Resources/ Updates - November 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.


New BrokerCheck Interface ~ In Your Face

Researching the backgrounds of investment professionals is easier and far more in your face with the new, user friendly version of  FINRA’s BrokerCheck system.  A bold, expanding BrokerCheck box, prominently displayed at the head of  FINRA’s homepage, directs visitors to “Check the background of an investment professional”.  This main page portlet delivers background info on brokerage professionals and firms within

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CFTC Aims to Close NFA Membership Loophole

Newly proposed regulation amendments by The Commodity Futures Trading Commission (CFTC) would require that all persons CFTC registered as introducing brokers (IBs), commodity pool operators (CPOs), and commodity trading advisors (CTAs) must become and stay members of a registered futures association.  The National Futures Association (NFA) is presently the only association option. The new section, 170.17, addresses

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2014 Renewals for Broker-Dealers & Investment Advisers ~ Deadline Dec. 13th

Regarding Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2014, the payment deadline is Dec. 13, 2013. From the FINRA Reg. Notice 13-37: FINRA-registered firms that fail to remit full payment of their Preliminary Renewal Statements to FINRA by Dec. 13, 2013: May become ineligible to do business in the jurisdictions where

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E-Delivery OK for Fund Distribution Sources

The SEC Division of Investment Management issued guidance enabling closed-end funds to email the required 19a-1 Notice describing the source of payment if shareholder consent is granted in advance. Backfill Section 19(a) of Investment Company Act of 1940 disallows a fund from making a distribution from a source other than the fund’s net income unless payment

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Better Protections for FCM Customers

The Commodity Futures Trading Commission (“CFTC”) has approved final rules regarding enhanced protections of Future Commission Merchant (“FCM”) customers.   The new rules, in brief, aim to better protect customer segregated and secured funds; require FCMs to implement risk-based management programs with written supervisory procedures; require improved FCM recordkeeping and detailed customer disclosures; and require FCM audits via PCAOB registered and reviewed

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SEC Rules for Crowdfunding Securities ~ Is Crowd Control Possible?

On October 23, 2013, the SEC released for comment 585 pages of proposed rules on governing securities crowdfunding.  If adopted, SEC rules would actually enable companies to issue securities in exchange for investments through an online portal inviting funding from a crowd. Those who operate websites for the purchase and sale of securities for others—under existing SEC

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Curbing Tax Evasion: FATCA Guidance & Draft Agreement for FFIs

The Foreign Account Tax Compliance Act (“FATCA”), enacted by Congress in 2010, aims to combat offshore tax evasion by enforcing the reporting of foreign financial assets. FATCA Objectives: Identify U.S. citizens using foreign accounts to evade their tax responsibilities; Enforce stricter standards pertaining to U.S taxpayers reporting foreign financial  accounts/offshore assets to the IRS; Mandate that U.S. financial

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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