Audit Preparations for FINOPs

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 in ensuring compliance with regulatory requirements and maintaining accurate financial records. There are several considerations for your broker dealer’s FINOP as it pertains to audits. Review Regulatory Requirements: A FINOP should do a thorough review of the regulatory requirements that are applicable to your broker dealer. This includes requirements as Read more about Audit Preparations for FINOPs[…]

Ethical Considerations for FINOP’s

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, integrity, and lawful practices are at the forefront of their position. Below are several key considerations for Financial and Operations Principals (“FINOPS”) to implement as part of their best practices with their broker dealer firms. Accuracy and Integrity of Financial Reporting – FINOPS are responsible for certifying accurate and transparent Read more about Ethical Considerations for FINOP’s[…]

FINOP Training and Professional Development

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 training and professional development are essential. Included here are several examples explaining why FINOP training and professional development are so important in today’s ever changing broker dealer environment.                Regulatory Changes: The broker dealer landscape is subject to frequent regulatory changes. Training programs keep FINOPS updated on various Financial Industry Read more about FINOP Training and Professional Development[…]

Compliance Challenges for FINOPs

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 expertise, and as a result, a FINOP must have the knowledge and experience to suggest strategies to the broker dealer to help effectively address these challenges. Below are a few common compliance challenges that FINOPs face along with strategies to help address them: – Regulatory Complexity: Broker dealers operate in Read more about Compliance Challenges for FINOPs[…]

It has been an exciting year for Securities Compliance Management (“SCM”)

The Ultimate Solution for Compliance Management

It has been an exciting year for Securities Compliance Management (“SCM”). The Firm has successfully: Initiated numerous New Membership Applications (“NMAs”) for new firms seeking the Financial Industry Regulatory Authority’s (“FINRA”) approval, Initiated several Continuous Membership Applications (“CMAs”) for existing firms that are planning to undergo a material change in their line of business operations, Partnered with new broker-dealer and registered investment advisor firms to assist them with their FinOp and/or compliance programs, and Assisted in the buy/sell of existing broker-dealer firms. Along with the new relationships that Securities Compliance Management has established this year, the Firm is also incredibly Read more about The Ultimate Solution for Compliance Management[…]

A summary of requirements for Broker Dealers.

Financial Reporting for Broker Dealers

Financial Reporting for Broker Dealers. When you decide to enter the highly regulated broker dealer world, you must arrange to have the properly licensed people registered with your firm. One of those is a FINOP (Financial and Operations Principal). FINOP’s have either a Series 27 license or a Series 28 license. Your broker dealer’s FINOP is required to submit various regulatory filings to FINRA. Note that hiring a bookkeeper or a certified public accountant will not fulfill the requirement of having a licensed FINOP registered with your broker dealer. A new broker dealer, which is defined as a broker dealer Read more about Financial Reporting for Broker Dealers[…]