SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) via mail or overnight carrier not more than 60-calendar days after the date selected for their fiscal year end. The Annual Audit must also be … Continue reading Annual Audit Filing Due Date (Period Ending May 31, 2016)
Members of SIPC are required to pay an assessment of .0025 of SIPC Net Operating Revenue as defined by the SIPC By Laws Article VI. The SIPC 6 General Assessment is to be filed by all members of the Securities Investor Protection Corporation for the first half of each fiscal year, due no later than … Continue reading SIPC Assessment (Year ending December 31, 2015) SIPC 6
Beginning August 1, 2016, firms that report information to OATS will be required to include on their reports the identity of U.S.-registered broker-dealers that are not FINRA members and broker-dealers that are not registered in the U.S. but have received an SRO-assigned identifier. The identities may be reported using either the broker-dealer’s Central Registration Depository … Continue reading SEC Approves OATS Amendments to Require Identification of Non-FINRA Member Broker-Dealers
Join SIFMA members at the C & L Society Regional Conference on August 4 hosted at the Charles Schwab Conference Center in San Francisco. This one day seminar will feature presentations by leading securities regulators and industry professionals. The Charles Schwab Center is located at 211 Main Street, San Francisco, CA 94105. Discussion topics will include: A Discussion … Continue reading SIFMA Compliance & Legal Society Regional Seminar
The annual meeting of FINRA firms will take place on or about Monday, September 19, 2016, to elect one Small Firm Governor, and one Large Firm Governor to the FINRA Board of Governors (FINRA Board). A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on … Continue reading Petition for Candidacy – FINRA Board of Governors
FINRA District 7 Compliance Meeting Designed for compliance and legal professionals at FINRA member firms, these events offer an opportunity to hear about current regulatory issues while engaging in a direct dialogue with FINRA District Office staff. For more information including discussion topics, see the individual program descriptions below.
FINRA Half-Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance … Continue reading FINRA Compliance Boot Camp – San Diego
FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for … Continue reading FINRA Compliance Boot Camp-New Jersey
Eugenia Song, MSRB Outreach Manager, will conduct a webinar on Putting EMMA to Work for You.
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
Half-Day FINRA Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance … Continue reading FINRA Compliance Boot Camp- Kansas City
The SIS must be filed by a firm that is required to file FOCUS Report Part II, FOCUS Report
Part IIA or FOGS Report Part I, with inventory positions as of the end of the FOCUS or FOGS
reporting period, unless the firm has (1) a minimum dollar net capital or liquid capital
requirement of less than $100,000; or (2) inventory positions consisting only of money
market mutual funds.6 A firm with inventory positions consisting only of money market
mutual funds must affirmatively indicate through the eFOCUS system that no SIS filing is required for the reporting period.
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) via mail or overnight carrier not more than 60-calendar days after the date selected for their fiscal year end. The Annual Audit must also be … Continue reading Annual Audit Filing Due Date (Period Ending June 30, 2016)
FINRA’s Fixed Income Conference focuses on current market impacts on fixed income, and how regulators and firms are responding. Featured topics include: Evolving Bond Market Structure Key FINRA Regulatory Developments Pricing and Best Execution Requirements View the conference agenda with session descriptions.
FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for … Continue reading FINRA Compliance Boot Camp – Atlanta
The Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the Securities and Exchange Commission (SEC) to revise the content outline for the Municipal Advisor Representative Qualification Examination (Series 50). The content outline for the Series 50 has been amended to reflect changes to the laws, rules and regulations covered by the examination … Continue reading MSRB Revises Content for Municipal Advisor Qualification Examination
FINRA Half-Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for … Continue reading FINRA Compliance Boot Camp – New York
FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for … Continue reading FINRA Compliance Boot Camp – Minneapolis
Pamela Ellis, MSRB Associate General Counsel, and Richard Ellis, MSRB 529 Seminar & Conference Board Member, will speak in Orlando, FL.
