Overview
This is the one Virtual Conference 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
• Internal Controls—Hot Topics
• Comments from the CFTC
• Auditing Standards Update
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 Conference is also avaliable as a Self-Study Program
Broker Dealer Accounting Conference Self-Study (11 Hours)
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. Topics to be discussed include:
• Recent Guidance: COVID-19 Related FinOp Issues
• Other Recent Regulatory Guidance
– Regulatory Notice 19-11 – Underwriting Backstop Agreement Net Capital Treatment
– SEC No-Action Letter: Treatment of Operating Leases under Rule 15c3-1
– Regulatory 19-08 – Guidance on FOCUS Reporting for Operating Leases
– Amendments to the Broker-Dealer Financial Reporting Rule
• FINRA Risk Monitoring and Examinations
• FINRA Key Topic Pages
Break
11:05 – 11:10 AM
Technical Accounting Update
11:10 AM – 12:10 PM
• Accounting for leases
• Current Expected Credit Losses (CECL)
• Revenue Recognition—year 2 considerations
• Adoption Reminders: Statement of Cash Flows and Restricted Cash
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 and 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
• Form CRS
– Who must receive Form CRS?
– Delivery and filing requirements
• Books and Records Requirement
Break
1:55 – 2:00 PM
Internal Controls—Hot Topics
2:00 – 2:45 PM
• Overview
– 17a-5 Compliance Report
– Financial Responsibility Rules (FFRs)
– Internal Control Over Compliance (ICOC)
• Regulatory Findings and Themes
– Management review controls
– Information produced by the entity
– Third party service organizations
• Impact of COVID-19
– Regulatory relief and oversight
– Control challenges faced with working from home
• Enhancement Opportunities
– Governance Structure
– Scope and mix of controls
Break
2:45 – 2:50 PM
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
Auditing Standards Update
3:55 – 4:55 PM
• Auditing accounting estimates
• Testing the company’s process
• Developing an independent expectation
• Evaluating transactions after the measurement date
• Risks of material misstatement related to fair value of financial instruments
• Third-party pricing information
• Using the work of an auditor-engaged specialist
• COVID-19
• Cryptoassets
Conference Ends
4:55 PM
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
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
Nicole Nistorescu, Audit Senior Manager, BDO
Gerald Nudge, Associate Director, Branch Chief – Eastern Region, CFTC
Laura S. Pruitt, Partner in Financial Markets, Jones Day
Joe Thomas, Senior Manager, Financial Accounting Advisory Services, Ernst & Young LLP
Anthony Vinci, Director, Financial and Operational Risk Policy, FINRA
Mike Walters, Associate Director, PCAOB
Workshop
No results found.
Forum
No results found.