Resources/ Updates - March 2017

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.

Mar30

What Investors Should Know about the Shorter Trade Time Frame

The SEC’s Office of Investor Education and Advocacy (OIEA) issued an investor bulletin to explain the new  two day settlement cycle and how it will affect the transactions an investor places with a full-service broker or an online brokerage firm. The SEC (Securities and Exchange Commission) recently amended Exchange Act Rule 15c6-1 to shorten the

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Mar30

Access the MSRB 2016 Fact Book

The MSRB’s Fact Book, published annually by the Municipal Securities Rulemaking Board, provides comprehensive and historical statistics on municipal market trading patterns.  Access the 2016 Fact Book. 2016 Takeaways on Municipal Trading Here’s some interesting data on municipal securities trading in 2016: The highest dollar volume of municipal securities transactions were made  since 2012. The average size of

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Mar30

CFTC Headed to Amend Recordkeeping Reqs for Futures & Swaps Firms

Comments in response to the CFTC  proposed amendments to Regulation 1.31 (books and records; keeping and inspection) are overwhelmingly in favor of modernizing and making technology-neutral how regulatory records are to be kept going forward by futures and swaps firms. Proposed Amendments to Rule 1.31 Recordkeeping Per the January 19, 2017, Federal Register, The proposed amendments

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Mar25

A Shorter Securities Trade Cycle as of September 5, 2017

The days of Wall Street runners toting stock certificates between parties is long gone. Of course, modern technology can make trades in a second.  Thus the three day space to settle a trade is long outdated. To modernizing, the SEC adopted an amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from

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Mar23

FINRA to Broker-Dealers: “How We Doin?”

FINRA, the Financial Industry Regulatory Authority, released a Special Notice soliciting feedback from its members on the effectiveness of how it engages externally regarding its operations and programs aimed towards investor protection and market integrity. FINRA’s status as a the self-regulatory organization (“SRO”) for the broker-dealer industry requires that it engage productively with its member

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Mar19

Will DOL Delay New Fiduciary Rule?

The U.S. Department of Labor (DOL) announced a proposed extension of the applicability dates of the fiduciary rule and related exemptions (Best Interest Contract Exemption included) from April 10 to June 9, 2017. Memorandum  The proposal to extend the effective dates  follows a presidential memorandum issued on Feb. 3, 2017, directing the DOL to examine whether the fiduciary rule

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Mar19

SEC Eases Investor Access to Exhibits in Company Filings

The SEC adopted amendments, on March 1, 2017, to ease investor access via hyperlink to exhibits in registration statements and reports in prior filings.  Currently, investors must search. The amendments will require registrants that (a) file registration statements or reports subject to the exhibit requirements under Item 601 of Regulation S-K, or (b) file Forms

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Mar18

Will FINRA Slim Down Broker-Dealer Qualifying Reqs?

FINRA recently filed a proposal with the SEC to “streamline competency exams” and rules to make it easier for professionals to enter or re-enter the securities industry. Per FINRA rules, individuals who work for a FINRA-regulated firm (member broker-dealers) in identified capacities must demonstrate their qualifications by passing specific “series” exams. To sit for a FINRA

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Mar09

Helpful Stuff at Investor.gov

No matter your means of investing, it’s in your best interest to become a better informed investor.  To avoid fraud and invest safer, consider ten ways to use Investor.gov from the SEC’s Office of Investor Education and Advocacy. 1. Background Check Your Investment Professional: Use the SEC’s free search tool, IAPD, to learn if your investment adviser

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Mar07

Comment on MSRB Draft Changes to CUSIP # Rules

The MSRB seeks feedback on draft amendments to its regulations on the role of underwriters and financial advisors in obtaining CUSIP numbers for new issue municipal securities. MSRB Rule G-34 draft amendments clarify the application of the rule to private placement transactions and expand it to include non-dealer municipal advisors when advising on new issue municipal

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Mar07

FINRA February 2017 Podcasts ~ for Broker-Dealers

FINRA issued two recent broker-dealer podcasts in February 2017: (1) Revisit the latest FINRA notices, compliance resources, and news from February 2017: February 2017 Monthly Recap Podcast : (2) Hear Part 1 of a four-part series on the 2017 Exam Priorities Letter: FINRA’s 2017 Exam Priorities – Part 1 Connect with The SDDCO Group Reach out to an

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Mar07

More Time to Comply ~ CFTC Grace Period for SD Variation Margin Reqs

The (CFTC’s  Division of Swap Dealer and Intermediary Oversight (DSIO) issued a time-limited no-action relief for a Swap Dealers (“SDs”) without a prudential regulator to comply with the variation margin requirements (“VM Requirements”) by the March 1, 2017.  A grace period has been afforded until September 1, 2017. Of CFTC registered SDs, about half have

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Mar02

SDDCO #1 in the Nation ~ Outsourced Pros for Broker-Dealers ~ FinOps & CCOs

The SDDCO Group of CPAs and Consultants Named Number 1 Leading Outsourcing Firm for Broker-Dealers The SDDCO Group (“SDDCO”) was cited in a new research study on 200 consulting firms that perform the CCO or the FinOp role on an outsourced basis for broker-dealers and also register with that firm.  The study was conducted by Greg

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