Financial Accounting Resources & News
Our expert team keeps up on the latest filings from the SEC, FINRA, and the IRS to ensure our clients can efficiently minimize costs and risks while simultaneously maximizing reporting accuracy.
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Shannon Sanderson
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Shannon Sanderson2020-09-24 13:44:302020-09-24 13:47:00New FAQ Clarifies FINOP Site Visit Requirements
ACI’s Jay Gettenberg, Elizabeth Attanasio, to Attend FINRA Annual Conference in Washington, DC
/in News/by Shannon SandersonACI is returning to FINRA’s annual conference after the pandemic paused live events for two years.
New FAQ Clarifies FINOP Site Visit Requirements
/in Regulatory Updates/by Shannon SandersonFINRA just clarified a question that has been a thorn in the side for many outsourced FINOPs and their broker-dealer clients for many years: Are FINOPs required to make on-site inspections of their clients’ records to fulfill their regulatory duties?
The short answer: No.
SEC Footnote 74 Provides Alternative for Broker-Dealers Who Don’t Hold Customer Funds
/in Regulatory Updates/by Shannon SandersonThe SEC recently provided non-carrying broker dealers with an alternative option as to how they can maintain their exemptive status under SEC Rule 15c-3-3.
ACI Managing Partner, Jay Gettenberg, has worked closely with the Public Company Accounting Oversight Board (PCAOB) and FINRA in recent years to address the practical reality that there are FINRA member firms who do not hold customer funds, yet do not technically qualify under any of the four exemptions listed on the X-17A-5 Focus Report.
Paycheck Protection Program Reopens; ACI Clients Receive Loan Approvals
/in News/by Shannon SandersonThe SBA-backed Paycheck Protection Program (PPP) reopened on April 27, 2020 with $320 billion in additional funding.
More than 75% of ACI’s clients who have applied under PPP have obtained official SBA loan numbers this past week.