FinOp Resources & News

New FAQ Clarifies FINOP Site Visit Requirements

September 24, 2020

FINRA 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

August 24, 2020

The 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.

ACI’s Jay Gettenberg to Appear on July 30, 2020 “Accounting and Auditing in COVID Times” Teleconference

July 20, 2020

ACI Managing Partner, Jay Gettenberg, will participate in a broker-dealer update tech session teleconference on July 30, 2020 to discuss the regulatory accounting and auditing issues that arose from the coronavirus pandemic.

The six-person panel, “Accounting and Auditing in COVID Times,” sponsored by the Foundation for Accounting Education, will examine how the pandemic affected industry practices. ACI’s focus during this panel will be to share practical lessons learned while helping over 50 broker-dealer clients navigate the SBA-backed Paycheck Protection Program.

Focused on Safety, ACI Pushes Office Return to September

June 29, 2020

Like many of you, ACI has been weighing when to return to the office as New York City approaches Phase 3.

Our original plan was to implement a partial return on July 6th. After discussing amongst our staff and weighing the consequences, we have decided to hold off until at least September.

ACI Listed as a Member of FINRA’s Compliance Vendor Directory

May 15, 2017/in News/by Jay Gettenberg

Effective this week, the Financial Industry Regulatory Authority will be going live with their new Compliance Vendor Directory (CVD), a comprehensive list of service providers in nine distinct categories, as follows: 1. Compliance Consulting 2. Cybersecurity 3. Data Management 4. Email & Social Media Archive 5. Exam Prep & Firm CE 6. Insurance Brokers 7. […]

The Impact of PCAOB and How ACI Can Help Reduce Audit Fees

April 27, 2017/in Regulatory Updates/by Shannon Sanderson

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 designated the Public Company Accounting Oversight Board as the regulatory agency responsible for overseeing the audits of all broker dealers registered with the Securities and Exchange Commission. Over the past 7 years, the PCAOB has performed extensive reviews of audit files, scrutinizing independence, documentation […]

New FINRA CAB Rules

April 20, 2017/in Regulatory Updates/by Jay Gettenberg

Capital Acquisition Brokers (“CABS”) were created as a new FINRA Membership option after a long-standing battle in the industry to lessen the restrictions on limited purpose Broker Dealers. You can apply to be a CAB member at the onset of your new member application (assuming you meet the criteria per the rule) or you can […]

FINRA Notice 16-09

March 5, 2016/in Regulatory Updates/by Jay Gettenberg

Summary Effective March, 2016 Shortening the settlement cycle from trade date plus three business days (T+3) to trade date plus two business days (T+2) for U.S. secondary market transactions in equities, corporate and municipal bonds, unit investment trusts, and financial instruments composed of these products is an industry- led initiative. To support this industry-led initiative, […]

Financial Accounting Resources & News