Our knowhow, our network, our past, present and future remain with one industry—financial services. SDDco provides the credentials, skills and current information to keep you in step and mitigate risk.
Certified Public Accounting Licensure
From the web site: www.op.nysed.gov/prof/cpa/cpalic.htm
New York State recognizes the Uniform CPA Examination, prepared and graded by the American Institute of Certified Public Accountants. In New York, the examination is administered by CPA Examination Services, a division of the National Association of State Boards of Accountancy. All four parts of this computerized exam must be passed within eighteen (18) month: Auditing & Attestation, Financial Accounting and Reporting, Regulation, and Business Environment and Concepts.
SDDco Accounting and Tax professionals utilize this knowledge and licensure.
The Financial Industry Regulatory Authority (FINRA) Licensures
FINRA requires licensed registration of the following: persons (associated with a member) who are actively engaged in the management of the member’s investment banking or securities business, including supervision, solicitation, conduct of business, or the training of persons associated with a member for any of these functions are designated as principals. Such persons include sole proprietors, officers, partners, managers of offices of supervisory jurisdiction, and directors of corporations. Below find registration categories and FINRA exams pertinent to services offered by the SDDco Group.
The FINRA Financial Operations Principal (Series 27)
This license is required of persons performing financial officer duties for FINRA member firms. The Series 27 FinOp Qualification Exam tests a candidate’s knowledge of the statutory rules applicable to broker/dealer responsibility and recordkeeping along with the protections given investors under the terms of the Securities Investor Protection Act of 1970.
The 3.5 hour Series 27 exam covers topics including: Broker/Dealer Financial Reporting, Net Capital Requirements, Customer Protection Rules, Municipal Securities Regulations, Federal Reserve Board Regulations, Uniform Practice Rules, and Other Relevant Regulations.
Broker/Dealers are required to enlist the services of an active Financial and Operations principal (“FinOp”). This individual must have one year of direct or two-years of related experience to function as FinOp. SDDco professionals performing FinOp duties or acting as Chief Financial Officer (CFO) of a FINRA member broker/dealer utilize this knowledge and licensure.
The FINRA General Securities Principal (Series 24)
This license is required of any person who manages or supervises the representatives in investment banking, training, solicitation, as well as the general conduct of business operations.
The 3.5 hour Series 24 exam covers topics on Supervision of the following: Investment Banking, Trading and Market Making, Brokerage Office Operations, Sales, employees, along with the Regulatory Framework and a firm’s Compliance and Financial Responsibility.
Registered Investment Advisers (RIA) are required to designate a qualified Chief Compliance Officer (CCO) empowered to develop and enforce policies and procedures. SDDco professionals acting as the designated CCO of an RIA utilize this knowledge and licensure.
The FINRA Compliance Official (Series 14)
This license is required of compliance officers employed by NYSE brokerage firms in the USA and persons who supervise 10 or more people performing compliance tasks.
The 3 hour exam test topics include trading in the primary and secondary markets, rules of the Municipal Securities Rulemaking Board (MSRB), financial responsibility, sales supervision, customer account supervision, and compliance.
SDDco regulatory compliance consultants utilize this knowledge and licensure.
The FINRA General Securities Representative (Series 7)
This license is required of persons selling securities products with the exception of commodities and futures. It is intended to safeguard the investing public by helping to ensure that GSRs are competent to do their job.
The 6 hour exam covers a broad range of investments including stocks, bonds, options, limited partnerships, and investment company products.
SDDco Brokerage Advisers professionals and SDDco compliance consultants utilize this knowledge and licensure.
The Certified Anti-Money Laundering Specialist (CAMS Certification)
The professional title CAMS is granted by the Association of Certified Anti-Money Laundering Specialists (ACAMS) to anti-money laundering professionals who meet qualifications based on education, other certifications and work experience, and provide three professional references, and pass the CAMS examination.
The CAMS exam covers the risks and methods of money laundering and terrorism financing; compliance standards for anti-money laundering and combating the financing of terrorism; anti-money laundering compliance programs; and conducting or supporting anti-money laundering investigations.
S.D. Daniels & Company LLC AML independent testing professionals utilize this knowledge and certification.
New York State Society of Certified Public Accountants (NYSSCPA)
The NYSSCPA is one of the largest state accounting organizations in the nation with more than 28,000 members. It was incorporated in 1897 to cultivate, promote, and disseminate knowledge and information concerning certified public accountants; to establish and maintain high standards of integrity, honor, and character among certified public accountants; to furnish information regarding accountancy and the practice and methods thereof to its members and the general public and to protect the interests of its members and the general public with respect to the practice of accountancy.
The Stock Brokerage Committee is a resource of NYSSCPA members regarding accounting, financial reporting, and related issues for our industry. The Committee provides technical, educational and networking activities pertinent to the accounting rules and legislation of the securities industry.
American Institute of CPAs (AICPA)
The AICPA is the national professional organization for Certified Public Accountants (CPAs) in the United States. The AICPA was founded in 1887 and upon its creation, established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, licensing status and a commitment to serving the public interest.
National Association of Compliance Persons (NSCP)
The NSCP is a nonprofit, membership organization dedicated to serving and supporting compliance officials in the securities industry. NSCP offers interpretive guidance on compliance-related matters; alerts to important regulatory developments; educational meetings/forums for ideas and information; professional counsel in regard to securities laws and regulations authorized by the states, federal agencies and the SROs; and promotes professionalism among compliance officials within the securities industry.
Wall Street Tax Association (WSTA)
The WSTA is a non-profit organization whose members are firms engaged in the securities or affiliated businesses. This would include investment banks, broker-dealers, commercial banks, insurance companies, hedge funds, private equity funds and other asset management vehicles. Accounting firms and law firms practicing in the securities industry are eligible for special WSTA memberships.
Financial Regulatory authority (FINRA)
FINRA is the largest independent regulator for all securities firms doing business in the United States. FINRA’s primary role is to protect investors by maintaining the fairness of the U.S. capital markets. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry. Under FINRA General Standards of Business Conduct, a member must observe high standards of commercial honor and just and equitable principles of trade.
Securities Investor Protection Corporation (SIPC)
SIPC is a federally mandated non-profit corporation established by an act of Congress in the United States in 1970 to protect the customers of securities firms from financial harm should a broker/dealer company fail.