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 sddco.com 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
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
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
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
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
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
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
Regulatory News
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