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.
Mutual funds, exchange-traded funds (“ETFs”), and other open-end funds may be required to implement programs to manage their liquidity risk and provide certain disclosures. The Securities and Exchange Commission (“SEC”) voted to propose rule reform to better ensure that such funds—which by their nature allow investors to redeem shares daily—can better meet the redemption demands
The Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) will be conducting another round of examinations of registered entities regarding cybersecurity matters. OCIE staff will continue its focus on cybersecurity by conducting exams of registered broker-dealers and investment advisers focusing on key topics including governance and risk assessment,
The Financial Industry Regulatory Authority (“FINRA”) released guidance on liquidity risk management practices. Poor liquidity management can lead to the failure of an individual firm and, in conjunction with other financial industry fails, precipitate a systemic crisis. A goal of liquidity risk management is to ensure that investors have access to their assets even in
With a compliance date to be set for no later than December 31, 2015, all registered introducing brokers (“IBs”), commodity pool operators (“CPOs”), and certain commodity trading advisors (“CTAs”) will be required to become a member of the National Futures Association (“NFA”), the only registered futures association (“RFA”). This change was precipitated by the Commodity Futures
Active since June 2015, Regulation A+ allows private companies to raise up to $50,000 without a full blown SEC registration of the security being offering to both accredited and non-accredited investors. The Financial Industry Regulatory Authority (“FINRA”) published guidance on their own filing requirements and review protocols for member broker-dealers participating in Regulation A+ offerings (“A+
The SDDCO Group of CPAs and Consultants is pleased to announce the opening of its newest place of business on Brickell Avenue, in the heart of Miami’s financial district. And we are proud to introduce Tim Chalus, CPA, as Managing Director. Tim Chalus joined S.D. Daniels & Co. P.C. to spearhead our South Florida operation and to provide
Last week, the U.S. Commodity Futures Trading Commission (“CFTC”) approved rule amendments, proposed by the National Futures Association (“NFA”), which seek to enhance the protections of investors in retail foreign exchange or Forex trade. The amendments and interpretations, effective January 1, 2016, impose added financial, operational, and reporting requirements on NFA member Forex dealers (FDMs).
Who’s at fault for company non-compliance in the securities industry—the compliance officer or the company management? To address that debate and catalyze change, the National Society of Compliance Professionals (“NSCP”) Executive Director, Lisa Crossley, wrote an open letter to Andrew Ceresney, Director of Enforcement at the Securities and Exchange Commission, urging the SEC to reexamine
In addition to the new FINRA Equity Research Rule 2241, the SEC approved the adoption of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports). It addresses conflicts of interest related to publishing and distributing debt research reports and becomes effective on February 22, 2016. FINRA Rule 2242 (the “Debt Research Rule” or the
Later this month, new obligations regarding equity research reports will require compliance by FINRA member broker-dealers and their associated persons. The SEC has approved the adoption of FINRA Rule 2241 (Research Analysts and Research Reports). Though largely a consolidation of rules addressing conflicts of interest within publishing and distributing equity research reports, new FINRA Rule
The SDDCO Group remains committed to protecting the personal identifiable information (“PII”) and non-public information (“NPI”) of our Clients. SDDCO’s Privacy Officer and data security committee continue to research software applications to enhance data security. SDDCO is now using Citrix ShareFile, “the secure file sharing and storage solution used by 99% of the Fortune 500”
The Public Company Accounting Oversight Board (“PCAOB”) released, on August 18, 2015, the annual progress report on its Interim Inspection Program related to audits of SEC registered broker-dealers (“BDs”) last year (“the Report”). Under the Interim Inspection Program (“IIP” ) established in 2011, the PCAOB inspects registered public accounting firms in connection with their audits