Resources/ Updates - April 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.

Apr30

Get to Know SDDco’s Alva Advisory Services for Tech Startups

Alva Advisory Services, LLC is an entity of the SDDco Group focused on emerging companies in the tech-startup space. Explore how Alva can meet the startup needs of your new business in the Alva Advisory Services Brochure. What can Alva accountants and consultants do for your tech startup? Alva can help your company start clean:

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Apr30

Top 10 Recs from the Joint Forum on Small Business Capital Formation

Since 1982, the SEC hosts an annual forum focused on the capital concerns of small business. The Final Report of the 2016 Forum is now available. As mandated by the Small Business Investment Incentive Act of 1980, the “SEC Government-Business Forum on Small Business Capital Formation” gathers to address needless obstacles to small business capital

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Apr28

Guidance on Social Networking and Business Emails for Broker-Dealers

FINRA’ s April 2017 guidance helps its member broker-dealers understand and comply with FINRA communications rules online. In light of new trends and technologies, broker-dealer firms could benefit from continued guidance on social media and digital communications to help them keep up. The new FINRA guidance presents a detailed Q&A covering text messaging, personal communications,

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Apr23

Investor Alert: Beware of Stock Recs on Research Websites

The Office of Investor Education and Advocacy (OIEA) of the Securities and Exchange Commission (SEC) issued an Investor Alert to enlighten investors about the pitfalls of stock recommendations and related research on websites and elsewhere. “Seemingly independent commentary on investment research websites may in fact be part of paid stock promotion campaigns.” That article on an investment

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Apr23

Investor Ed: How the SEC Handles Investor Complaints

The Office of Investor Education and Advocacy (OIEA) at the Securities and Exchange Commission (SEC) issued  an investor bulletin “Investor Complaints” to let investors know how the office handles reported issues and to suggest alternate routes investors can take to settle a securities-related dispute. Complaints  OIEA receives individual investor complaints against industry participants including brokers,

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Apr16

Should FINRA Safe Harbor BD Desk Commentary?

Many broker-dealer firms produce “desk commentary” for institutional investors.  This is  brief, written sales material based on the observations of their non research personnel (sales and trading and principal trading personnel) in response to a trading event or news flash. To create a limited safe harbor from its “Research Rules,” FINRA proposed amendments to FINRA

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Apr15

FINRA Looks to Amend Corporate Financing Rule

Rule 5110 prohibits unfair underwriting arrangements in connection with the public offering of securities.  FINRA wants industry feedback by May 30, 2017, on its proposed amendments to modernize, simplify and clarify FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) . The proposal aims to keep the key standard of 5110, which is to disallow

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Apr14

Broker-Dealer Rules on Capital Formation ~ Feedback Needed on FINRA 360

Broker-dealers help businesses raise capital through the securities markets.   FINRA rules and  processes address their capital raising activities.  A new initiative—FINRA360—evaluates aspects of its operations and programs to identify opportunities to more effectively further its mission. As part of this initiative, FINRA asks for comment on “the effectiveness and efficiency of its rules, operations and

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Apr14

FINRA’s New Broker-Dealer Sanction Guidelines

FINRA’s new Sanction Guidelines familiarize broker-dealers with typical securities-industry rule violations and the range of disciplinary sanctions that may result.  FINRA’s National Adjudicatory Council (NAC) revised the guidelines to reflect recent developments in the disciplinary process, agree with rule changes, and accurately reflect sanctions imposed in FINRA disciplinary proceedings. The revisions detailed in the Regulatory

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Apr13

FINRA’s Funkhouser Raps on Insider Trading

In the latest episode of A Few Minutes With FINRA, livewire Cam Funkhouser—Executive VP of FINRA’s Office of Fraud Detection and Market Intelligence (OFDMI)— shares with FINRA member broker-dealers some insider trading red flags, gives the deets on recent fraud cases, and lays out how to contact his office. Red Flags Trading before material news

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Apr10

SEC Issues Info Update for Multi-National Investment Advisers

Staff of the SEC’s Division of Investment Management recently released an “Information Update for Advisers Relying on the Unibanco No-Action Letters”.   The “Update” is aimed at registered investment advisers (“RIAs”) using the services of an unregistered foreign investment adviser affiliate. About the Unibanco Letters Under the Investment Advisers Act of 1940 (“Advisers Act”), only RIAs

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Apr06

DOL Fiduciary Rule for Retirement Advice Delayed to June 2017 & 2018

The Department of Labor (DOL) announced yesterday that the start date of the Fiduciary Rule applicable to retirement advice will indeed be delayed the sixty (60) days until June 9, 2017. Also extended till June 9, 2017, are the “Impartial Conduct Standards” or formal obligations to serve the best interests of retirement clients, draft related

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Apr06

SDDco Partner, Janice Parise, to Speak at NYSSCPA Broker-Dealer Conference

Janice Parise, a partner of the SDDco Group, will speak at the upcoming broker-dealer conference sponsored by the NYSSCPA.  Janice Parise, a CPA and FINRA Series 27 Financial Operations Principal, will sit on the FinOps and Auditors panel and deliver a presentation to the Current Issues Panel. This conference will benefit CPAs who service the

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Apr06

FINRA March 2017 Podcasts ~ for Broker-Dealers

FINRA issued four broker-dealer podcasts in March 2017: (1) Revisit the latest FINRA notices, compliance resources, and news from March 2017: March 2017 Monthly Recap Podcast (2) Hear Part 2 of a four-part series on the 2017 Exam Priorities Letter: FINRA’s 2017 Exam Priorities – Part 2 (3) Hear Part 3 of a four-part series on the

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Apr03

New FINRA Hold Rule ~ BD Protocol for Exploited Senior Investor Accounts

The SEC approved in February some rule amendments and a new rule to put additional protections in place for senior investors.  The changes give broker-dealers a way to block disbursements for a limited period and to contact a pre-designated “trusted contact” associated with an account. These changes become effective February 5, 2018. The rule text

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