FinOp Services

Outsourcing Your FINOP and Accounting

As mandated by FINRA Rule 1022, broker dealers must, at all times, have a registered Series 27/28 Financial and Operation Principal (FINOP). By engaging an outsourced FINOP, not only with your broker dealer significantly save money, but you will also have access to a best-in-class Accounting and FINOP department available to your Firm. Having your accounting and FINOP needs centralized within Securities Compliance Management, you are able to focus on your core business activities.

At Securities Compliance Management, your broker dealer will have a dedicated licensed and experienced FINOP at your fingertips. Our Accounting and FINOP department have a combined 50+ years of experience and knowledge to bring to your Firm. The FINOP will be registered with your broker dealer. Because of this, your FINOP will be able to communicate with regulators on matters related to your Firm’s compliance with accounting and net capital requirements.

Role of a FINOP:

  • Final approval and responsibility for accuracy of financial reports submitted to any duly established securities industry regulatory body;
  • Final preparation of financial reports;
  • Supervision of individuals who assist in the preparation of financial reports;
  • Supervision of and responsibility for individuals who are involved in the actual maintenance of the member’s books and records from which financial reports are derived;
  • Supervision and/or performance of the member’s responsibilities under all financial responsibility rules pursuant to the provisions of the Act; and
  • Any other matter involving the financial management of the member.

Accounting Services:

Recording and supervision of accounting in accordance with GAAP and Regulatory Regulations, including but not limited to the following areas:

  • Proper Revenue Recognition
  • Accounts Payable
  • Accrued Liabilities
  • Firm Assets
  • Suspense Accounts
  • Reconciliations
  • Investment Banking
  • Creation of Financial Reports

FINOP Services:

  • Implementation of Fiscal Controls
  • Contemporaneous Compliance with the Net Capital Rule (SEC Rule 15c3-1)
    • Includes preparation of regular net capital calculations, and
    • Calculation of haircuts and other deductions
  • Supervision of:
    • General Ledger Accounts
    • Contributions and Withdrawals
    • Expense Sharing Agreements
    • SIPC Assessments
    • Any other Financial Regulations
  • Preparation and Final Approval of Regulatory Filings as Required including but not limited to:
    • SEC Rule 17a-5 filings
    • FOCUS filings
    • Supplemental Statement of Income (SSOI) filings
    • Form Custody filings
    • Schedule 1 filings
    • Any other required regulatory filings as directed by FINRA and the SEC
  • Assistance with Annual PCAOB Audit
  • Annual FINOP Review as directed by Notice to Members 06-23
  • Collaboration with management on all financial matters as it pertains to net capital

Contact Us
To learn more about our FINOP services, contact us or call 1-404-841-1010.

Contact Us

Contact Us Inner Page