Compliance Boot Camp FINRA's Compliance Boot Camps provide a broad view of essential compliance concepts. Through a combination of self-study and classroom training, participants gain valuable insights on compliance activities for immediate application to the workplace. FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants … Continue reading FINRA Compliance Boot Camp – San Antonio
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
The annual meeting of FINRA firms will take place on or about Monday, September 19, 2016, to elect one Small Firm Governor, and one Large Firm Governor to the FINRA Board of Governors (FINRA Board). A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on … Continue reading FINRA Board of Governors Election
The FINRA Registration and Disclosure Boot Camp is designed for broker-dealer firms and should be beneficial to those who are new to reporting Disclosure information in Web CRD or those who want to receive refresher training and reporting tips. The training will offer practical and comprehensive training on disciplinary events and hot topics in FINRA's … Continue reading 2016 FINRA Registration & Disclosure Boot Camp
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
SIFMA's 2016 Annual Meeting By popular demand, SIFMA's Annual Meeting will return to our nation’s capital this fall for candid one-on-one conversations, in-depth breakout sessions and expert insights on the state of our capital markets and how we can retain their well-deserved reputation as the best in the world.
FINRA Rule 1250 requires all covered registered persons (any person registered with a member who has direct contact with customers in the conduct of the member's securities sales, trading and investment banking activities, any person registered as an operations professional or research analyst, and to the immediate supervisors of such person) to participate in the … Continue reading Review and Update Firm Element Continuing Education Plan
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
FINRA assesses an annual support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB”). The fee is assessed on a quarterly basis and is based on member firm’s municipal securities trading volume for the prior quarter.
Mark Your Calendar for the CAT FAll Seminar, taking place October 4-5 in Tempe, Arizona!
SIFMA’s Next Generation of Financial Advisors Seminar provides an opportunity for industry professionals to gather and discuss industry solutions to recruiting and training the next generation of financial advisors. Speakers and panelists will discuss innovative ideas and tactical approaches, including: Enhancing education: How can the industry increase college and university offerings to create a buzz … Continue reading SIFMA’s Next Gen Financial Advisors Seminar
SIFMA and the SIFMA Foundation invite you to join us on October 5th for a special evening to celebrate champions of youth financial education and raise awareness for this important cause. Helping young people become financially capable will ensure that they are well prepared to make informed financial decisions throughout life and position them to be … Continue reading SIFMA Foundation Tribute Dinner
Join SIFMA's Corporate Actions Section for the 13th annual Global Corporate Actions Forum in Boston. Connect with fellow industry professionals and hear from leading subject matter experts as they examine the latest challenges, regulations, and practices affecting the Corporate Actions community. This annual event provides valuable information on managing risk and improving processes, including: U.S. and … Continue reading SIFMA’s 13th Annual Global Corporate Actions Forum
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed … Continue reading FINRA Compliance Boot Camp – Washington D.C.
In accordance with FINRA Rule 4530(d), each member shall report to FINRA statistical and summary information regarding customer complaints in such detail as FINRA shall specify by the 15th day of the month following the calendar quarter in which customer complaints are received by the member. For the purposes of this paragraph, "customer" includes any … Continue reading FINRA Rule 4530/Customer Complaint Filing Due Dates (Q3 2016)
2016 NSCP National Conference The NSCP National Conference offers unique educational opportunities to further the professional growth of compliance professionals: Broker-Dealers :: Investment Advisers :: Investment Companies :: Municipal Advisors :: Private Funds Workshops, labs, and forum discussions are led by experienced industry veterans sharing the practical implementation of compliance policies and procedures. Special offerings: … Continue reading 2016 NSCP National Conference
The National Conference on the Securities Industry , hosted by the American Institute of CPAs (AICPA) and SIFMA's Financial Management Society, provides essential updates on evolving securities regulations and compliance requirements. Hear from senior executives and regulatory policy-makers on October 19-20 in NYC as they discuss: A chief executive's view of the securities industry Industry developments … Continue reading AICPA & SIFMA 2016 National Conference on the Securities Industry
Over the next 10-plus years, 10,000 Americans will turn 65 every day, with these investors accounting for more than 75 percent of financial assets in the United States. Seniors’ significant assets—and potential cognitive effects of the normal aging process—make them a target for exploitation and irreparable financial loss, even by people they trust. Protecting them … Continue reading FINRA/SIFMA Senior Investor Conference
FINRA Half Day Compliance Boot Camp Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for … Continue reading FINRA Compliance Boot Camp – Jericho, New York
The SIFMA Internal Auditors Society (IAS) Annual Conference will examine how Securities Industry audit, risk management and compliance leaders are responding to global challenges including geopolitical, economic, technology, cyber threats and data issues.
