As of August 30, 2016, the Securities and Exchange Commission approved an amendment to the Assessments Bylaw of the Securities Investor Protection Corporation, which will reduce the assessment rate from 0.25% to 0.15% effective for fiscal years beginning January 1, 2017, or thereafter. The rate reduction comes as a result of SIPC Fund reaching a cumulative balance of $2.5 billion with the expectation that it will remain above $2.5 billion for at least the next six months.
What this means for most broker dealers is that the implementation of the reduced rate will take effect on the upcoming SIPC 6 filing, based upon net operating revenue for the six months ended June 30, 2017. The SIPC 6 filing is due on July 31, 2017, immediately after the second quarter Focus Report submission deadline.
We are encouraging firms to be mindful of the update and to take advantage of the cost savings resulting from the aforementioned amendment.
Please feel free to contact us at (212) 668-8700 or at firstname.lastname@example.org if you have any questions.
Effective this week, the Financial Industry Regulatory Authority will be going live with their new Compliance Vendor Directory (CVD), a comprehensive list of service providers in nine distinct categories, as follows:
1. Compliance Consulting
3. Data Management
4. Email & Social Media Archive
5. Exam Prep & Firm CE
6. Insurance Brokers
8. PCAOB Accountants
Recent feedback from the broker dealer community has prompted FINRA to create a service provider directory for member firms. The objective is to centralize a database of expert consultants that broker dealers can refer to when engaging for regulatory services at their respective firms.
Accounting and Compliance International (ACI) is pleased to announce that we have been accepted as an initial member of the CVD, qualifying for both Compliance Consulting and Registration. We will be one of approximately 20 firms nationwide who have been afforded this honor.
The CVD will be demonstrated for the first time at FINRA’s annual conference in Washington D.C. on May 16 to May 18, 2017.
For further information please contact Jay Gettenberg at (212) 668-8700, extension 25, or by email at email@example.com
April is World Autism Awareness Month and we at ACI were proud participants of “Light It Up Blue”. This campaign was started to increase understanding and acceptance of people with autism. Thousands of landmarks, homes and businesses in more than 150 countries were lit blue on Sunday, April 2, 2017. Iconic landmarks that participated, include The White House, the Empire State Building, Christ the Redeemer statue in Brazil, the Great Pyramid of Giza in Egypt, Macau Tower in China and Niagara Falls.
We are honored to share that our very own Elizabeth Attanasio was invited to ring the closing Bell at the NASDAQ on April 6, 2017 as a representative of Autism Speaks. Ms. Attanasio, a Chairperson for her local Autism Speaks Committee, is very involved in advocating for the cause and was honored with this invite due to her endless philanthropy efforts with this organization.
Learn More About Autism Speaks
If you would like to learn more about Autism Speaks or find out how your business can become more involved, please visit www.autismspeaks.org or contact Ms. Attanasio directly EAttanasio@acisecure.com.