FINRA & SEC Compliance
Kaufman Rossin’s dedicated financial services team includes former Financial Industry Regulatory Authority (FINRA) and U.S. Securities and Exchange Commission (SEC) regulators who have supervised FINRA’s national examinations, led a broker-dealer and investment adviser’s department and trained financial services professionals on numerous regulatory issues.
We can help broker-dealers, registered investment advisers and private fund managers navigate FINRA and U.S. Securities and Exchange Commission (SEC) examinations and stay in compliance with these regulators.
FINRA Compliance & SEC Compliance Services
- Annual risk-based anti-money laundering program review/assessment (FINRA Rule 3310): Comprehensive evaluation of AML programs to assess risk management and regulatory compliance.
- Supervisory Controls Assessment (FINRA 3120): Examination of supervisory systems and controls to ensure effectiveness and compliance.
- Annual compliance program review (SEC Rule 206(4)-7): Detailed review of compliance programs to confirm alignment with SEC requirements.
- Assistance with FINRA, state, and SEC examination requests: Support in preparing and responding to examinations from FINRA, state, and SEC regulators.
- Offsite and onsite assistance with FINRA and SEC regulatory inquiries: Direct support for handling regulatory inquiries and investigations by FINRA.
- New Membership Application (NMA) assistance for FINRA membership: Assistance with the process of applying for FINRA membership through the NMA process.
- Continuing Membership Application (CMA) assistance: Support for completing and submitting the CMA for existing FINRA members.
- SEC registration and obligations compliance for private fund managers: Help with navigating the SEC registration process and compliance obligations for private fund managers.
- Compliance training and education: Provision of training programs on compliance and regulatory issues for financial services professionals.
- Litigation consulting and on-the-record testimony preparation: Consultation and preparation services for litigation and on-the-record testimonies.
- Mock regulatory exams and branch examinations: Conducting mock exams and branch inspections to prepare firms for actual regulatory examinations.
- Ongoing updates of the firm’s written supervisory procedures and compliance manual: Regular updates and revisions of the firm’s supervisory procedures to keep them current with regulatory changes.
- Independent investigations into potential sales practice violations: Conducting investigations into allegations of sales practice violations to ensure compliance and maintain integrity
- Regulation Best Interest (Reg BI) and Form CRS compliance: Guidance on adhering to the standards of Reg BI and Form CRS for client relationship summaries.
- Modernized Marketing Rule: Establish marketing framework for investment advisers.
- Off-channel Communication: Establish an off-channel communication compliance framework.
Regulatory compliance at a glance*
Disciplinary actions filed by FINRA in 2023
FINRA fines in 2023
Investor complaints received in 2023
*Source: Key FINRA Statistics for 2023. FINRA. https://www.finra.org/media-center/statistics
Navigating FINRA and SEC’s 2024 examination priorities
As the SEC’s 2024 Examination Priorities indicate a focus on fiduciary responsibility, compliance programs, and the Marketing Rule, and FINRA’s 2024 Examination Priority indicates a focus on Regulation Best Interest, off-channel communications, alternative investment products, cybersecurity, and privacy compliance, firms must be proactive in aligning their operations with these areas.
Kaufman Rossin’s expertise in SEC and FINRA regulations, combined with our proactive approach to compliance, positions your firm to confidently face regulatory examinations and capitalize on opportunities for growth.
Maintaining AML compliance amidst regulatory changes
In a regulatory environment where AML compliance is under intense scrutiny, staying ahead requires a robust AML program and a keen understanding of regulatory expectations. Kaufman Rossin’s AML services, informed by insights from the SEC’s risk alerts and our deep regulatory expertise, can provide tailored guidance for your firm to not only meet but exceed the AML compliance standards set by regulators.
The value of FINRA & SEC compliance consultants
Navigating the complex landscape of FINRA and SEC regulations requires a blend of expertise and foresight that can only be provided by specialized compliance consultants. The value of partnering with consultants who understand both FINRA and SEC frameworks lies in their ability to deliver tailored guidance and support, helping your firm stay in compliance with a broad spectrum of regulatory standards while safeguarding its reputation in a competitive market.
Kaufman Rossin’s team, comprising former regulators and industry veterans, brings deep regulatory knowledge and practical experience. Our comprehensive support extends across both spectrums – from annual risk-based anti-money laundering program assessments and supervisory controls assessments required by FINRA, to navigating the SEC’s Marketing Rule and verifying that fiduciary responsibilities are met.
By entrusting your compliance strategy to our experts, your firm is positioned for success amidst the evolving demands of a stringent regulatory environment, helping you stay ahead of compliance issues and maintain operational excellence.
