Accounting Technical

Amendments to SEC rules for broker-dealers

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The US Securities and Exchange Commission (SEC) recently finalized amendments to its reporting and financial responsibility rules applicable to registered broker-dealers.

This rulemaking introduces the most significant changes to broker-dealer reporting since the mid-1970s.

Join EY professionals for a discussion of the finalized rule amendments. The webcast agenda includes:

  • Summary of final reporting and financial responsibility rules
  • Filing deadlines and effective dates
  • Other considerations and related rulemaking

Panelists:

Margaret L. Dennis

Ernst & Young LLP

Margaret Dennis is a partner with Ernst & Young LLP’s Professional Practice Group. For 20 years she has provided assurance, audit and advisory services to clients in the securities industry, including broker dealers, investment banks, and private equity and hedge funds. She has worked extensively with clients in financial reporting and on technical accounting matters.

In Margaret’s current role she is involved in a broad range of internal risk management and professional activities, including consulting on significant and sensitive accounting, SEC, auditing and financial reporting matters. She also provides insight on current accounting, auditing and financial reporting issues specific to the broker-dealer and futures commission merchant industry. Margaret also serves as the engagement quality review partner on public and private financial services companies.

Margaret, a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants, earned her MBA from Columbia University and her BS from Georgetown University.

Nancy Reich

Ernst & Young LLP

Nancy Reich is an Executive Director with Ernst & Young LLP with more than 25 years of experience in legal and compliance roles at major regulatory authorities and financial services institutions.

Prior to joining Ernst & Young, Nancy held several senior positions in global markets and investment banking compliance at large Financial Services firms. She was responsible for a variety of compliance programs including, policies and written supervisory procedures, trade surveillance, institutional branch office and desk exams, compliance risk assessments, employee outside business activities, electronic communications, and compliance training.

As Senior V.P. and Associate General Counsel at NYSE, Nancy was responsible for supervising the development of rules, interpretations, policies and procedures governing the trading of equities, bonds, options and derivatives on NYSE and NYSE Arca.

Stephen Verrone

Ernst & Young LLP

Stephen Verrone is an Executive Director with Ernst & Young LLP’s Professional Practice Group in New York. He has over 14 years of assurance experience serving Financial Services clients. He has provided audit and advisory serves to global financial institutions (both US GAAP and IFRS based) as well as SEC-registrant broker dealers, CFTC-registrant futures commission merchants and various hedge funds. Stephen specializes in the accounting, operations, financial and regulatory reporting, and compliance matters of broker-dealers and futures commission merchants.

Stephen is a member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants, and Securities Industry and Financial Markets Association-Financial Management Society. He earned his M.B.A. in Professional Accounting from Rutgers Business School (1999) and his B.A. in Biological Science from Rutgers College (1998).

Steve Zammitti

Ernst & Young LLP

Steve is a New York-based audit partner with Ernst & Young LLP. With more than 25 years of professional experience, Steve serves financial services clients and is focused on the banking and capital markets segment. Steve works with audit teams on issues related to technical accounting and regulatory issues in the capital markets and brokerage industry, such as securitizations, mortgage and asset-backed structures and equity and fixed-income derivative instruments. He provides audit and advisory services to investment banks, commercial banks and broker-dealers. He has extensive experience in securities operations, settlement and custody, financial instrument trading and financing activities, brokerage, regulatory compliance and related accounting and reporting matters.

Steve is completing his third year as chairman of the AICPA Stock Brokerage and Investment Banking Expert Panel and has long-standing relationships with each of the securities and commodities regulators including the SEC, FINRA, CFTC and NFA, among others. Stephen graduated from the Rutgers Graduate School of Management with an MBA in accounting. He is a licensed certified public accountant in the state of New York and has a Bachelor of Arts degree in economics from Rutgers College.

David Stollow 

Ernst & Young LLP

David Stollow is a partner in the Banking & Capital Markets practice of Ernst & Young LLP, serving Financial Services clients. He provides assurance and advisory services to investment banks, broker-dealers and futures commission merchants. He has extensive experience in brokerage operations as well as financial and regulatory reporting matters. David also previously served as the capital markets industry sector resident. In that capacity, David assisted clients and engagement teams with emerging issues and reporting developments.

David graduated from New York University's Stern School of Business with an MBA in finance and information systems. He is a certified public accountant in the state of New York and has a Bachelor of Science degree in accounting from the State University of New York at Albany.