Middle-office accounting managers at US fund management firms will likely be talking a lot more in 2021 with C-level management, third party valuation agents, and boards of directors to figure out just what the terms fair and material mean when it comes to pricing non-exchange traded assets in their portfolios following the Securities and Exchange […]
FINRA’s CAT: Customer Account Data Management Challenge
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 […]
AML Managers Question FinCEN’s New Effectiveness Test
Define effectiveness. That’s what anti-money laundering compliance directors and legal experts want the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to do after it announced late last month that it would update regulations issued under the Bank Secrecy Act (BSA). “Does anybody know what effective means?” was the question posed by over a dozen AML […]
Free Webinar: Consolidated Audit Trail: Creating the Right Data Linkages
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, […]
CAT: FINRA’s Exams, Deadlines Won’t Be a Virtual Breeze
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 […]
Etrading Software; Bloomberg-Kaiko Vie for Crypto ID Authority
If equities, bonds, and OTC derivatives have identification codes why shouldn’t digital assets? That’s the premise Etrading Software and the team of Bloomberg and Kaiko are betting on by recently throwing their hats in the ring to provide ID codes as the new registration authority for digital token identifiers (DTIs) expected to go live sometime […]
Coronavirus Plagues AML Compliance Managers
The new coronavirus pandemic is testing the ability of anti-money laundering (AML) analysts and compliance managers to adjust their methodologies and technology quickly enough to catch criminal activity. Financial firms must still conduct due diligence when onboarding customers and file suspicious activity reports (SARs) if necessary within 30 to 45 days after an alert is […]
Coronavirus: How CCOs Can Manage (Virtually)
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, […]
SEC: CAT Reports Can Omit Some Customer Data
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 […]
New Trade Execution Transparency Tests Data Exchange
Complying with a new US regulatory requirement for brokers to give investors more information on trade routing decisions under the amended Rule 606 could come down in the short-term to technologists creating the right packaging as much as operations managers finding the right data. With less than a month left to prepare for the April […]