Financial Services

The New Challenge: Current Expected Credit Loss – Part II

In April 2017, Mazars published our first article on the new Current Expected Credit Loss (“CECL”) standard, under Accounting Standard Update (“ASU”) No. 2016-13. The new credit loss model will not be effective until after 2019, but institutions should have already been taking steps over the past year to understand and prepare for the impact. […]

Big Changes Are In Store For 2017, 2018 Broker Dealer Audits

It’s that time of the year again where most broker dealers, FINOPs, and auditors are hectically working to comply with the SEC requirement of filing annual audits 60 days after year end. Despite SEC assurances that the act of filing will be smoother mechanically this year, there remains a difference of opinion among FINOPs as […]

FINRA’s First Examination Findings Report – How It Can Help You

In December 2017, The Financial Industry Regulatory Authority (“FINRA”) released its first Report on Examination Findings (the “Report”), which focused on selected observations from recent exams that FINRA considered illuminating. The Report is not a representation of all the observations about the industry, and broker-dealers (“firms”) should not view the Report findings as creating new […]

T+2 Settlement Cycle For Securities Transactions

T+2 Settlement Cycle On September 5, 2017, the Securities and Exchange Commission (the “SEC”) adopted an amended rule to shorten the settlement cycle for most securities transactions, reducing the cycle to two business days (T+2), instead of three. T+3 had been in place since 1995, after the SEC reduced the settlement cycle from T+5. This […]

Whistleblowers: A Path to Combatting Fraud

Recent allegations of impropriety on several levels have rekindled whistleblowers as a mechanism for identifying wrongdoing. In the Financial Services sector, corporate citizens have an incentive to ferret out malfeasance: the whistleblower program, formally created as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) enacted in July 2010. The Office […]