See FINRA's Books and Records Requirements Checklist for Broker-Dealers. Call us if you need assistance navigating your next FINRA exam.
The following checklist summarizes some of the books and records that broker-dealers are required to create and retain in accordance with Rules 17a-3 and 17a-4 under the Securities and Exchange Act of 1934 (“SEA”).
FINRA reminds firms that this is not a complete list of books and records requirements. Those broker-dealers that engage in securities-based swaps are also subject to specific recordkeeping requirements.
The SEC amended Rule 17a-4 on October 12, 2022 to modify the requirements regarding the maintenance and preservation of electronic records, the use of third-party recordkeeping services to hold records, and the prompt production of records. The effective date and compliance date for the amendments are January 3, 2023, and May 3, 2023, respectively. FINRA has prepared a chart that summarizes the most significant changes.
See link here for additional details: https://www.finra.org/compliance-tools/books-and-records-checklist
It is critical for broker dealer supervisory personnel to stay mindful of fingerprint records for non-registered associated persons.
Expense Sharing Agreements are one of the most important regulatory concepts in the broker dealer and investment advisory world. Here’s a quick refresher.
