We pride ourselves not only on our expert advice, but also on the variety of product offerings that give our clients the ability to build a solid compliance program. Our primary objective is to simplify the job of compliance and supervision.
Today, many facets of our operations allow us to provide best-in-class service to our clients and make us a leader in compliance management.
What is “compliance management"? “Compliance management” is a term that we use to describe the system used by a firm to ensure that it operates a robust and effective compliance program. “Compliance management” has several key components, including, among other things, organization, efficient allocation of resources, delegation of responsibilities, effective management and leadership, appropriate training, policies and procedures tailored to the firm’s business, and documented compliance reviews.
We offer a wide range of compliance management solutions to help your firm establish, implement, and maintain an effective system for achieving compliance with the securities laws, rules, and regulations governing its business.
Start a Broker/Dealer, Buy/Sell a Broker/Dealer, Other Applications (Form CMA), FINOP, CRD Administration, AML Audit, and more.
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WHY CHOOSE MASTERCOMPLIANCE?
The Ultimate Solution for Compliance Management
The complex and ever-growing set of regulations and laws governing the securities industry creates many challenges for the financial institutions that must comply with them. Compliance is not just what you know, but more importantly, what you don't know. The enforcement stakes are high and an audit score of 99% could result in a failure.
For those of you who are experts, compliance is something that you have to teach and delegate to others. Compliance takes a great deal of organization and discipline. Compliance doesn't just happen in a day; rather, it is ongoing process that must occur throughout the year.
Too often, we come across prospects that desperately need to fix a failing compliance program. In many cases, the gaps in these compliance programs are not detected until it is too late. Perhaps, the firm put too much trust in one employee. Consider the consequences of losing a key person, such as your firm’s Chief Compliance Officer. How would your firm replace this position with only two weeks’ notice? There is just too much ground to cover.
MasterCompliance is your firm’s solution and the all-in-one compliance management company.
We pride ourselves not only on our innovative products, but also on our people. Our clients remind us daily of how much they value our team and services. Our people have skills and experience in a broad range of fields, including legal, regulatory, operations, accounting, supervisory, trading, data analysis and technology.
BUILD A CULTURE OF COMPLIANCE
Identify and Manage Risk
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Proactive not Reactive
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BUILD A CULTURE OF COMPLIANCE
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The Securities and Exchange Commission (SEC) has approved a National Market System (NMS) plan to create a comprehensive database of all trading activity in the U.S. equity and options markets. This database is known as the Consolidated Audit Trail (CAT).
Proposed by FINRA and the national security exchanges to comply with new regulations related to broker-dealer compliance, specifically SEC Rule 613, the NMS plan details the methods by which self-regulatory organizations (SROs) and broker-dealers will record and report market information. The supplied data will provide the complete lifecycle of all orders and Read More…
FINRA is soliciting comment on a proposal to provide for a FINRA-sponsored inter-dealer quotation facility for all OTC equity securities. Over the past several years, there have been instances in which market-wide trading halts for all OTC equity securities have been put into effect by FINRA out of concern regarding a substantial lack of transparency due to limited quotation information for these securities.
[Continued from Communications with the Public – Part I]
Investment Analysis Tools
Pursuant to FINRA Rules 2210(c)(3)(C) and 2214(a), firms that intend to offer an investment analysis tool must file templates for written reports produced by, or retail communications concerning, the tool, within 10 business days of first use. Rule 2214 also requires firms to provide FINRA with access to the tool itself, and provide customers with specific disclosures when firms communicate about the tool, use the tool or provide written reports generated by the tool.
In April 2014, FINRA began a review of its communications with the public rules to assess their effectiveness and efficiency. FINRA later published a report concluding that, while the rules have met their intended investor protection objectives, they could benefit from some updating to better align the investor protection benefits and the economic impacts. To this end, the SEC recently approved amendments to certain FINRA rules governing communications with the public effective January 9, 2017. The amendments revise the filing requirements in FINRA Rule 2210 and FINRA Rule 2214 and the content and disclosure requirements in FINRA Rule 2213. Below is a summary of some of these changes.
Firms that use the Alternative Display Facility (ADF) to report over-the-counter trades in NMS stocks for broker-dealer compliance management purposes can choose to have their trades submitted by the ADF to the National Securities Clearing Corporation (NSCC) for clearance and settlement. Designated trades can be locked-in via agreement by both parties to the trade (the Uniform Services Agreement and/or the Qualified Special Representative Agreement). Alternatively, designated trades can be locked-in by the system in accordance with FINRA’s rules and regulations for broker-dealers. Lock-in of trades designated for clearing must occur in one of those two ways.
FINRA recently filed proposed new regulations regarding broker-dealer compliance with the SEC to: (1) amend FINRA Rule 4512 (Customer Account Information) to require member firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account; and (2) adopt new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit FINRA registered broker-dealers to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation of these customers.
[Continued from FINRA Membership Interview – Part I]
What happens during the FINRA Membership Interview?
During the FINRA Membership Interview, the participants will discuss substantially all of the aspects of the firm’s proposed business. Emphasis will be placed on the FINRA, SEC, or MSRB rules applicable to the firm’s intended business, as well as the firm’s supervisory structure, the background and experience of the firm’s principals and representatives, and plans for future direction and expansion. Questions about how the firm will process transactions and how it will supervise activities to maintain FINRA compliance, among other things, must be answered by the individual(s) who will be responsible for those functions.
So, you’ve decided to start or own a broker-dealer. You have completed Form NMA, submitted it to FINRA Gateway via the New Membership Application process with all of your supporting documents, and have gone through a round or 2 of information requests with the FINRA Membership Application Program Group (the “MAP Group”). Now, you have just received a request to sit down with FINRA for the Membership Interview.
FINRA has expanded its alternative trading system (ATS) transparency initiative. Beginning October 3, FINRA is now publishing monthly information on block-size trades occurring on ATS’s. Among other things, this data may be used by broker-dealers for market regulation surveillance purposes. The information can be found on FINRA’s website and is available free of charge.
In June 2016, the Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the Securities Exchange Commission (SEC) to revise the content outline for the Municipal Advisor Representative Qualification Examination (Series 50 exam). The content outline for the Series 50 exam has been amended to reflect changes to the laws, rules and regulations covered by the examination. These amendments also, among other things, incorporate the functions and associated tasks performed by a municipal advisor representative.