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FINRA’s CAT: Customer Account Data Management Challenge

November 14, 2020 By Chris Kentouris Leave a Comment

Reporting correct customer data for the next phase of the requirements of the US Financial Industry Regulatory Authority’s Consolidated Audit Trail (CAT) system will end up being a time-consuming and costly exercise in data management for US broker-dealer regulatory reporting, trade compliance and IT managers. US broker-dealers are likely spending all their time addressing interfirm […]

Filed Under: Compliance, Regulations, Reporting Tagged With: Compliance. Brokerage Ops, FINRA, Regulations, Regulators, Reporting, SEC

Free Webinar: Consolidated Audit Trail: Creating the Right Data Linkages

September 17, 2020 By Chris Kentouris Leave a Comment

Join S3 and FinOps Report for a free webinar on creating the right data linkages for reporting to the Financial Industry Regulatory Authority’s Consolidated Audit Trail. Sponsored by S3 Save the date: Wednesday, October 21, 2020 Time: 4:30PM EST Contact: Michelle Lindenberger, S3 media/PR manager, at lindenberger.michelle@gmail.com for free dial-in details For broker-dealers’ trade operations, regulatory reporting, […]

Filed Under: Compliance, Data, Reporting, Risk Tagged With: Compliance, Data, FINRA, Regulators, Reporting, SEC, Standards

CAT: FINRA’s Exams, Deadlines Won’t Be a Virtual Breeze

September 12, 2020 By Chris Kentouris Leave a Comment

Trade compliance, regulatory operations, and technology managers at US broker-dealers will need to quickly cross their Ts and dot their I’s when it comes to documentation, data, and IT if they want to pass muster with the Financial Industry Regulatory Authority’s examiners for reporting to the new Consolidated Audit Trail (CAT) and survive one of […]

Filed Under: Compliance, Data, Regulations, Reporting, Trading Tagged With: Brokerage Ops, Compliance, FINRA, Regulators, Reporting

Federal Court Tells Interactive Brokers to Comply With FINRA Panel’s $1M Ruling: Right or Wrong

August 24, 2020 By Chris Kentouris Leave a Comment

A US federal appeals court has just sent brokerages and their customers a somber message — a ruling by the Financial Industry Regulatory Authority’s arbitration panel is absolute regardless of its validity. The Fourth Circuit Court of Appeals in a 2-1 decision earlier this month ended a five-year dispute between Interactive Brokers and three former […]

Filed Under: Compliance, Regulations, Rules, Trading Tagged With: Brokerage Ops, Compliance, FINRA

Coronavirus: How CCOs Can Manage (Virtually)

April 3, 2020 By Chris Kentouris Leave a Comment

For chief compliance officers at financial firms, following the five Ps — prioritize, plan, protect, preserve, and paper– with the help of IT managers will become critical to ensure employees working remotely meet corporate and regulatory requirements. “Even the best designed business continuity plans likely didn’t take a global pandemic into account,” says Kristin Koloniaris, […]

Filed Under: Compliance, Data, Reporting, Rules Tagged With: Brokerage Ops, FINRA, Fund Ops, Regulations, Reporting, SEC

SEC: CAT Reports Can Omit Some Customer Data

March 31, 2020 By Chris Kentouris Leave a Comment

Data management units at US broker-dealers and the Financial Industry Regulatory Authority (FINRA) will be creating bogus codes for sending trade execution reports required by the Consolidated Audit Trail (CAT) to conceal the identities of investors and mitigate potential damage from cybersecurity breaches. The US Securities and Exchange Commission’s long-awaited decision earlier this month to […]

Filed Under: Compliance, Data, Regulations, Risk, Security Tagged With: Compliance, Data, FINRA, Investors, Reporting, SEC, Security

SEC: Old Transfer Agent Rules Apply to New Blockchain

September 6, 2019 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s decision to register blockchain-enabled transfer agents has resurrected the issue of how it can apply securities laws to a nascent unproven technology. San Francisco-based Securitize has laid claim to being the first “agent” registered by the SEC to have developed an open-source blockchain based protocol for shareholder recordkeeping with […]

Filed Under: Compliance, Data, Investors, Regulations, Standards Tagged With: Crypto, Data, FINRA, Regulators, Reporting, SEC

Crypto-Miners: Are They Broker-Dealers or Math Geeks?

May 7, 2019 By Chris Kentouris Leave a Comment

If it quacks like a duck, it’s a duck, right. But does it quack? That’s the question broker-dealer Templum Markets has raised to the US Securities and Exchange Commission about crypto-miners which has polarized the crypto-community into deciding whether they should be regulated as broker-dealers. Fueling the debate are conflicting interpretations of the Securities and […]

Filed Under: Compliance, Data, Regulations, Standards Tagged With: Crypto, Data, FINRA, Post Trade, SEC

FINRA: E-Mail Oversight Needs Quantity and Quality

May 2, 2019 By Chris Kentouris Leave a Comment

  Reasonable. How is a US broker-dealer’s compliance manager supposed to interpret that word when it comes to overseeing the firm’s e-mail correspondence. With some difficulty and much deliberation on quantity and quality as shown by the Financial Industry Regulatory Authority’s recent US$32,000 fine and censure of Utah-based broker-dealer Wilson-Davis which specializes in microcap stocks. […]

Filed Under: Compliance, Regulations, Rules Tagged With: Brokerage Ops, Compliance, FINRA

Consolidated Audit Trail: Those Messy Data Linkages

March 1, 2019 By Chris Kentouris Leave a Comment

US brokerage operations managers are quickly turning their attention to how they will meet the cumbersome requirements for data linkages now that the Financial Industry Regulatory Authority (FINRA) has been stepped in at the eleventh hour to operate the new consolidated audit trail (CAT). The initial phase-in of CAT — 2a and 2b– starting in […]

Filed Under: Compliance, Regulations, Reporting, Rules Tagged With: Compliance, Data, FINRA, Regulators, SEC

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