The summer is quickly coming to an end and your compliance year-end tasks are now in front of you. Have you reviewed your checklist of required exams and tests? Have you reviewed and updated your compliance manuals with current rule number changes and amendments? There were several significant changes again this year with the continued implementation of Dodd-Frank and the FINRA Rule Book consolidation. Additionally, the SEC & FINRA Routine Exam program have become more vigorous. The exam will now be even more focused on your policies and procedures and their alignment with current regulations.
No surprise, but the regulators are gearing up with greater resources, procedures and exam efficiencies for their routine, sweep and ‘for cause’ exams. Mary Jo White, SEC Chairman, is proactively reviewing risk reports on broker-dealer and registered investment advisor firms with their new technologies. The information that the regulators have on each firm is broad and allows the regulator to assess the firm’s risk to the public. This information includes Form BD, Form BR, U-4 & U-5, ADV Parts 1&2, OATS, TRACE, MSRB Filings, FOCUS Reports, SSOI Filings among others.
Don’t be caught with open compliance tasks because the regulators are vigilant in their exams. Remember, each exam is different. When FINRA conducts an exam, the SEC may be right behind them for oversight and the SEC’s exam model will be a different experience.
RegMaven will assist you in preparing for 2015 with a compliant 2014.
RegMaven’s team of CCOs, securities attorneys and former regulators will work with you to build a compliance program based on your business model and designed to prepare your firm and supervisors for the new regulatory exam. Contact us to discuss our Compliance Assessment Program, a non-intrusive look into the validity of your regulatory readiness.
Contact us for a discussion: RegMaven 30 minute Compliance Discussion
