Financial & FINOP Services

Financial and Operational Support for Broker-Dealers

Broker-dealers operate under financial responsibility, books and records, reporting, and supervisory requirements that demand ongoing attention to the firm’s financial condition and regulatory filings. These obligations can be particularly significant for smaller and specialized broker-dealers that may not maintain extensive internal financial and regulatory reporting resources.

The LeGaye Law Group provides Financial and Operations Principal (FINOP) and related financial regulatory support services to broker-dealers. Our professionals have extensive experience with FINRA member firms on financial reporting, regulatory filings, net capital considerations, books and records, and the financial and operational requirements applicable to broker-dealers.

Our approach integrates the firm’s financial reporting responsibilities with its broader supervisory and regulatory compliance program.

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FINOP Support

The FINOP plays a vital role in a broker-dealer’s financial and regulatory reporting structure. Depending on the firm’s business and operating model, the FINOP’s responsibilities may include oversight of financial reporting processes, regulatory filings, books and records, and compliance with applicable financial responsibility requirements.

The LeGaye Law Group has professionals with experience serving as FINOPs for broker-dealers and provides FINOP support tailored to the firm’s business model, financial structure, and regulatory requirements.

Financial Reporting and Regulatory Filings

Broker-dealers are subject to recurring financial reporting obligations. We help firms establish a process for preparing, reviewing, and submitting required financial information and regulatory filings. Depending on the engagement and the firm’s requirements, our services may include assistance with:

• Monthly and quarterly financial reporting;
• FOCUS reporting and related regulatory filings;
• Net capital computations and monitoring;
• Review of general ledger and financial information;
• Review of account reconciliations and account balances prepared by the firm’s accounting personnel;
• Coordination of annual financial reporting and audit requirements;
• Financial regulatory filings with FINRA and the SEC; and
• Financial reporting questions arising in connection with examinations or regulatory inquiries.

Where the firm’s employees or outside accounting professionals perform bookkeeping or accounting functions, our role can include reviewing and coordinating that work from the broker-dealer regulatory perspective rather than replacing the firm’s accounting function.

Net Capital and Financial Responsibility

Maintaining required regulatory capital is a fundamental responsibility for a broker-dealer. We help firms understand how their business activities, expenses, liabilities, ownership structure, and proposed transactions may affect their regulatory capital position. FINOP support can also help management identify financial issues that may require further analysis, documentation, or regulatory attention.

Books, Records and Reconciliations

Financial regulatory compliance depends on books and records that accurately support the firm’s financial reporting. Our FINOP services can include reviewing financial records, reconciliations, account balances, and supporting information prepared by the firm’s staff or accounting professionals. The objective is to evaluate that information from the perspective of the broker-dealer’s financial reporting and regulatory obligations.

Coordination With Management, Accountants and Auditors

FINOP responsibilities often require coordination among senior management, internal accounting personnel, external accountants, auditors, and compliance professionals. We work with these parties to establish clear responsibilities and facilitate the flow of information needed for regulatory reporting and financial oversight.

FINOP Support as Part of the Firm’s Compliance Program

Financial reporting should not operate in isolation from the broker-dealer’s compliance program. Changes in business activities, compensation arrangements, ownership, clearing relationships, or other operations can have financial and regulatory consequences. Our FINOP and Ongoing Regulatory Compliance Services can be coordinated to provide management with an integrated resource for addressing these issues.

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