Our experts will discuss how the recently released 2022 examination priorities may impact you and your compliance program.
The Financial Industry Regulatory Authority (FINRA) requires broker-dealers to “maintain a system to supervise the activities of their associated persons and to achieve compliance with securities laws and regulations and FINRA’s rules.”
Our broker-dealer division can help implement sound compliance and supervisory programs that address appropriate FINRA and Securities and Exchange Commission (SEC) regulations. Our consultants have years of regulatory experience, professional designations, and Certified Anti-Money Laundering Specialists (CAMS) Certifications.
We understand that the size and nature of a broker-dealer can vary widely, from market maker, to Funding Portal (FP-BD), to upcoming Capital Acquisition Broker (CAB). As a result, we take a firm’s unique characteristics into account when designing, updating, and/or implementing compliance policies and procedures.
Our broad range of services for broker-dealers extend from guiding firms through all aspects of the initial registration to providing consultations on the implications of individual rule changes.
We have the regulatory expertise to assist with the initial broker-dealer FINRA and/or state application filings, CRD filings and preparation of compliance and supervisory procedures. In addition, our team can assist existing broker-dealers with a Change in Membership (CMA) application with FINRA.
Our team reviews and tests broker-dealer compliance programs in accordance with FINRA Rules 3110 and 3120 requirements.
Our broker-dealer implementation assistance services include discussions with the broker-dealer’s principals on the day-to-day compliance and management of the broker-dealer, including:
- General regulatory compliance and recordkeeping requirements
- Financial reporting
- Annual requirements
- Internal review function
- Communication with the public policies
Our team performs independent AML testing as a qualified outside party to assess the effectiveness of a broker-dealer’s AML program. During our review, we work closely with clients to tailor our in-depth testing to each firm’s business model. Our customized approach identifies potential gaps in your firm’s AML program and provides practical solutions to address them.
We can assist with a review of branch audit programs and perform branch office inspections. Our branch office inspections can be a general review to assess compliance with FINRA Rule 3110(c), or they can be refined to include specific focus areas.
Our team conducts comprehensive reviews of broker-dealer equity trading desks intended to emulate the TFCE performed by FINRA’s Market Regulation Department. We also offer more limited reviews for OATS, TRACE and RTRS compliance.
We can help broker-dealers understand the compliance and operational issues presented by Reg BI as they relate to their retail business. Our consultants can assist in designing customized procedures that will detail the steps needed to address Reg BI’s requirements as they relate to your firm.
Packaged compliance solutions for broker-dealers
Our tiered solutions let you choose the level of assistance your firm needs.
Comprehensive C3 Solution®
Our comprehensive C3 Solution service combines core regulatory compliance assistance with ongoing support to help firms ensure their compliance programs are up to date and effective.
We designed our Compliance Cornerstone solution for broker-dealers with a less comprehensive need for compliance assistance.
Broker-dealers that simply need to stay current on compliance issues or that have occasional compliance questions choose our Compliance Assistant program.
Broker-Dealer Reference Guide
Our Broker-Dealer Quick Reference Guide is designed to help firms understand compliance standards.
2022 Broker-Dealer Regulatory Filings Calendar
To help you stay on track with your firm’s FINRA reporting obligations, we’ve put together a printable calendar with key deadlines in addition to U.S. national holidays at a glance.
Featured broker-dealer news and insights
FINRA brought 126 enforcement actions and issued fines totaling almost $100M in 2021. In comparison, FINRA only issued a total of $57M in fines during 2020.
The report identifies applicable rules and related compliance considerations for broker-dealers, summarizes recent exam findings, and describes best practices.
Upcoming and on demand webcasts
Join us Tuesday, April 19 at 11:00 AM EDT for an in depth discussion about the proposed rules and their anticipated impact on private fund businesses (including compliance and performance teams).
FINRA Requires Unrealized Fund IRRs to be Presented in Accordance with the GIPS Standards (Broker-dealers)
The FINRA release of Regulatory Notice 20-21 on July 1, 2020 includes clarified guidance for calculating and presenting IRR for use in retail communications by FINRA member firms. Join ACA for a complimentary webcast discussing the main areas of impact to broker-dealers and FINRA member placements agents.
We are excited to celebrate Hispanic Heritage Month with our Hispanic/Latinx Organization for Leadership & Advancement (HOLA) Employee Resource Group!
ACA has announced their launch of a dedicated outsourced chief compliance officer (OCCO) practice for the financial services industry.