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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, [...]
FINOP Training and Professional Development
FINOP Training and Professional Development Financial and Operations Principals (“FINOPS”) play a crucial role in managing the financial aspects of a broker dealer. A FINOP’s role encompasses various tasks such as accounting, financial reporting, budgeting, and compliance. For the broker dealer to maintain efficiency and effectiveness in these areas, continuous [...]
Compliance Challenges for FINOPs
In today’s ever-evolving broker dealer environment, a Financial and Operations Principal (“FINOP”) plays a vital role in ensuring the compliance and financial integrity of the broker dealer(s) that he/she is registered with. Due to constant changes within the regulatory landscape, FINOPs encounter numerous compliance challenges that demand their attention and [...]
Regulation BI and Real-World Enforcement
When the Financial Industry Regulatory Authority (“FINRA”) initially proposed the Regulation Best Interest (“Reg BI”), many professionals within the financial services industry shrugged and treated it as another item that could be added to the daily pile of tasks, documentation, and industry noise. Three years into the practical application and [...]