Every broker-dealer is required to comply with SEC and FINRA rules concerning the preparation and retention of financial and operational books and records. Included in these responsibilities are ensuring continuous Net Capital compliance, proper preparation and maintenance of financial records, and accurate and timely submission of various financial reports monthly, quarterly and annually. A registered Financial and Operations Principal (“FinOp”) is required to file these reports, however not all registered FinOps have the appropriate experience to do so effectively. Due to the complexity of SEC and FINRA rules, the size of the company and other factors, many broker-dealers will look to outsource the FinOp function rather than hiring a full-time individual. FINRA Rule 1022 outlines the responsibilities a FinOp has and the duties that must be performed. Notice to Members (“NTM”) 06-23 gives guidance on the roles of part-time or offsite FinOps. Oyster has registered FinOps with significant experience supervising finance teams, performing the calculations and filing the reports. They will share their expertise, prepare FINRA’s Net Capital and FOCUS Reports, SIPC’s semi-annual reports and provide support to your firm, Chief Executive Officer, Chief Financial Officer and Controller.
- Reviewing current accounting practices
- Reviewing accuracy and final approval of all financial reports before being submitted to the pertinent regulatory authority
- Net capital compliance and monthly and/or quarterly FOCUS Reports, as required
- Filing Focus Part IIA monthly or quarterly, as required
- Creating, drafting and filing SSOI with FINRA quarterly
- Creating, drafting and filing Focus Schedule I annually
- Quarterly Form Custody filing
- Filing SIPC 6 and 7Acting as primary contact for regulators concerning financial reporting
The Oyster Difference
Oyster has retained some of the best talent in the industry. Oyster consultants have experience assisting our clients with a long-term solution, filling a short-term need, or training a newly registered FinOp. When working with Oyster, you aren’t just working with one consultant, you are working with the entire team, with access to the combined knowledge and skills of our associates.