Financial Accounting Resources & News
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Jay Gettenberg
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Jay Gettenberg2014-10-01 08:00:322020-02-01 17:55:09FINRA Notice 14-45
What is a FinOp?
/in Informational/by Jay GettenbergWhat is a Financial & Operations Principal (FinOp)? The Financial and Operational Principal (FinOp) is a role required by FINRA Rule 1200 Series (previously by NASD Rule 1022). The FinOp obtains qualification by passing the Series 27 or Series 28 examination. Upon registration, the FinOp becomes personally liable for the maintenance of the broker dealer’s […]
ACI’s Jay Gettenberg, Elizabeth Attanasio, to Attend FINRA Annual Conference in Washington, DC
/in News/by Shannon SandersonACI is returning to FINRA’s annual conference after the pandemic paused live events for two years.
New FAQ Clarifies FINOP Site Visit Requirements
/in Regulatory Updates/by Shannon SandersonFINRA just clarified a question that has been a thorn in the side for many outsourced FINOPs and their broker-dealer clients for many years: Are FINOPs required to make on-site inspections of their clients’ records to fulfill their regulatory duties?
The short answer: No.
SEC Footnote 74 Provides Alternative for Broker-Dealers Who Don’t Hold Customer Funds
/in Regulatory Updates/by Shannon SandersonThe SEC recently provided non-carrying broker dealers with an alternative option as to how they can maintain their exemptive status under SEC Rule 15c-3-3.
ACI Managing Partner, Jay Gettenberg, has worked closely with the Public Company Accounting Oversight Board (PCAOB) and FINRA in recent years to address the practical reality that there are FINRA member firms who do not hold customer funds, yet do not technically qualify under any of the four exemptions listed on the X-17A-5 Focus Report.