FINRA Examination Challenges for Broker-Dealer
Our client, an established broker-dealer from Brazil, found themselves at a critical point. Facing an upcoming FINRA examination amid a change in leadership, they needed to address existing compliance issues while ensuring a smooth transition.
Objective
Address existing compliance issues at a established broker-dealer from Brazil.
Background
Originally a Brazilian entity, the client was an established US broker-dealer facing regulatory challenges by US authorities after launch.
InnReg was hired to help them with this situation and learned they planned to offboard their Chief Compliance Officer (CCO) and Chief Executive Officer (CEO). They needed new leadership and a compliance team to help navigate the regulatory challenges posed by an upcoming FINRA examination.
The aim was to resolve existing compliance issues and establish a solid operational structure.
See also:
Challenges
Listed below are the main challenges the client faced:
Undergoing a FINRA examination with existing compliance issues.
Changing leadership without affecting operational stability.
Correcting the identified compliance issues.
InnReg's Solution
InnReg provided a structured approach:
Leadership Transition:
InnReg assisted with the transition of the CCO and CEO roles.Compliance Operations:
During the client’s reorganization process, InnReg provided a compliance team to address existing issues and align operations with US regulations.Operational Reorganization:
In order to prevent future compliance issues, a reorganization of the operational structure was conducted with InnReg’s help.
Client Results
The collaboration has led to improved operational compliance and growth for the client. InnReg’s ongoing engagement is focused on maintaining the client’s continued compliance with US regulations and reducing risks.