In accordance with SEC Rule 17a-5(a)(2)(iii), each broker/dealer registered pursuant to section 15 of the Act who does not carry nor clear transactions nor carry customer accounts shall file Part IIA of Form X-17 A-5 within 17 business days after the end of each calendar quarter. http://taft.law.uc.edu/CCL/34ActRls/rule17a-5.html
Firms are required to file Form Custody pursuant to SEA Rule 17a-5(a)(5).
The Supplemental Inventory Schedule (SIS) must be filed by a firm that is required to file FOCUS Report Part II, FOCUS Report Part IIA or FOGS Report Part I, with inventory positions as of the end of the FOCUS or FOGS reporting period, unless the firm has (1) a minimum dollar net capital or liquid capital requirement of less than $100,000; or (2) inventory positions consisting only of money market mutual funds.6 A firm with inventory positions consisting only of money market mutual funds must affirmatively indicate through the eFOCUS system that no SIS filing is required for the reporting period.
FINRA Rule 4524 requires each member firm to file a Supplemental Statement of Income (“SSOI”) within 20 business days after the end of each calendar quarter via the FINRA Gateway. The SSOI is designed to provide FINRA with greater detail regarding firm’s revenue and expenses. http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=14475&element_id=10588&highlight=4524#r14475
MSRB Rule G-37 requires each broker, dealer or municipal securities dealer shall, by the last day of the month following the end of each calendar quarter send to the MSRB Form G-37 setting forth, in the prescribed format, the following information: (A) for contributions to officials of issuers (other than a contribution made by a … Continue reading MSRB Rule G-37 Reporting Requirement
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
MSRB Rule A-14 In addition to any other fees prescribed by the rules of the Board, requires each broker, dealer, municipal securities dealer, and municipal advisor shall pay an annual fee to the Board of $500, with respect to each fiscal year of the Board in which the broker, dealer, municipal securities dealer, or municipal … Continue reading MSRB Rule A•14 (Annual Fee)
SIFMA’s Listed Options Symposium is a New York City event that brings together industry leaders representing retail, market makers and institutional participants, as well as exchange and regulatory experts. Join us on November 3rd for a discussion on the state of the options market, and the challenges and opportunities facing this important market segment.
The 2016 FINRA Small Firm Conference focuses on small firms’ practices and tips for complying with FINRA rules. Each session begins with a FINRA staff member highlighting key requirements of a rule, and then small firm panelists provide a step-by-step approach for complying with that particular rule. Throughout the event, attendees have the opportunity to discuss … Continue reading 2016 FINRA Small Firm Conference
FINRA Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers) becomes effective November 11, 2016. The rule establishes an obligation to deliver an educational communication in connection with firm recruitment practices and account transfers. For more information, see Regulatory Notice 16-18.
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
The Supplemental Inventory Schedule (SIS) must be filed by a firm that is required to file FOCUS Report Part II, FOCUS Report Part IIA or FOGS Report Part I, with inventory positions as of the end of the FOCUS or FOGS reporting period, unless the firm has (1) a minimum dollar net capital or liquid capital requirement of less than $100,000; or (2) inventory positions consisting only of money market mutual funds.6 A firm with inventory positions consisting only of money market mutual funds must affirmatively indicate through the eFOCUS system that no SIS filing is required for the reporting period.
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
In accordance with SEC Rule 17a-5(a)(2)(ii)-(iii), each broker/dealer registered pursuant to section 15 of the Act who clears transactions or carries customer accounts shall file Part II of Form X-17 A-5 within 17 business days after the end of the month. The fifth FOCUS filing is required for every broker or dealer who does not carry … Continue reading Monthly & Fifth FOCUS IIA Filings (Month ending 11/30/2016)
The Supplemental Inventory Schedule (SIS) must be filed by a firm that is required to file FOCUS Report Part II, FOCUS Report Part IIA or FOGS Report Part I, with inventory positions as of the end of the FOCUS or FOGS reporting period, unless the firm has (1) a minimum dollar net capital or liquid capital requirement of less than $100,000; or (2) inventory positions consisting only of money market mutual funds.6 A firm with inventory positions consisting only of money market mutual funds must affirmatively indicate through the eFOCUS system that no SIS filing is required for the reporting period.
