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.
In late August, The SDDCO Group observed, first hand, a flurry of FINRA requests of its many broker-dealer clients to produce their expense-sharing agreements. Such agreements were generally requested without explanation. However, one deduction is that FINRA is reviewing a strong sampling of the expense sharing agreements (“ESAs”) held by its members with third parties
U.S. Commodity Futures Trading Commission (CFTC) Chairman Tim Massad announced that the CFTC will hold a public meeting on Wednesday, September 17, 2014 at 2 p.m. EDT. The CFTC will consider Proposed Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants. Meeting will take place at CFTC Headquarters Conference Center, Three Lafayette
On August 29, the SEC announced a $300,000 whistleblower award, its first for an employee with an audit or compliance function. The recipient of the award initially reported the wrongdoing internally but after the company failed to take action, the employee notified the SEC. The whistleblower award, pursuant to Section 21F of the Securities Exchange
To protect investors, enhance transparency, and support capital formation in the securities market, on August 27, 2014, the SEC adopted significant revisions to Regulation AB—rules governing the disclosure, reporting, and offering of asset-backed securities (“ABS”). Revised rules address issues uncovered during the 2008 financial crisis: investors were not well informed of the risks underlying the
This Investor Alert from the SEC’s Office of Investor Education and Advocacy aims to inform investors about advance fee fraud. Advance fee fraud is a common complaint posed to the SEC. It concerns a scam where an investor is required to pay a fee in advance—ahead of receiving “any proceeds, money, stock, or warrants.” This
As already exorbitant education costs continue to skyrocket in the United States, any break can prove invaluable. There are currently two tax credits available to help offset the expenses of higher learning, and an educated individual should take advantage. Form 8863 determines a student’s eligibility for the credits. Form 1098-T, which can be obtained from
To help financial institutions and their leadership better comply with Anti-Money Laundering (“AML”) obligations under the Bank Secrecy Act (“BSA”), the U.S. Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) posted an advisory on how to create a culture of compliance. The Advisory, released in August, was prompted by shortcomings uncovered in recent AML enforcement
Mid-August, the Municipal Securities Rulemaking Board (“MSRB”) released draft amendments to Rule G-37, proposing to apply the pay-to-play rules imposed on dealers to municipal advisors (“MAs”) as well. Rule G-37 “Pay-to-play” activity is making a contribution in exchange for a government contract. Rule G-37 currently bars a contribution made by a dealer to influence voter
Last month the House of Representatives held a hearing entitled “Assessing the Impact of the Dodd-Frank Act Four Years Later.” The House invited several witnesses, including Barney Frank, one of the bill’s sponsors and former Chairman of the House Committee on Financial Services, to testify on the effectiveness and progress of the reform legislation passed