Blog
Cybersecurity and Financial Services
As more and more broker dealers and registered investment advisors (“RIAs”) go paperless, the threat of security breaches has exponentially increased. Cybersecurity has become one of the most critical components for financial service firms in an effort to safeguard information and maintain trust with clients. Broker dealers and RIAs maintain [...]
The Importance of SIPC
Every six months, broker dealers are subject to a SIPC payment. Today, we will discuss SIPC and why broker dealers must pay into this corporation. […]
Capital Requirements for Broker Dealers
Broker dealers play a vital role in the financial markets by facilitating the buying and selling of securities on behalf of its clients. To ensure the stability and integrity of the financial system, regulatory authorities, including the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission (“SEC”) impose [...]
Questions for any Third Party FINOP Service Provider
Per the National Association of Securities Dealers (“NASD”) Rule 1022, every broker dealer must retain a Series 27/28 Financial and Operations Principal (“FINOP”). A Series 27 FINOP is one who is licensed to be a FINOP of a full service or introducing broker dealer. Whereas a Series 28 FINOP is [...]
Audit Preparations for FINOPs
For a broker dealer, there’s a single word that is synonymous with death and taxes….Audit. Every broker dealer needs to be prepared for audits. Whether it is the annual independent audit or a regulatory audit, audits will happen. Your broker dealer’s Financial and Operations Principal (“FINOP”) plays a vital role [...]
Ethical Considerations for FINOP’s
Ethical Considerations for FINOP’s In the financial services industry, the Financial and Operations Principal (“FINOP”) plays a critical role in establishing and maintaining the integrity and efficiency of a broker dealer. Because of this, the FINOP has a significant ethical obligation that must be carefully navigated to ensure that fairness, [...]