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.
The Public Company Accounting Oversight Board (PCAOB) published a staff inspection brief that previews the results of its 2016 inspections of the auditors of broker-dealers to help auditors as they plan and perform future audits. The 2016 inspections were conducted under the interim inspection program. Expect the full details in the upcoming “Annual Report on the Interim
FINRA reports that some broker-dealer members recently received phishing emails pretending to be linked to FINRA. The subject line read “New Policy Update,” a document was attached, and no it wasn’t from FINRA. To avoid responding to phishing scams, do pay attention to: email address irregularities, even minor ones strange URLs attachments with general names
The financial health of your startup is essential. But implementing a well thought out accounting plan is often overlooked by new business owners whose strategies are aimed elsewhere. Let Someone Handle the Finances In a business large or small, somebody’s got to manage the books. And that person needs to know every detail about the
The Municipal Securities Rulemaking Board (MSRB) filed with the SEC proposed amendments to MSRB Rule G-21(e) related to municipal fund security product advertisements to address regulatory developments and to enhance protections for investors. “The proposed amendments reflect changes to SEC rules governing money market fund advertisements and improve regulatory consistency of disclosure requirements for those municipal
The Municipal Securities Rulemaking Board (MSRB) reminds brokers-dealers, municipal securities dealers, and municipal advisors of the October 13, 2017 effective date for amendments to rules related to customer and municipal advisory client complaints. Amendments to MSRB Rules G-10, G-8 and G-9 require that “regulated entities keep an electronic complaint log of all written complaints of
The Certified Financial Planner Board of Standards seeks feedback on its new, 17 page draft proposal entitled Code of Ethics and Standards of Conduct. If approved, it would require Certified Financial Planner professionals (“CFP® pros”) to act as fiduciaries—put a client’s interest first—at all times. It would also update the standards related specifically to financial planning. A
September of 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules impacting Form ADV Part 1A. This form is used by investment advisers to register and remain compliant with the rules of the SEC and their state securities authorities. The amended form becomes effective on October 1, 2017 On June 12, 2017, “Staff” of the
FINRA’s May 2017 podcast covers these timely FINRA related topics of interest to broker-dealers. Request for Comment: 1) FINRA’s retrospective review of the rules governing outside business activities and private securities transactions. See Regulatory Notice 17-20. 2) FINRA’s new initiative to evaluate various aspects of its operations and programs to identify opportunities to more effectively further
FINRA Rule 4530 (Reporting Requirements) requires broker-dealer firms to file electronically through the FINRA Firm Gateway the following: Written customer complaints alleging theft or misappropriation of funds or securities or forgery Quarterly statistical and summary information regarding written customer complaints. Copies of specified criminal and civil actions FINRA revised the Rule 4530 filing form and
FINRA recently made available a new compliance calendar to help member broker-dealers meet their ongoing regulatory requirements. Other helpful tools are detailed below and accessible on the FINRA website. The Compliance Calendar FINRA’s 2017 compliance calendar provides firms with a calendar view of upcoming required filings, a schedule of live educational opportunities and events, and