FINRA assesses an annual support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB”). The fee is assessed on a quarterly basis and is based on member firm’s municipal securities trading volume for the prior quarter. http://finra.complinet.com/en/display/display_viewall.html?rbid=2403&element_id=4693&record_id=6093
Retrieve your Firm’s Final Renewal Statement Beginning January 3, 2017, firms can review Final Statements by logging onto E-Bill. Firms can also retrieve their renewal reports through Web CRD/IARD. You should review the statement for accuracy and keep a copy of the final statement and renewal reports for your records. The 2017 Renewal Program - … Continue reading FINRA Final Renewal Statements Available
State Securities Board personnel review all applications for the registration of dealers, agents, investment advisers, and investment adviser representatives to ensure that individuals and firms dealing with Texas investors meet certain minimum qualifications, are financially solvent, and of good business repute. Each initial Dealer and Investment Adviser applicant undergoes a stringent review process that includes … Continue reading Texas Certificates of Registration Available
FINRA's Annual Entitlement User Accounts Certification Process begins on January 9, 2017, and ends February 9, 2017. During this period, Super Account Administrators (SAAs) for firms with more than one user must certify that users at their firm who require access to applications in FINRA’s Entitlement Program have the appropriate entitlement privileges to perform their … Continue reading FINRA Entitlement User Account Certification Process
In accordance with FINRA Rule 4530(d), each member shall report to FINRA statistical and summary information regarding customer complaints in such detail as FINRA shall specify by the 15th day of the month following the calendar quarter in which customer complaints are received by the member. For the purposes of this paragraph, "customer" includes any … Continue reading FINRA Rule 4530/Customer Complaint Filing Due Dates (Q4 2016)
Reconcile or Pay your Final Statement Report in writing to FINRA any discrepancies you find on your Final Statement. FINRA must receive this by January 20, 2017. This is also the deadline date for which FINRA must receive payment if there is a balance due on your firm’s Final Renewal Statement.
MSRB Rule G-40 requires all municipal securities dealers and municipal advisors with an MSRB account to update their primary contact information or affirm that the information is correct within 17 business days after the end of each calendar year. In addition to this annual requirement, MSRB Rule G-40 requires municipal securities dealers and municipal advisors … Continue reading MSRB Update of Primary Contact Information (MSRB G-40)
In accordance with SEC Rule 17a-5(a)(2)(iii), each broker/dealer registered pursuant to section 15 of the Act who does not carry nor clear transactions nor carry customer accounts shall file Part IIA of Form X-17 A-5 within 17 business days after the end of each calendar quarter. http://taft.law.uc.edu/CCL/34ActRls/rule17a-5.html
In accordance with SEC Rule 17a-5(a)(2)(iii), each broker/dealer registered pursuant to section 15 of the Act who does not carry nor clear transactions nor carry customer accounts shall file Part IIA of Form X-17 A-5 within 17 business days after the end of each calendar quarter.
Firms are required to file Form Custody pursuant to SEA Rule 17a-5(a)(5).
Annual Verification Due As a reminder, Rule 4517 requires firms to complete an annual verification of their FCS contact information within the first 17 business days of each calendar year. Please login to FCS and perform your annual review. This year's deadline is Thursday, January 26, 2017. If you have questions on how to complete … Continue reading FINRA Contact System Due Date
SEC Rule 606 requires broker/dealers that route orders on behalf of customers to prepare quarterly reports that disclose the identity of the venues to which it routed orders for execution. The reports also will disclose the nature of the broker-dealers relationship with those venues, including the existence of any internalization or payment for order flow … Continue reading Disclosure of Order Routing Practices (SEC Rule 606) (Q4 2016)
MSRB Rule G-37 requires each broker , dealer or municipal securities dealer shall, by the last day of the month following the end of each calendar quarter send to the MSRB Form G-37 setting forth, in the prescribed format, the following information: (A) for contributions to officials of issuers (other than a contribution made by … Continue reading MSRB Rule G-37 Quarterly Reporting Requirement
FINRA Rule 4524 requires each member firm to file a Supplemental Statement of Income (“SSOI”) within 20 business days after the end of each calendar quarter via the FINRA Gateway. The SSOI is designed to provide FINRA with greater detail regarding firm’s revenue and expenses. http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=14475&element_id=10588&highlight=4524#r14475
FINRA's Annual Entitlement User Accounts Certification Process begins on January 9, 2017, and ends February 9, 2017. During this period, Super Account Administrators (SAAs) for firms with more than one user must certify that users at their firm who require access to applications in FINRA’s Entitlement Program have the appropriate entitlement privileges to perform their … Continue reading Due: FINRA’s Annual Entitlement Account Certification Process
