Broker-Dealer Accounting Virtual Conference

Welcome & Opening Remarks
8:45 – 9:00 AM

Broker-Dealer Industry Perspective
9:00 – 9:30 AM
This session will highlight all the latest challenges and opportunities in the broker-dealer industry and what to expect in the future from the perspective of financial professionals. A highly qualified expert will demonstrate how accountants can safely and efficiently keep up with changing regulatory compliance requirements, new accounting pronouncements, digital transformation and other potential risks. We will focus on:
• Current market conditions
• SEC and FINRA rulemaking
• Financial reporting/FASB hot topics
• AICPA stockbrokerage and investment banking expert panel topics

Break
9:30 – 9:35 AM

Regulatory Trends, Industry Initiatives & Challenges
9:35 – 10:35 AM
Broker-dealer firms continue to be challenged by regulatory, accounting, and auditing issues. This session will be led by experts from FINRA and will provide insights into the changes and evolution of the market, as well as FINRA's latest priorities. Topics to be discussed include:
• Accounting and reporting issues impacting broker/dealers
• Regulatory guidance on exemption reports
• Hot topics and recent SEC rulemaking
• Oversight observations
• FINRA topics and FAQs

Break
10:35 – 10:40 AM

PCAOB Update
10:40 – 11:40 AM
This session offers broker-dealer auditors the chance to hear directly from a PCAOB inspection leader about the latest developments affecting broker-dealer engagements. Gain an inside perspective on the latest inspection results, common deficiencies, and emerging areas of focus, and learn how new standards and reporting requirements are shaping PCAOB expectations. Key topics include:
• How recent inspection trends affect planning, testing, documentation, and reporting
• Practical considerations for enhancing audit quality based on PCAOB observations
• Expectations for compliance with evolving standards, including related-party guidance and segment reporting changes
• How firms can proactively prepare for the next inspection cycle

Break
11:40 – 11:45 AM

Net Capital & Customer Protection Rule Compliance
11:45 AM – 12:30 PM
Broker-dealers must maintain strict adherence to the SEC’s Net Capital Rule (Rule 15c3-1) and Customer Protection Rule (Rule 15c3-3) to ensure the financial integrity of their firms and the safeguarding of customer assets. This session provides a practical overview of current regulatory expectations, common examination findings, and emerging areas of focus. We will discuss:
• Net capital requirements for open contractual commitments
   – Common compliance challenges
   – Guidance for meeting Rule 15c3-1 obligations
• Record retention requirements
   – SEC and FINRA requirements and challenges related to broker-dealer recordkeeping
   – Best practices for compliant retention systems
• Enforcement trends and insights
   – Recent actions related to broker-dealer financial responsibility rules
   – Practical takeaways
• Capital and custody: crypto and digital asset securities
   – Regulatory developments impacting broker-dealers
   – Financial responsibility and risk considerations for broker-dealers
• New rulemaking: daily reserve formula calculations
   – Summary of Rule 15c3-3 daily reserve computation requirements
   – Operational impact and readiness planning

Lunch
12:30 – 1:15 PM

SEC Enforcement Issues
1:15 – 2:30 PM
The SEC has undergone significant changes, returning to a simpler “back to basics” approach concerning enforcement. Using recent examples, this session will give you a solid understanding of how these changes are expected to impact broker-dealer firms, with a look at:
• Overall trends in enforcement actions
• The whistleblower program
• SEC exam priorities
• PCAOB trends
• Electronic communications
• Digital asset securities
• Bank Secrecy Act and anti-money laundering compliance
• Cybersecurity regulations

Break
2:30 – 2:35 PM

Technical Accounting Update
2:35 – 3:35 PM
FASB’s recent major changes will have an impact on broker-dealers in many important areas. This session will update you on what these changes are and show you the most effective ways to handle them. An expert will address:
• Key accounting changes required by Staff Accounting Bulletin 122
• Disaggregation of Income Statement Expenses
• Proposed hedge accounting improvements
• Definition of a public business entity
• Improvements to income tax disclosures
• Recently issued ASUs

Break
3:35 – 3:40 PM

Digital Assets & Fintech – Emerging Issues
3:40 – 4:40 PM
As digital assets, blockchain applications, and fintech innovations continue to evolve, broker-dealers face a complex mix of regulatory, operational, and compliance challenges. This session will explore the following:
• The use of digital and crypto assets by broker-dealers
• Current regulations and what to expect in the future
• Fintech integration in broker-dealer operations
• Custody and safeguarding obligations
• Basis tracking and accounting, including impact of distributed ledger technology

Closing Remarks
4:40 – 4:50 PM

Conference Ends
4:50 PM

Tunde Adeyemo, Managing Director, EY

Mark Attar, Partner - Co-Chair, Broker Dealer, StradleyRonon

Stephen Attard, Inspection Leader, Division of Registration and Inspections, PCAOB

James D'Arcangelo, Director, BDO

Joseph David, Senior Principal Specialist, Credit Regulation at FINRA

John Iacobellis, Assurance Partner, BDO

Tyler Kane, Director, Office of Financial & Operational Risk Policy, FINRA

Laura Lisi, Assurance Principal, BDO

Taylor McFarland, Former Inspections Specialist, PCAOB, Professional Practice Director, Audit Quality, BDO

Anne McKinley, Assistant Regional Director, Division of Enforcement, SEC

Laura Pruitt, Partner, Jones Day

Mark Ramler, Director, Office of Financial & Operational Risk Policy, FINRA

Zohaib Qamar, Partner, CitrinCooperman

Stephen (Chip) Verrone, Managing Director, EY

Anthony Vinci, Director, Financial and Operational Risk Policy, FINRA

Annette Vitale, Audit Manager, CFTC

Mike Walters, Regional Associate Director, PCAOB

Bill Witt, Consulting Director, Accounting and Transaction Services at MorganFranklin