Overview
Today, accountants for broker-dealers have to deal with an increasingly complex maze of new rules. At this specialized conference, you will receive critical updates from regulators, Big 4 leaders and industry experts on the latest rules and regulations from the SEC (including Dodd-Frank), CFTC, FINRA, FASB and PCAOB and learn the most effective ways to deal with them.
AGENDA HIGHLIGHTS
• SEC updates
• Amendments to Rule 17a-5
• Developments from FINRA
• Comments from CFTC
• Intent and status of the proposal Enhancing Protections Afforded Customers and Customer Funds
Held by Futures Commission Merchants and Derivatives Clearing Organizations
• FASB and technical accounting update
• PCAOB update: discussion of current inspection program
• New PCAOB standards
• Expectations of auditors of brokers and dealers
• Dodd-Frank update: current status and expectations for the future
LEARNING OBJECTIVE To update financial professionals working for broker-dealers on the latest rules and regulations from the SEC
(including Dodd-Frank), CFTC, FINRA, FASB and PCAOB and show them the best ways to handle the new rules.
PREREQUISITE None. ADVANCE PREPARATION None. PROGRAM LEVEL Update. NASBA FIELD OF STUDY Accounting.
DELIVERY METHOD Group-Live.
This program is also available via live webcast
Webcast - Broker-Dealer Accounting Conference 2013
Agenda
AGENDA
Deluxe Continental Breakfast & Registration
8:00 – 8:45 AM
Chairman’s Welcome & Opening Remarks
8:45 – 9:00 AM
SEC Updates
9:00 – 10:15 AM
• Amendments to Rule 17a-5
• Financial responsibility rules
• Net capital rule
• Customer protection rule
• Securities-based swap dealer
• Expense sharing arrangements
Break
10:15 – 10:30 AM
Developments from FINRA
10:30 – 11:45 AM
• Net capital compliance as a consideration of “going-concern”: disclosure and possible accrual of
loss contingencies
• Expense sharing/management services agreements: reasonableness, basis for allocation,
proper accounting classification, treatment under related-party accounting guidance
• Commission paid to unregistered entities, SEC’s views and FINRA Rule 2420
• Add-backs to net worth in computing net capital
• Capital contributions, borrowed funds
• Proprietary short-term and overnight investments
• Valid equity: day traders as owners
Comments from CFTC
11:45 AM – 12:15 PM
• Intent and status of the proposal Enhancing Protections Afforded Customers and Customer Funds
Held by Futures Commission Merchants and Derivatives Clearing Organizations—specifically,
the portion which changes the requirements of the auditors
• Themes from recent inspections
• Lessons learned/root cause analysis of recent failures in segregation of customer funds
(e.g., MF Global)
Luncheon
12:15 – 1:15 PM
FASB & Technical Accounting Update
1:15 – 2:30 PM
• Fair value measurements and disclosures
• Goodwill and intangible asset impairments
• Repurchase agreements
• Financial asset impairment
• Classification and measurements of financial instruments
• Liquidity and credit disclosures
• Offsetting assets and liabilities: disclosures (ASU 2011-11)
• Leases
• Income taxes
Break
2:30 – 2:45 PM
PCAOB Update
2:45 – 4:00 PM
• Discussion of current inspection program
– Findings to date
– Number and types of b/d firms inspected
• New PCAOB standards
• Clarification on PCAOB expectation of changes to Rule 17a-5
• Expectations of auditors of brokers and dealers
Dodd-Frank Update
4:00 – 5:00 PM
• Current status
• Expectations for the future
Conference Ends
5:00 PM
Speakers
SPEAKERS INCLUDE
Marjorie Forestal, Partner, Regulatory Consulting Group, Deloitte & Touche LLP, former Supervisor, Compliance Department, National Futures Association
Irena Gecas-McCarthy, Partner, Regulatory Consulting Group, Deloitte & Touche LLP, former Senior Bank Examiner, Federal Reserve Bank of New York
Michael Jamroz, Partner, Deloitte & Touche LLP, formerly in the Division of Trading & Markets, SEC
Sarah Kenny, Director, National Professional Services Group, PwC
Andrew Labadie, Member Regulation, NASD Regulation, Financial Industry Regulatory
Authority (FINRA)
Robert Laverty, Supervisory Auditor, CFTC
Robert Maday, Deputy Director, Division of Registration & Inspections, current Leader of the Broker-Dealer Firm Inspection Program, PCAOB
Timothy Vintzel, Audit Partner, Deloitte & Touche LLP
Workshop
No results found.
Forum
No results found.
Location
Midtown Executive Club
at Club Quarters
40 West 45th Street
New York, NY 10036
(212) 354-6400
