Broker-Dealer Accounting Conference Webinar

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Broker-Dealer Accounting Conference Webinar

CPE Credit: 8 Hours

Price: $499.00

NASBA Field of Study: Accounting

 

Overview

This is the one webinar where you'll hear directly from FINRA, CFTC and PCAOB regulators on their latest initiatives and key priorities. Discover how these decisions may influence your company’s practices and bottom line, get critical updates on regulatory, accounting and auditing issues, and keep up with recent developments, such as the use of cryptoassets, and the ongoing impact of COVID-19.

Through our comprehensive agenda and immersive online platform, you’ll gain expert guidance and real-world strategies from current and former regulators, Big 4 leaders and other industry specialists on implementing the latest accounting standards, dealing with regulators, mitigating risks, and more.
 

AGENDA HIGHLIGHTS

•  State of the Brokerage Industry

•  The Impact of COVID-19

•  Regulatory Trends, Industry Initiatives & Challenges

•  Technical Accounting Update

•  SEC Standard of Conduct Rulemakings: Regulation Best Interest & Form CRS

•  Auditing Standards Update

•  Comments from the CFTC

•  SEC Enforcement

 

LEARNING OBJECTIVE  To update financial professionals working for broker-dealers on the latest rules and regulations from the SEC,
PCAOB and FASB, and show them the best ways to handle these rules.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Group Internet-Based.

 

This is a broadcast of our
Broker-Dealer Accounting Virtual Conference

Agenda

CONFERENCE AGENDA


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

State of the Brokerage Industry
9:00
 – 9:45 AM
This session will provide an overview of the broker-dealer landscape, deliver an update on regulatory initiatives, cover the impact of regulations on capital formation, present related innovations, and offer a glimpse into the future of the broker-dealer industry. Topics to be discussed include:
Key Regulators of the Securities Industry
• Self-Regulatory Organizations (SROs)
• Equity Market Structure
• Current Issues in Trading Equities
   – The maker-taker model
   – Access fees
   – Market data fees
   – Fragmentation
• Current Proposals to Address Issues in Equity Trading
   – Transaction Fee Pilot Program—market data fees
• Bond Market Structure
   – Issues in bond markets
• SIFMA Capital Committee Focus
• SEC SBSD Rules
• CFTC SD Rules
• SIFMA Actions to Address COVID-19

Break
9:45 – 9:50 AM

Regulatory Trends, Industry Initiatives & Challenges
9:50
 – 11:05 AM
Broker-dealer firms continue to be challenged by regulatory, accounting and auditing issues. This session will focus on the challenges faced by the broker-dealer industry and provide insights into the changes and evolution of the market, as well as supply an overview of FINRA priorities and new regulatory guidance for COVID-19. Topics to be discussed include:
Recent Regulatory Guidance—COVID-19
   – Regulatory relief
      – Net capital treatment of covered loans under the CARES Act
      – Annual assessment and net capital
      – Business Continuity Planning (BCP)
      – Filing extensions: annual reports and FOCUS reports
• COVID-19 Financial Responsibility Rules
   – Prompt transmittal
   – Physical count
   – MMLF Program
• SEC Trading & Markets Staff Requirements for Certain Paper Submissions in Light of COVID-19
   – Manual signature relief
   – Notary relief
• Exemption Reporting
   – Amendments to the Broker-Dealer Financial Reporting Rule
   – Amendments to certain Broker-Dealer Financial Responsibility Rules
   – Exemption Reporting under SEA Rule 15c3-3(k) for purposes of FOCUS Reporting and Updating of
      Membership Agreements
• FINRA Outreach
   – (k)(2)(i) exemption and $5,000 Minimum Net Capital Requirement
   – Prospective changes to membership agreement, exemption report, FOCUS report
   – Discuss with risk monitoring analyst
• (k)(1) Exemptive Provision
• Multiple Business Activities
• Non-Covered Firms
• SEA Rule 15c3-3(e) Exemptive Provisions
   – FINRA risk monitoring, examinations and key topics
• Other Regulatory Guidance

Break
11:05 – 11:10 AM

Technical Accounting Update
11:10 AM – 12:10 PM
• Revenue Recognition
   – Reminder and implementation observations
   – Implementation considerations
• Statement of Cash Flows—Restricted Cash
• Leasing—Topic 842
   – Definition of a lease
   – Key considerations
• Current Expected Credit Losses
• Simplifying the Accounting for Income Taxes (Topic 740)
• Adoption of New Standards
• Rule 15c3-3 Exemptions

