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.
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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
Gain the Required Knowledge
Maximize Resource Allocation
BUILD A CULTURE OF COMPLIANCE
Identify and Mitigate Risk
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As summarized below, FINRA recently announced some recent enforcement actions against member firms that we wanted to share with you. We have selected these specific cases to share as we feel these are very important areas of compliance within a broker-dealer. More importantly, each of the examples summarized below were easily preventable. Firms must ensure that its personnel receive adequate training and have the requisite experience when assigned supervisory responsibilities, and also have an obligation to ensure its policies and procedures are being followed. Read More…
As summarized below, the Municipal Securities Rulemaking Board (MSRB) recently published a Regulatory Notice seeking comment on draft rule amendments to MSRB Rule G-34, on CUSIP numbers, new issue, and market information requirements, to clarify existing application of the rule to certain new issue municipal securities, and to expand the application of the rule to certain additional industry participants. In addition, the MSRB also wanted to remind firms of their existing obligation under Rule G-34(b) to obtain CUSIP numbers for certain secondary market securities. Read More…
As summarized below, the SEC has recently approved amendments to FINRA Rule 2232 (Customer Confirmations) that require firms to disclose additional transaction-related information to retail customers for trades in certain fixed income securities.
These amendments will become effective on May 14, 2018.
Mark-Up Disclosure Requirements
When Disclosure is Required
New FINRA Rule 2232(c) requires firms to disclose to a non-institutional customer the amount of mark-up or mark-down the customer paid for a trade in a corporate or agency debt security, if the firm also executes one or more offsetting principal trades in the same security on the same trading day which in the aggregate meet or exceed the size of the customer trade.
FINRA notes that a disclosure obligation under Rule 2232(c) could also be triggered by an offsetting principal trade executed by a firm’s affiliate. Specifically, if a firm’s offsetting principal trade is executed with a broker-dealer affiliate and did not occur at arm’s length, the firm is required to “look through” to the time and terms of the affiliate’s trade to comply with the rule. Read More…
FINRA recently published a Regulatory Notice to announce that it is currently soliciting comment on proposed amendments to FINRA Rule 2210 (Communications with the Public). Rule 2210 provides that communications may not predict or project performance, imply that past performance will recur or make any exaggerated or unwarranted claim, opinion or forecast. The general prohibition against performance projections is largely intended to protect retail investors from performance projections of individual investments, which often prove to be spurious, inaccurate or otherwise misleading. Read More…
As a broker-dealer compliance company, we are often consulted about the process of submitting fingerprints for FINRA approval.
Who Needs to Be Fingerprinted?
Section 17f-2 of the Securities Exchange Act (SEA) of 1934 states that that “every member of a national securities exchange, broker, dealer, registered transfer agent, registered clearing agency, registered securities information processor, national securities exchange, and Read More…
FINRA Rule 4517 – Member Filing and Contact Information Requirements
FINRA Rule 4517 requires member broker-dealers to report and update to FINRA all contact information required by FINRA via Firm Gateway. Specifically, each registered broker-dealer is required to report and update all contact information required by FINRA via the Firm Gateway. Additionally, broker-dealers must update its required contact information promptly, but in any event not later than 30 days following any change in such information. Read More…
The MSRB is requesting comment on draft amendments to MSRB Rule G-26 related to customer account transfers. The draft amendments are primarily designed to modernize the rule and promote a uniform customer account transfer standard for all broker-dealers. Rule G-26 requires broker-dealers to cooperate in the transfer of customer accounts and specifies procedures for carrying[…]
In today’s ever morphing environment, business restructures are quite common. Broker-dealers often undergo mergers, acquisitions, or successions. And, the restructuring of broker-dealers aren’t simple tasks. Once a FINRA member firm decides it may want to restructure, there a number of things that should be considered. FINRA addresses the regulatory considerations a firm should account form related to restructuring in NASD Rule 1017. Rule 1017 establishes that a FINRA member firm must receive FINRA approval to undergo organizational changes such as mergers, acquisitions, asset transfers, and material changes in business. A principal from your firm should Read More…
FINRA has recently proposed certain amendments to Rule 4554 (Alternative Trading Systems— Recording and Reporting Requirements of Order and Execution Information for NMS Stocks) to require ATSs to provide additional order sequence information on reports submitted to the Order Audit Trail System (‘‘OATS’’).
In May 2016, the SEC approved Rule 4554 to further enhance FINRA’s ability to reconstruct an ATS’s order book and better perform its order-based surveillance, which includes surveillance for layering, quote spoofing and mid-point Read More…
Rule 603(a) of SEC Regulation NMS provides that any national securities exchange, national securities association, broker or dealer that distributes information with respect to quotations for or transactions in an NMS stock to a securities information processor, broker, dealer or other persons shall do so on terms that are not unreasonably discriminatory. In adopting Regulation NMS, the SEC stated that “adopted Rule 603(a) prohibits [a SRO] or broker-dealer from transmitting data to a vendor or user any sooner than it transmits the data to a Network processor.” Read More…