FINRA Is Getting More Analytical

Well, it’s September 12th and the tax filing deadline is fast approaching. Several years ago the final date to file a partnership return was October 15th but that date was pushed forward to September 15th.  While most of my clients have filed their returns already, I have several that I am still awaiting information.

I tell you this because I, too, have received an extension of time to write this week’s blog. That extension was granted by my partner Brian Wallace.  He offered to write this week’s blog and I accepted with one stipulation.  Keep with the “Frank and to the Point” theme.

I think he did a great job.  Here is Brian Wallace’s blog.

On or before October 26, 2012, member firms will be required to file the new Supplemental Statement of Income (“SSOI”) along with their September 30, 2012 FOCUS reports.  This will provide FINRA with access to much more detailed financial information in an electronic format that can be analyzed in a multitude of ways.

With the SEC approval of FINRA Rule 4524 earlier this year, FINRA now has a mechanism to obtain more detailed financial data to augment the information already reported in the FOCUS reports.

As the regulators seek more and more detailed information electronically, it makes you wonder if one day the SEC will accept broker dealer financial statement filings electronically, but then that might put some notaries out of business.

Links to the text of FINRA Rule 4524 as well as form SSOI and instructions can be found here.


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