Resources/ Updates - July 2014

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.


MSRB Proposes Revised Continuing Ed Reqs for Municipal Securities Dealers

The Municipal Securities Rulemaking Board (“MSRB”) filed a rule change with the Securities and Exchange Commission (“SEC”) on July 22, 2014, to require that dealers provide Firm Element continuing education annually on “municipal securities for registered representatives and principals who regularly engage in or supervise, respectively, municipal securities activities.” Since the inception of MSRB Rule

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SDDCO Welcomes Monica McGinley, Director of Investment Adviser Compliance Services

Monica McGinley, Esq. recently joined SDDCO Regulatory Services LLC (“SDDCO-RS”) to oversee SDDCO’s outsourced regulatory compliance support program for investment advisers. In her role as Director, Monica leads advisers through SEC and state registrations, develops customized compliance manuals, and performs as the designated Chief Compliance Officer. Related Document SDDCO Announces New Hire Monica McGinley, Esq., Director of Investment Adviser Compliance

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10 Tax Tips on Day Camp & Day Care ~ Summertime, Anytime

School’s out for summer.  For many parents this means paying for your kids’ day camp or day care while at work.  Such work associated childcare costs might qualify you for a federal tax credit. Consider 10 IRS tax tips on getting a Child and Dependent Care Tax Credit (“CDC Credit”): 1) CDC Credit applies to the cost for caring for qualifying person(s) as

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SDDCO-BA Welcomes Don McGuire, Managing Director Investment Banking

SDDCO Brokerage Advisors, LLC (“SDDCO-BA”) [Member: FINRA/SIPC] of The SDDCO Group announces the hire of senior executive Don McGuire to provide advisory and capital raising services to growth and middle market companies across all industries. Don’s exceptional track record of operations management and business growth in domestic and international markets was built on his ability to quickly

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Adviser Survey Finds Cybersecurity a Hot Compliance Topic

The ninth annual Investment Management Compliance Testing Survey discovered that 75% of those polled rated cybersecurity as “the most concerning compliance topic of 2014.”  The survey, polling 369 compliance offers of advisory firms, was conducted by the Investment Adviser Association (IAA), ACA Compliance Group, and Old Mutual Asset Management. “An exceptionally large segment of the

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On FINRA Crunching Colossal Data

“Every day, FINRA processes over 30 billion transactions and monitors nearly 6 billion shares traded in U.S.-listed equities markets.”  Learn more about FINRA’s current and potential technology power from Steven Randich’s informative slideshow linked below. Steven Randich, FINRA Executive VP and CIO, presented at the June 17, 2014 SIFMA Technology conference on the topic of Big

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SEC Urges Concise Summaries for Mutual Fund Disclosures

The SEC’s Division of Investment Management (“IM Staff”) released guidance for the summary section of mutual fund disclosures.  IM Staff reminds fund managers that a “summary” should be just that, and not a reiteration of the information of risks and investment strategies from the prospectus. They clarify that mutual fund disclosure summaries should be brief

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New PCAOB Broker-Dealer Audit Guide

The Public Company Accounting Oversight Board (“PCAOB”) released staff guidance to help auditors of brokers-dealers to perform according to PCAOB standards as required by SEC rules and the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”). The guide covers how audits can be scaled to apply PCAOB standards based on the size and

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NFA Audio Conference Helps Swap Dealers & MSPs Prep for Regulatory Exams

The National Futures Association (the “NFA”) anticipates launching its inaugural examinations of Swap Dealer (“SD”) and Major Swap Participant (“MSP”) member firms.  The regulatory exams will be based on NFA rules that incorporate Commodity Futures Trading Commission (“CFTC”) regulations pursuant to Section 4s of the Commodity Exchange Act. In an NFA hosted audio conference on

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CFTC Staff Extends No-Action Date Re: Valuation Data for Swap Dealers & MSPs

The Commodity Trading Futures Commission Division of Market Oversight (“CFTC Staff”) issued a no-action letter extending the relief in no-action letter 13-34, from the expiration date of June 30, 2014 to June 30, 2015. The relief for Swap Dealers (SDs) and Major Swap Participants (MSPs) delays their obligation to report valuation data for cleared swaps,

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When CCO Goes? Swap Dealers & MSPs Replace by the Book

The National Futures Association (“NFA”) informs members of their obligation to appropriately designate a new Chief Compliance Officer (“CCO”) when the officer in place resigns of retires.  NFA notice to members I-14-17 details the CCO designation requirement of Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) within Commodity Futures Trading Commission (“CFTC”) Regulation 3.3. CFTC Registered

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FINRA to Protect Personal Info in Arbitration Process

To further protect personal and confidential information (“PCI”) during a FINRA arbitration process, the SEC approved amendments to the Codes of Arbitration Procedure.   Specifically, “FINRA amended Rules 12300 and 13300 (Filing and Serving Documents) to provide that, in an electronic or paper filing with FINRA, any document that contains an individual’s Social Security number, taxpayer

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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