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.

SEC Footnote 74 Provides Alternative for Broker-Dealers Who Don’t Hold Customer Funds

August 24, 2020

The 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.

ACI’s Jay Gettenberg to Appear on July 30, 2020 “Accounting and Auditing in COVID Times” Teleconference

July 20, 2020

ACI Managing Partner, Jay Gettenberg, will participate in a broker-dealer update tech session teleconference on July 30, 2020 to discuss the regulatory accounting and auditing issues that arose from the coronavirus pandemic.

The six-person panel, “Accounting and Auditing in COVID Times,” sponsored by the Foundation for Accounting Education, will examine how the pandemic affected industry practices. ACI’s focus during this panel will be to share practical lessons learned while helping over 50 broker-dealer clients navigate the SBA-backed Paycheck Protection Program.

Focused on Safety, ACI Pushes Office Return to September

June 29, 2020

Like many of you, ACI has been weighing when to return to the office as New York City approaches Phase 3.

Our original plan was to implement a partial return on July 6th. After discussing amongst our staff and weighing the consequences, we have decided to hold off until at least September.

As Economy Reopens, ACI Returns to Office with Safety at its Forefront

June 22, 2020

Like many of our clients and colleagues, ACI is looking forward to reopening our office. We are taking into consideration how to ensure our staff remains safe and healthy, while also providing the expected highest level of service.

What is a FinOp?

May 26, 2023/in Informational/by Jay Gettenberg

What is a Financial & Operations Principal (FinOp)? The Financial and Operational Principal (FinOp) is a role required by FINRA Rule 1200 Series (previously by NASD Rule 1022). The FinOp obtains qualification by passing the Series 27 or Series 28 examination. Upon registration, the FinOp becomes personally liable for the maintenance of the broker dealer’s […]

ACI’s Jay Gettenberg, Elizabeth Attanasio, to Attend FINRA Annual Conference in Washington, DC

May 10, 2022/in News/by Shannon Sanderson

ACI is returning to FINRA’s annual conference after the pandemic paused live events for two years.

New FAQ Clarifies FINOP Site Visit Requirements

September 24, 2020/in Regulatory Updates/by Shannon Sanderson

FINRA 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

August 24, 2020/in Regulatory Updates/by Shannon Sanderson

The 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.