BD Financial Services Group partners, associates and affiliates are all extremely well-qualified and experienced in relevant areas of compliance-related services. Whether your broker-dealer is currently undergoing a regulatory exam, has undergone an exam and is being cited and/or requested to respond, or is proactive and attempting to remain in compliance, our team can assist you by customizing a suitable compliance program review. Areas of compliance practiced by BD Financial Services Group affiliates include FINRA Rules, SEC Rules, NFA, CFTC and RIA.
All FINRA members are required to have, maintain and update, on an as-needed basis, but no less than annually, written supervisory procedures that are specific to the business in which it conducts and the processes and procedures it employs.
Each FINRA member is required to develop and implement a written anti-money laundering program reasonably designed to achieve and monitor the member’s compliance with the requirements of the Bank Secrecy Act. BD Financial Services Group partners perform fully electronic AML testing.
Rule 8210 requires FINRA members to respond to regulatory requests. With over twenty-five years responding to regulatory requests for information evidence indicates that a well-written professional response by consultants with expert knowledge of the rules and regulations can mitigate potential damages, and in many cases, with cause regulators to dismiss their attempt to assert a violation where none actually occurred.
Rule 3130 (formerly 3012/3013), FINRA members are required to undertake a detailed review of the broker-dealers supervisory control procedures and have a report certified by management. The review must include a review of certain aspects relevant to the broker-dealer, including, but not limited to a review of supervisory systems, identification of producing managers and heightened supervisory procedures related thereto, small firm exemption filings, review of adequacy of supervisory procedures and a certification related thereto.
Each registered representative and principal is required to participate in an annual compliance meeting relevant to the firm’s type of business. The meeting can be held collectively or individually, but must be documented and relevant to the types of business that is conducted by the broker-dealer. It is beneficial to have the meeting cover areas and/or provide training in such things as Anti-Money Laundering and continuing education. All aspects of the Annual Compliance Meeting must be properly document the topics discussed, the format and evidence attendance.