GRC Solutions for Broker-Dealers

The Financial Industry Regulatory Authority (FINRA) requires broker-dealers to “maintain a system to supervise the activities of their associated persons and to achieve compliance with securities laws and regulations and FINRA’s rules.”

Our broker-dealer division can help implement sound compliance and supervisory programs that address appropriate FINRA and Securities and Exchange Commission (SEC) regulations. Our consultants have years of regulatory experience, professional designations, and Certified Anti-Money Laundering Specialists (CAMS) Certifications.

We understand that the size and nature of a broker-dealer can vary widely, from market maker, to Funding Portal (FP-BD), to upcoming Capital Acquisition Broker (CAB). As a result, we take a firm’s unique characteristics into account when designing, updating, and/or implementing compliance policies and procedures.

Our solutions

Our broad range of services for broker-dealers extend from guiding firms through all aspects of the initial registration to providing consultations on the implications of individual rule changes.

Broker-Dealer Registration Services

We have the regulatory expertise to assist with the initial broker-dealer FINRA and/or state application filings, CRD filings and preparation of compliance and supervisory procedures. In addition, our team can assist existing broker-dealers with a Change in Membership (CMA) application with FINRA.

Supervisory Control Assessment

Our team reviews and tests broker-dealer compliance programs in accordance with FINRA Rules 3110 and 3120 requirements.

Implementation Consultation and Training

Our broker-dealer implementation assistance services include discussions with the broker-dealer’s principals on the day-to-day compliance and management of the broker-dealer, including:

  • General regulatory compliance and recordkeeping requirements
  • Financial reporting
  • Annual requirements
  • Internal review function
  • Communication with the public policies
Anti-Money Laundering (AML) Independent Testing

Our team performs independent AML testing as a qualified outside party to assess the effectiveness of a broker-dealer’s AML program. During our review, we work closely with clients to tailor our in-depth testing to each firm’s business model. Our customized approach identifies potential gaps in your firm’s AML program and provides practical solutions to address them.

Branch Office Inspections

We can assist with a review of branch audit programs and perform branch office inspections. Our branch office inspections can be a general review to assess compliance with FINRA Rule 3110(c), or they can be refined to include specific focus areas.

Trading, Financial, and Compliance Examinations (TFCE)

Our team conducts comprehensive reviews of broker-dealer equity trading desks intended to emulate the TFCE performed by FINRA’s Market Regulation Department. We also offer more limited reviews for OATS, TRACE and RTRS compliance.

Regulation Best Interest Assistance

We can help broker-dealers understand the compliance and operational issues presented by Reg BI as they relate to their retail business. Our consultants can assist in designing customized procedures that will detail the steps needed to address Reg BI’s requirements as they relate to your firm.

Other Consulting Services

Build a scalable and resilient compliance program with our ComplianceAlpha® regulatory technology  platform backed by managed services support.

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Packaged compliance solutions for broker-dealers

Our tiered solutions let you choose the level of assistance your firm needs.

Comprehensive C3 Solution®

Our comprehensive C3 Solution service combines core regulatory compliance assistance with ongoing support to help firms ensure their compliance programs are up to date and effective.

Compliance Cornerstone™

We designed our Compliance Cornerstone solution for broker-dealers with a less comprehensive need for compliance assistance.

Compliance Assistant™

Broker-dealers that simply need to stay current on compliance issues or that have occasional compliance questions choose our Compliance Assistant program.

Broker-Dealer Reference Guide

Our Broker-Dealer Quick Reference Guide is designed to help firms understand compliance standards.

2022 Broker-Dealer Regulatory Filings Calendar

To help you stay on track with your firm’s FINRA reporting obligations, we’ve put together a printable calendar with key deadlines in addition to U.S. national holidays at a glance.

Upcoming and on demand webcasts

FINRA Priorities and Hot Topics 2022

Our experts will discuss how the recently released 2022 examination priorities may impact you and your compliance program.

Webcast

News

Celebrating Asian and Pacific Islander American Heritage Month

May is Asian and Pacific Islander American Heritage Month, and we are happy to celebrate with the launch of our Asian Pacific Islander Employee Resource Group!

ACA Mirabella Awarded HFM's Title of Best Regulatory Hosting Platform

ACA Mirabella are recognised as the hedge funds preferred provider, having once again been presented the title of Best Regulatory Hosting firm at the 2022 HFM European Services Awards. This is the seventh year in a row that ACA Mirabella has taken this title. Learn more about this win here.

Transaction Reporting Still Not a Priority for Firms, Despite Recent ESMA Fine

New research reveals that confidence among financial services firms in the quality of their own transaction reporting is declining – down to 65% from 87% in 2021. This confirms concerns around inaccurate regulatory reporting leading to fears of undetected market abuse and an inability to monitor for systemic risks.