Stepped up enforcement along with aggressive, complex rulemaking contribute to an increasingly demanding environment for broker dealers. Major challenges facing firms include resource allocation to compliance and the increased level of expertise required by compliance staff. Many firms have chosen to outsource certain aspects of compliance to third party service providers.
Clients who choose SCA as their provider of outsourced broker dealer compliance services are looking for a focused team of knowledgeable and experienced experts who are available to provide guidance promptly when issues arise and really understand the business implications as well as the regulatory risk. They are not looking for a “one size fits all” solution.
SCA’s broker dealer services include:
- New firm registration with FINRA, SEC and all other applicable regulatory bodies
- Ongoing compliance support for in-house compliance staff
- AML audits
- Compliance procedures and updates
- Mock regulatory examinations
- Supervisory control (3120) reviews
- Continuing membership applications for change of ownership or expansion of business lines
- Conflicts of interest and risk assessments
- Support during regulatory examinations
- Assistance with responses to regulatory inquiries
- Regulatory updates
- CCO coaching and firm culture assessments
Our broker dealer clients cover a wide range of activities, including general securities, investment banking, public finance, institutional research, fixed income trading and private placements.