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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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.
The North American Securities Administrators Association (“NASAA”) recently adopted a new rule that will require Investment Advisor Representatives (“IARs”) to complete 12 credit hours of Continuing Education annually.
The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA) recently issued Frequently Asked Questions (FAQs) concerning the exemption provisions of SEC Rule 15c3-3, the Customer Protection Rule. Prior to this guidance, even if they did not meet all requirements for (k)(2)(i) or (k)(2)(ii) on the FOCUS Report, firms were choosing to file for a (k)(2)(i) if they did not have custody. To address this issue, the SEC released footnote 74 to allow these “Non-Covered Firms” to properly file for exemption under Rule 15c3-3.
FINRA recently released a notice about 2021 and first quarter of 2022 FINRA Report Filing Due Dates to assist members in their financial reporting obligations for Annual Report, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filings.
Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) custodial accounts provide a way to transfer property to a minor beneficiary without the need for a trust. The custodian then must transfer the ownership of this account to the minor at the age of majority.
As the end of the year approaches, it is a good time to revisit cybersecurity focus points and remind firms and their representatives of potential weaknesses. Cybersecurity is no longer a big firm program. Cyber-attacks occur from one-man shops to multibillion-dollar financial institutions.
In May of this year, the SEC fined Bloomberg Tradebook LLC for $5 million, censured the firm, and issued a cease and desist order for misleading customers about how their orders were routed. Specifically, the SEC found that the Firm made material misrepresentations in regard to order routing. They omitted material facts about how they handled certain customer trade orders.
On April 3, 2017, FINRA Rule 3210 for Accounts At Other Broker-Dealers and Financial Institutions officially replaced NASD Rule 3050, Transactions for or by Associated Persons. In summary, FINRA Rule 3210 requires prior notification by an associated person to their member firm before they establish an account at another financial institution. Accounts include any securities transactions in which the Associated Person has a financial interest or with respect to which such person had discretionary authority. Read More…
Compliance responsibilities grow with every passing year. New regulatory mandates, examination priorities, trends in regulatory enforcements, changes in business, personnel changes, adding new business lines. These are only a few of the many considerations of which compliance professionals must be aware in order to run an effective compliance program amidst the ever-evolving landscape. Read More…
Knowing firm requirements as set forth in the Investment Advisers Act is essential, and learning from the mistakes of others in this area can be a valuable and motivating tool for striving for compliance in the financial services industry. In an atmosphere where Chief Compliance Officers (CCO) are being added to disciplinary proceedings, learning and taking immediate corrective action is the name of the game. No longer is the firm the only name blasted across SEC complaints; regulators will ensure that individuals are equally held responsible. Read More…
Most broker-dealers are aware of their annual requirement to test and document their firm’s compliance program. But, the question remains if firms are meeting the full requirements of the rule. Below are the basics of the former NASD Rule 3012, now FINRA Rule 3120, for establishing and maintaining a system of supervisory control. Read More…