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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REGISTERED INVESTMENT ADVISORS
New RIA Startup, ADV Part 2A and 2B, Wrap Fee Brochure, Code of Ethics, IARD Administration, Annual Filings, Risk Assessments, Advertising, and more.
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Other Broker Dealer and Registered Investment Adviser Services:
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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
Improve Audit Results
Proactive not Reactive
Gain the Required Knowledge
Maximize Resource Allocation
BUILD A CULTURE OF COMPLIANCE
Identify and Mitigate Risk
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MasterCompliance has proven to be a leader in the space of compliance management for over a decade.
On July 9, 2016, FINRA Rule 2341 (Investment Company Securities) superseded NASD Rule 2830 (Investment Company Securities). Some of you may recall that FINRA published Regulatory Notice 15-23 in June 2015 to provide broker-dealers with limited relief from NASD Rule 2830(m). A broker-dealer meeting certain conditions listed in that Regulatory Notice would be relieved from the requirement to promptly transmit customer funds received in connection with sales of securities on a subscription-way basis for the purpose of completing suitability reviews. A broker-dealer qualifying for this limited relief may hold a customer check payable to an issuer or an appropriate third-party payee acting on behalf of the issuer (for example, a transfer agent or custodian) for up to seven business days from the date that an office of supervisory Read More…
FINRA is proposing to expand the Trade Reporting and Compliance Engine (‘‘TRACE’’) reporting rules to include most secondary market transactions in marketable U.S. Treasury securities. The market in U.S. Treasury securities—or ‘‘Treasuries’’ —is the deepest and most liquid government securities market in the world.
Treasuries are traded by broker-dealers as well as commercial bank dealers and principal trading firms (‘‘PTFs’’) that are not registered as broker-dealers with the SEC or members of FINRA. Read More…
In April 2016, the Securities and Exchange Commission (SEC) approved a proposed amendment to FINRA Rule 4524 (Supplemental FOCUS Information). The approved amendment alters the instructions to the Derivatives and Other Off-Balance Sheet Items Schedule (OBS), expanding the application of the OBS to certain non-carrying or non-clearing firms with significant amounts of off-balance sheet obligations.
Newly filing firms were required to file their initial OBS disclosing off-balance sheet information on or before August 2, 2016. Carrying or clearing firms that were already subject to the OBS reporting requirements before the Read More…
In recent years, FINRA has enacted new rules regarding private placement transactions of FINRA member firms – FINRA Rule 5122 (Private Placements of Securities Issued by Members) and FINRA Rule 5123 (Private Placement of Securities). Each of these rules has its own filing requirements, as well as specified exemptions from such filings. We previously touched on FINRA Rule 5122 and member private offerings. In this entry, we will focus on FINRA Rule 5123 and the filing requirements of private placement offerings in general. Read More…
Does your firm accept custody of physical stock certificates? If so, do you know that your firm is required to register with the Securities Information Center (“SIC”)? The SIC has operated the Securities and Exchange Commission’s Lost and Stolen Securities Program since 1977. This program has provided an effective way for firms to deal with lost, stolen, missing, and counterfeit physical securities.
SEC Rule 17f-1 requires firms to report any missing, stolen, lost, or counterfeit securities to SIC. In order to Read More…
Recent U.S. natural disasters, especially Hurricane Sandy in 2012, underscore the importance of having a business continuity plan (“BCP”) that adequately addresses weather-related events. These natural disasters, though tragic, have taught financial services firms several valuable lessons on planning for hurricanes, blizzards, floods, earthquakes, tornadoes, wild fires, and other natural disasters. We share some observations and lessons learned to help broker-dealers and investment advisers prepare for future natural disasters. Read More…
In recent years, FINRA has enacted new rules regarding private placement transactions of FINRA member firms – Rule 5122 (Private Placements of Securities Issued by Members) and Rule 5123 (Private Placement of Securities). Each of these rules has its own filing requirements, as well as specified exemptions from such filings. In this entry, we will focus on Rule 5122 and the treatment of member private offerings.
The offering of securities by a member firm or a control entity of the firm in a private placement can raise conflicts of interest and has been an area of regulatory concern in recent years. To address these concerns, Read More…
No less than once every four years, FINRA member firms are subject to comprehensive examinations, or cycle examinations. These exams determine compliance with applicable securities laws, rules and regulations of FINRA, the Securities Exchange Commission (“SEC”), and the Municipal Securities Rulemaking Board (“MSRB”). A combination of the departments of Sales Practice and of Risk Oversight and Operational Regulation known as “Member Regulation” oversees these cycle examinations.
FINRA assesses a firm’s business activities and associated risks to determine whether a firm’s cycle examination Read More…
In December 2014, FINRA published a report on its review of its gifts, gratuities and non-cash compensation rules. The report concluded that the rules could benefit from some updating to better align the investor protection benefits and the economic impacts of the rules.
To that end, FINRA has recently proposed amendments to the gifts, gratuities and non-cash compensation rules to as described in FINRA Regulatory Notice 16-29. Below as some of the highlights of the proposed rule changes. Read More…
Securities Compliance Management, Inc., also doing business as MasterCompliance, is a full-service compliance consulting firm, including supervisory, regulatory, operations, financial reporting, accounting, AML audit, procedures, 206(4)-7 annual RIA reviews, technology solutions, etc. (see our websites below for more information on products/services). We specialize in advising broker-dealers and registered investment advisers on the management of their compliance programs “Compliance Management”. We are based in Alpharetta, GA (just outside Atlanta) and we currently employ over 20 individuals based in Atlanta, GA; Charlotte, NC; Dallas, TX; Raleigh, NC; Los Angeles, CA; Read More…