Lunch
12:10 – 12:55 PM

SEC Standard of Conduct Rulemakings: Regulation Best Interest & Form CRS
12:55 – 1:55 PM
Overview
   – Regulation Best Interest (Reg BI)
   – Form CRS
• Retail Customers & Retail Investors
   – Definitions
   – Legal representatives
   – Identifying retail customers and retail investors
• Recommendations
   – Definition
   – Types
• Compliance with Reg BI
   – Care obligation
   – Requirements
   – Recommendation of account types and rollovers
   – Retail customer investment profile
   – Determining and documenting “Reasonable Basis”
   – Significant investments/complex and risky products
   – Disclosure
   – Conflict of Interest obligation
   – Compliance obligation
   – Insights from initial SEC & FINRA exams
• Form CRS
   – Who must receive Form CRS?
   – Delivery and filing requirements
• Books & Records Requirement
• Transitioning from Initial Compliance Period

Break
1:55 – 2:00 PM

Auditing Standards Update
2:00 – 2:50 PM
Inspection Program Objectives
• Firms Auditing Broker-Dealers
• Inspection Results
• Review Engagements
• Examination Engagements
• Net Capital Rule—Supporting Schedule
• Revenue
• Presentation & Disclosure
• Inspections Status
• Looking Ahead

Comments from the CFTC   
2:50 – 3:50 PM
Regulators from the CFTC will update you on the latest hot button issues and the most effective ways to handle them.

Break
3:50 – 3:55 PM

SEC Enforcement
3:55 – 4:55 PM
Current SEC Commissioners
• COVID-19-Related Considerations & Risk Factors
• OCIE Annual Examination Priorities
• SEC Enforcement Policy FOCUS:
   – Technology and individuals
   – Actions and penalties
   – Trends and themes
   – Investigations
• Whistleblower Program Update
• Chronology of SEC Investigation Process
• Arsenal of SEC Enforcement Weapons
• Potential SEC Enforcement Penalties
• Focus on the Conduct of Individuals
• Specific Risks for the Initiation of SEC Investigations
• Broker-Dealer-Related Investigation Considerations
• Net Capital Compliance & Recent Rule Enforcement Actions
• Customer Protection Rule
• Books & Records
• FOCUS Reports
• SEC & DEA Notification Requirements
• Failures to Notify Regulators—Enforcement Case
• Cases Against Individual Auditors & Accountants
• Rule 102(e)
   – SEC’s Rules of Practice
   – Accountants’ conduct
• Examples of Rule 102(e) Proceedings
• Best Practices for Accounting and Reporting Compliance
• Common Mistakes Broker-Dealers Make in SEC Investigations
• Litigated Financial Fraud & Auditor Cases

Conference Ends
4:55 PM

 

This is a broadcast of our
Broker-Dealer Accounting Virtual Conference

 

Speakers

CONFERENCE CO-CHAIRS


Sarah Kenny, Director, National Professional Services Group, PwC, is an expert in valuation and fair value estimates, as well as a thought leader in standard-setting activities.

Tim Vintzel, Audit Partner, Banking and Securities Group, Deloitte & Touche LLP, is a Chartered Financial Analyst who specializes in audits of large, multinational clients, and technical securities industry matters.
 

SPEAKERS INCLUDE


Wes Althoff, Senior Associate and Assistant General Counsel, SIFMA

David Challen, Partner, PwC

Ann Cheeseman, Partner, Financial Accounting and Advisory Services (FAAS), Ernst & Young LLP

John Clemente, Director, Risk and Regulatory - Financial Services Advisory, PwC

Nicholas DiLorenzo, Associate, Financial Services Group, Dechert LLP

Thomas Favia, Managing Director, Regulatory Reporting, Goldman Sachs

Janet Fischenich, Senior Manager, Assurance Financial Services, Ernst & Young LLP

Susan Grafton, Partner, Dechert LLP

Rachel Grandovic, Senior Manager, Accounting and Reporting Advisory, Deloitte

John Iacobellis, Assurance Partner, BDO

Kathryn Mahoney, Senior Director, Financial & Operational Risk Policy, FINRA

Adam Nava, Partner, Citrin Cooperman

Nicole Nistorescu, Audit Senior Manager, BDO

Gerald Nudge, Associate Director, Branch Chief – Eastern Region, CFTC

Gregory Schu, Partner, BDO USA, LLP

Joe Thomas, Senior Manager, Financial Accounting Advisory Services, Ernst & Young LLP

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

 

This is a broadcast of our
Broker-Dealer Accounting Virtual Conference

 

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