Our experts will discuss how the recently released 2022 examination priorities may impact you and your compliance program.
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.
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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.
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.
Our team reviews and tests broker-dealer compliance programs in accordance with FINRA Rules 3110 and 3120 requirements.
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
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.
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.
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.
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.
We offer broker-dealer chaperoning services to non-U.S. asset managers and broker-dealers that seek to market private funds in the United States without registering as a U.S. broker-dealer.
We can maintain a private-label broker-dealer on behalf of your firm, allowing you to focus on your core business. Our private label broker-dealer offering provides an opportunity for firms to have ACA Foreside own and manage a broker-dealer branded by you and dedicated solely to you as the client.
We provide experienced Financial and Operations Principals (FINOPs) and professional accounting services to keep you in compliance. Our licensed Series 27 and Series 28 professionals have years of financial experience working with FINRA and the SEC and can help support your firm.
We work with asset management firms throughout the world to facilitate compliance and product distribution through legal underwriting, registered rep licensing and chaperoning, and DTCC/NSCC fund sponsorship for all types of pooled investment vehicles.
2023 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.
Featured broker-dealer news and insights
The SEC issued three important updates regarding cybersecurity rule proposals. These updates represent a shift that normalizes standards and increases governance expectations.
Responding to changes in "technology, advisory services, and custodial practices," the SEC’s proposal expands the current rule’s coverage to all client assets where the adviser has custody.
The SEC recently adopted an amendment to reduce the time to settle a security purchase or sale from T+2 to T+1 and added Rule 15c6-2.
The SEC Division of Examinations issued a risk alert describing its observations of Regulation Best Interest deficiencies during broker-dealer exams.
Upcoming and on demand webcasts
Join us Tuesday, April 19 at 11:00 AM EDT for an in depth discussion about the proposed rules and their anticipated impact on private fund businesses (including compliance and performance teams).
FINRA Requires Unrealized Fund IRRs to be Presented in Accordance with the GIPS Standards (Broker-dealers)
The FINRA release of Regulatory Notice 20-21 on July 1, 2020 includes clarified guidance for calculating and presenting IRR for use in retail communications by FINRA member firms. Join ACA for a complimentary webcast discussing the main areas of impact to broker-dealers and FINRA member placements agents.
Introducing ACA Vantage for ESG; a straightforward and comprehensive solution to track and analyze ESG data, and support PE, private credit, and leveraged loan portfolios.
ACA Group (ACA) is honored to be recognized by the exchange-traded fund (ETF) industry for two awards during the 2023 ETF Express U.S. Awards.
ACA released two new solutions aimed at helping private fund managers worldwide comply with the recently adopted SEC Private Fund Adviser Rules.