

Though the large employer report or pay mandate of the 2010 Patient Protection and Affordable Care Act (“ACA”) was delayed till January 2015, this delay does not affect the imminent October 1st requirement impacting most employers, large or small. Employers with 50 or more fulltime employees are benefitting from a one-year delay postponing the effective

Read more >


Interactive Tool for Business Owners on Affordable Care

Announced August 1st,, developed by the Obama administration, is an interactive tool for business owners. This portal provides timely data on how the 2010 Affordable Care Act (“ACA”) may affect businesses and individuals. A wizard tool on the site is customized (according to location and number of employees) to provide timelines, coverage options, and

Read more >


ACA Out-of-Pocket Cost Cap Delayed

Another Affordable Care Act (“ACA”) deadline has been delayed according to a post on the Labor Department’s website.  An out-of-pocket annual cap on health care expenses will not come into effect until 2015, one year later than originally scheduled. An important provision to the ACA ensures a limit on out-of-pocket insurance costs, including deductibles and

Read more >


IRS Issues Post DOMA Decision Tax Guidance

The U.S. Department of the Treasury and the Internal Revenue Service (the “IRS”) ruled August 29th that, for federal tax purposes, legal marriage is legal marriage no matter where you live.   All same-sex married couples, legally married in jurisdictions recognizing their union, will be treated as married for federal tax purposes in every state—including the 37

Read more >


Disaster Plan Advisory ~ FINRA, SEC & CFTC

FINRA, the SEC, and CFTC issued an advisory based on their joint review of certain firms’ business continuity plans and disaster recovery planning after Superstorm Sandy. After Sandy ripped into the North East—closing the equities and options market October 29-30, 2012—the three regulatory agencies contacted companies with substantial market presence to better understand how firms responded to

Read more >


SDDco specializes
in two industries.

Our know-how and our network supports the financial services & tech industries.

We hold the right training and licensures to keep you in step and mitigate risk.

Our Credentials


SDDco supports
industry leaders.

We oversee back office functions so you can focus on your own clients.

Major banks, private funds, RIAs, BDs, and tech startups choose us.

Our Clients


SDDco is as good
as its great people.

Our CPAs, FinOps and
consultants are licensed,
experienced professionals.

Partner with us for start-ups and for ongoing accounting, compliance and tax work.

Our People


SDDco performs
services onsite.

Outsourced support with
SDDco isn’t out of sight.

We work in your space and for your team on a regular basis. Engage the expertise without the fulltime hire.

Our Praises


SDDco observes
AICPA principles.

Our inaugural firm began
when two CPAs opened
a NYC office back in 1952.

We faithfully maintain the CPA standards: integrity, competency, confidentiality….

Our Group