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
In accordance with SEC Rule 17a-5(a)(2)(ii)-(iii), each broker/dealer registered pursuant to section 15 of the Act who clears transactions or carries customer accounts shall file Part II of Form X-17 A-5 within 17 business days after the end of the month. The fifth FOCUS filing is required for every broker or dealer who does not … Continue reading Monthly & Fifth’ FOCUS IIA Filings (Month ending 1/31/2017)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) via mail or overnight carrier not more than 60-calendar days after the date selected for their fiscal year end. The Annual Audit must also be … Continue reading Annual Audit Filing Due Date (Period Ending 12/31/2017)
Members of SIPC are required to pay an assessment of .0025 of SIPC Net Operating Revenue as defined by the SIPC By Laws Article VI. The SIPC 7 General Assessment Reconciliation is to be filed by all members of the Securities Investor Protection Corporation for the each fiscal year, due no later than 60 days … Continue reading SIPC Assessments (Year ending December 31, 2016 SIPC 7)
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
In accordance with SEC Rule 17a-5(a)(2)(ii)-(iii), each broker/dealer registered pursuant to section 15 of the Act who clears transactions or carries customer accounts shall file Part II of Form X-17 A-5 within 17 business days after the end of the month. The fifth FOCUS filing is required for every broker or dealer who does not … Continue reading Monthly & Fifth’ FOCUS IIA Filings (Month ending 2/28/2017)
FINRA’s Diversity Summit provides a forum for business leaders, diversity practitioners and human resource professionals in the financial services industry to explore a variety of corporate practices, strategies and outreach efforts intended to leverage the benefits of building sustainable diversity and inclusion programs. The 2017 FINRA Diversity Summit took place on Wednesday, March 29 in … Continue reading FINRA Diversity Summit
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (FINRA Rule 3270)
FINRA assesses an annual support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB”). The fee is assessed on a quarterly basis and is based on member firm’s municipal securities trading volume for the prior quarter. http://finra.complinet.com/en/display/display_viewall.html?rbid=2403&element_id=4693&record_id=6093
The Personnel Assessment and Gross Income Assessment (“GIA”) is designed to stabilize revenues used to support FINRA’s regulatory activities. The GIA is based on a member firm’s gross revenues and has a 7 tiered structure with a minimum of $1,200. The Personnel Assessment (“PA”) is based upon a three tiered rate structure: firms with 1 … Continue reading Personnel Assessment and Gross Income Assessment
FINRA member firms that have an obligation to report over-the-counter secondary market transactions in eligible equity and fixed income securities must submit their transaction reports to the appropriate FINRA facility and are required to complete a participant application agreement before they are given access to the facility. Facilities covered by the FINRA Transparency Services Participation … Continue reading FINRA Updates the Transparency Services Participant Agreement
The SEC has approved FINRA’s proposed rule change to adopt a new, consolidated rule governing accounts opened or established by associated persons at firms other than the firm at which they are employed. The new rule—FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)—helps facilitate effective oversight of such accounts. New FINRA Rule 3210 … Continue reading Effective Date of FINRA Rule 3210
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) via mail or overnight carrier not more than 60-calendar days after the date selected for their fiscal year end. The Annual Audit must also be … Continue reading Annual Audit Filing Due Date (Period Ending January 31, 2017)
The Securities and Exchange Commission (SEC) approved FINRA’s rule set for firms that meet the definition of “capital acquisition broker” (CAB) and that elect to be governed under this rule set. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, … Continue reading SEC Approves FINRA’s Capital Acquisition Broker (CAB) Rules
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3728
The December 2017 compliance deadline for FINRA’s margin collection requirements for TBAs and other Agency MBS is fast approaching. Join SIFMA for a Securitization Spotlight Session on April 19 to review how critical aspects of the rule are affecting business almost a year into the implementation process. The program will feature industry speakers discussing their successes … Continue reading FINRA Rule 4210 Implementation
Examine Key Issues Affecting the North American Capital Markets Join co-hosts, SIFMA and the Investment Industry Association of Canada (IIAC), at the 5th annual Canada-U.S. Securities Summit on April 20 in New York City. This half-day event convenes experts from Canada and the United States to discuss key economic, regulatory and political issues in the … Continue reading Canada-U.S. Securities Summit