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.
FINRA has extended the filing deadline of the Risk Control Assessment Survey for member broker-dealers to Friday, June 16. What’s an RCA? The annual Risk Control Assessment (RCA) is part of FINRA’s risk-based examination and surveillance program. “FINRA uses it to better understand the risks associated with the business activities in which individual member firms engage,
The Commodity Futures Trading Commission (“CFTC”) unanimously approved amendments to its Whistleblower Rules on May 22, 2017. The goals are threefold: to boost protections for whistleblowers, to improve the CFTC’s internal review process, and to harmonize the CFTC’s rules with those of the SEC’s whistleblower program. Key Changes The CFTC or the whistleblower may now
Good news for startups claiming research credit from the IRS. “Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability. This new option will be available for the first time to any eligible small business when filing its
A ransomware attack, known as WannaCry, WCry, or Wanna Decryptor, hit organizations across one hundred plus countries starting on May 12, 2015. The WannaCry ransomware infects computers with a malicious software that encrypts computer users’ files and demands payment of ransom to restore access to the locked files. The hackers gained access to enterprise servers
Municipal advisors are encouraged to participate in a free webinar covering their professional qualification requirements. The live webinar hosted by the SEC and the MSRB will happen on Thursday, June 15, 2017, from 3-4 p.m. ET. Register for the webinar here. Get info from SEC and MSRB staff on signing up for the MSRB’s Municipal Advisor
FINRA is conducting a retrospective review to assess the rules governing the outside business activities and private securities transactions of brokerage account executives. FINRA’s focus is on two rules: (1) Rule 3270 (Outside Business Activities of Registered Persons) (2) Rule 3280 (Private Securities Transactions of an Associated Person). These rules govern the outside business activities
The CFTC (U.S. Commodity Futures Trading Commission) unanimously approved the creation of a new agency based in New York City called LabCFTC. Its goal is to promote “FinTech innovation and fair competition by making the CFTC more accessible to FinTech innovators and serving as a platform to inform the CFTC’s understanding of new technologies”. Here’s
The Securities Investor Protection Corporation (“SIPC”) member notice of May 19, 2017, informs registered broker-dealers that the new, reduced assessment rate of 0.15% will apply to all members effective January 1 2017, regardless of when their fiscal years begin. The notice calls for a comment period ending June 12, 2017 on the proposed application of
FINRA’s April 2017 podcast covers these timely FINRA related topics of interest to broker-dealers. Request for Comment: FINRA requests feedback on its new initiative to evaluate various aspects of its operations and programs to identify opportunities to more effectively further its mission. The Notice solicits comment from all interested parties on FINRA’s current engagement programs.
Since 2008, FINRA has been working toward a new consolidated rulebook governing its member broker-dealers. The goal is to “harmonize and streamline existing rules” and consider the “rapidly evolving nature of the securities business and the broad diversity of firms subject to FINRA regulation”. FINRA maintains and updates three Rule Conversion Charts to illustrate the
The SEC’s Office of Investor Education and Advocacy issued an Investor Bulletin to advise investors about the inflation-adjusted increase in the investment limits for securities-based crowdfunding. Crowdfunding solicits small investments or contributions from a crowd of people, most typically via the Internet. As mandated by the JOBS Act of 2012, the SEC adopted rules to facilitate
National Small Business Week, April 30 – May 6, gives the U.S. Small Business Administration (SBA) an opportunity to recognize the nation’s top small businesses, entrepreneurs, and business advocates. The week-long event continues through May 6, with planned national events in New York, Indianapolis, Fresno, and Dallas. Webinars of the Week See the city-by-city schedule
Small businesses offering goods and services through an online platform may be part of the sharing economy. The IRS typically considers ride sharing, freelancing, renting a spare bedroom, and crowd funding as taxable. Consider these five sharing economy tips from the IRS for small businesses: “Taxes. Sharing economy activity is generally taxable. Payments received in