These kinds of dates are not the fun ones, but they're worth paying attention to:
1. December 10: Due date for notification of change of accountant. If you have appointed a different accountant to do your annual audit, you have to tell SEC and FINRA about it. Please reference my blog entry of last December for specifics--the information is still good and you'll save me time. You're great: thanks!
2. December 13: FINRA renewal payments due. Remember, even if you disagree with what is on your preliminary renewal statement, pay it! You can make amendment filings now that will be reflected on the final statement (Jan. 3): at that point you can get a refund if you overpaid. Here is a link to FINRA's page on payment options.
3. December 15: Effective date of new Rule 3270 requiring reps to pre-notify the firm of their new outside business activities--and requiring the firm to consider those activities in the context of its securities business. I blabbed about this in a recent (yeah, October was recent in my mind) entry. See here.
4. December 23: Deadline for all year-end filings on CRD. Remember, you can post-mark termination filings (like dropping states or dropping reps) to December 31 if you want.
5. December 31: End of your right to use self-congratulatory Privacy Notices. The use of SEC's "model form" is advisable for those who want to be sheltered by the safe harbor. Not sure what I'm talking about? Search my blog for "Privacy Notices" and you'll hear all about it.
6. December 31: The last day of the year. Oh, and as of the next day, in theory, the FACT ACT is enforceable. Since that effective date changes more often than I do when getting ready for a holiday party, I'm not convinced it will stick. See this blog for details and sarcasm.
Happy December, everyone!
Showing posts with label Privacy Notice Model Form. Show all posts
Showing posts with label Privacy Notice Model Form. Show all posts
Friday, December 3, 2010
Thursday, May 13, 2010
SEC's Model Form Builder: What's Up Doc?
I'm so happy I started this process seven months in advance. By December, I should know how to properly customize SEC's new "model form" privacy notice (see earlier blog entries). Reminders: here is the link to the site with the links to the model forms--Form Builder Site; and here is the link to instructions for customizing the forms.
The forms are a great idea and would be very useful IF they didn't create substantial frustration when attempting to fill them in. Certain fields don't accept the information you want to include; other fields are too small to accept your chosen disclosures; lines or fields that may be omitted (according to the instructions) can't be; and, well, I generally fear that small firms not well-versed in Reg. S-P and the Fact Act will not be able to customize the form correctly. On the "Reasons" table, is the answer Yes? or No?...situations where your affiliate IA markets to your BD customers using information you shared with it will necessitate considerations like, "Is the BD subject to the Fact Act?", "Is the IA subject to the Fact Act?" and "Does the affiliate use personal information in a manner that requires an opt out?" Will micro firms know the answers? Will they even know the questions? Probably not. It's complicated stuff. And despite what the SEC thinks--that firms are supposed to be familiar with these rules (that's a paraphrase from my convo this morning)--you and I both know only the firms with the big-budget legal teams can feel good about what's in the fine print.
The form, quite simply, is not a user-friendly, prompt-driven tool for small BD's without legal departments or idle word processors. I wish it were, it would save me time, too. But instead, I just spent all day creating Word documents with input fields (big enough fields!) and comments (explaining the choices) so that I can help my clients adopt and complete the form without seriously profane outbursts (a friendly, grateful shout out to KN, whose "bite me!" did indeed fit into an SEC input field with no problem).
If anyone wants my Word forms, write me. I may accept modest remuneration for my efforts.
Oh, and perhaps you should think about using your old Privacy Notice, instead. My next research project is to understand completely what changed in Reg. S-P and how much effort it would take to simply revise my clients' existing forms. The dangling 'safe harbor' carrot presented by the Model Form may not be enough, in the end. Warn Bugs if you see him.
The forms are a great idea and would be very useful IF they didn't create substantial frustration when attempting to fill them in. Certain fields don't accept the information you want to include; other fields are too small to accept your chosen disclosures; lines or fields that may be omitted (according to the instructions) can't be; and, well, I generally fear that small firms not well-versed in Reg. S-P and the Fact Act will not be able to customize the form correctly. On the "Reasons" table, is the answer Yes? or No?...situations where your affiliate IA markets to your BD customers using information you shared with it will necessitate considerations like, "Is the BD subject to the Fact Act?", "Is the IA subject to the Fact Act?" and "Does the affiliate use personal information in a manner that requires an opt out?" Will micro firms know the answers? Will they even know the questions? Probably not. It's complicated stuff. And despite what the SEC thinks--that firms are supposed to be familiar with these rules (that's a paraphrase from my convo this morning)--you and I both know only the firms with the big-budget legal teams can feel good about what's in the fine print.
The form, quite simply, is not a user-friendly, prompt-driven tool for small BD's without legal departments or idle word processors. I wish it were, it would save me time, too. But instead, I just spent all day creating Word documents with input fields (big enough fields!) and comments (explaining the choices) so that I can help my clients adopt and complete the form without seriously profane outbursts (a friendly, grateful shout out to KN, whose "bite me!" did indeed fit into an SEC input field with no problem).
If anyone wants my Word forms, write me. I may accept modest remuneration for my efforts.
Oh, and perhaps you should think about using your old Privacy Notice, instead. My next research project is to understand completely what changed in Reg. S-P and how much effort it would take to simply revise my clients' existing forms. The dangling 'safe harbor' carrot presented by the Model Form may not be enough, in the end. Warn Bugs if you see him.
Subscribe to:
Posts (Atom)
