Broker/Dealer

 

• Anti-Money Laundering
• Complaint Outsourcing
• Electronic Records
• Fin Op, Accounting, Finance
• Implementing Technology

• Policies and Procedures
• Risk Assessment
• Supervisory Controls
• Surveillance Program
• Training and Education

Anti-Money Laundering

 

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A strong AML program is vital to any financial services organization by protecting your firm from fraud, and providing a competitive advantage.

 

• Regulators will continue to closely scrutinize organizations on how they define, implement and maintain their AML platform.
• Oyster Consulting has the experience and expertise to assess your firm’s AML program and recommend practical solutions to improve your control environment:
  
  
  • Policies and procedures against regulatory standards
  • Customer identity process
  • OFAC compliance
  • Surveillance program
  • Record keeping and documentation retention
  • Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR) processes
  • Provide guidance and procedures to assess customer risk

Complaint Outsourcing

 

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The Oyster Complaint Resolution Team provides a short term outsource alternative for the complete handling of brokerage firm sales practice and operational customer complaints. 

 

• Receive assistance when your team is overwhelmed with an extraordinary number of complaints.
• Complaints handled from receipt to resolution
• Complaint analysis and documentation of the analysis
• Draft a response letter for your firm’s signature
• Work with the client and your firm to resolve the matter
• Review and evaluate your current dispute resolution practices for improvement

 

Benefits of using Oyster for Complaint Outsourcing

 

• The Team is led by a former Senior Counsel - SEC Division of Enforcement, General Counsel to a major bank brokerage firm, and Senior Vice President & Assistant General Counsel for Wachovia Securities, LLC with 23 years of arbitration and regulatory experience

• Trained, experienced and seasoned dispute resolution professionals with expertise in the review and analysis of customer complaints for both wire houses and bank broker/dealers
• Substantial experience in a wide variety of issues: poor performance, suitability, excessive trading, margin sell outs, fee-based accounts, financial suicide and tax issues
• Product expertise: equities, fixed income securities, options, mutual funds, fixed and variable annuities, packaged products, derivatives, auction rate securities and commodities
• Provide response to follow-up regulatory inquiries and requests, U-4/U-5 and RE-3 reporting
• Provide a “second opinion” concerning arbitration risk and mediation strategy

Work is generally performed on an hourly basis; however, we would be glad to discuss other fee arrangements

Electronic Records

 

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Supervising, archiving and retrieving electronic records is a challenge for many organizations. As technology continues to evolve to create more efficient ways for people to communicate, your compliance program must take the changing environment into consideration.

 

Services Offered

 

• Implement methods to stay aligned with new technology and tools your associates may be using outside your platform.
• Review policies and procedures against regulatory standards
• Review your technology platform to ensure it is compliant
• Identify potential points of failure in your processes
• Review, develop or enhance your training program
• Assist in modifying your existing technology tools to develop more efficient and effective supervisory processes
• Identify opportunities to reduce costs
• Independent third-party services

 

** Oyster can assist in vendor selection to help solve archiving, discovery, and supervisory control issues.

 

Fin Op, Accounting & Finance

 

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Sound financial and accounting practices are critical to the success of any organization. Oyster Consulting has the experience and expertise to assist your firm with its financial needs.  Our consultants provide services to some of the largest broker/dealers in the United States, regional and small firms.

 

Oyster Consulting is able to provide strategic consulting, serve as interim staffing, or provide ongoing services.  We look forward to assisting your organization with the following services:

• Outsourced FinOp
• Timely and accurate FOCUS reporting
• Review of net capital computations under Rule 15c3-1
• Review of Customer Protection Rule 15c3-3 calculations
• Mergers and acquisitions strategic and conversion support
• Funding Strategies
• Financial controls and best practices

An efficient and disciplined finance and accounting process can save your firm time and money, while maintaining compliance with regulatory requirements to help your business thrive.

Implementing Technology

 

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Resolving issues and improving efficiency with technology can lead to unexpected problems and mixed results. Managing technology change takes careful planning and disciplined execution.

 

Oyster Consulting has the experience and expertise to ensure your technology project is successful. Our skilled consultants can help your firm improve its technology with the following services:

 

• Strategic Planning
• Requirements Gathering
• Vendor Selection
• Functional Design
• Testing
• Communication
• Training

 

Policies and Procedures

 

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Well crafted policies and procedures are at the heart of any compliance program, yet generic written supervisory procedures can put your organization at risk. Policies and procedures are not just a compliance requirement, but a reliable resource to ensure that your firm and your clients get consistent quality results from each member of your team.

Services Offered

 

• Create user friendly manuals custom tailored to your firm practices
• Work with leaders in your organization to ensure that policies and procedures match business practices, create efficiency, and provide practical solutions to regulatory requirements

Risk Assessment

 

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Well implemented risk assessment programs are the best way to help your organization determine how to focus valuable compliance resources.

Oyster Consulting’s experienced team will help improve your operations, limit your regulatory exposure, and reduce litigation costs.

 

• Analyze the risk profile for your organization and implement actionable steps to improve your controls
• Provide help in conducting quantitative and qualitative reviews of your products, business practices, policies, technology, and structure
• Determine the probability of experiencing a risk, and the risk’s potential severity
• Develop a risk matrix to focus your attention on core issues
• Conduct a cost benefit analysis for implementing mitigating controls, and create efficient and effective solutions to help you manage your control environment

 

Supervisory Controls

 

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Oyster Consulting offers assistance to firms in complying with FINRA Rules.

 

• FINRA Rule 3012 requires the Chief Compliance Officer and Chief Executive Officer of all broker/dealer firms meet at least annually to:

   

  1. Discuss and review the matters that are the subject of the annual certification
  2. Discuss and review the member's compliance efforts as of the date of such meetings
  3. Identify and address significant compliance problems and plans for emerging business areas

   

• FINRA Rule 3130 requires the CEO to certify annually that the member firm has processes in place to:

   

  1. Establish, maintain, and review policies and procedures reasonably designed to achieve compliance with applicable SRO rules and federal securities laws and regulations
  2. Modify such policies and procedures as business, regulatory, and legislative changes and events dictate
  3. Test the effectiveness of such policies and procedures on a periodic basis, the timing and extent of which is reasonably designed to ensure continuing compliance with the applicable SRO’s rules and federal securities laws and regulations

      

  You can rely on Oyster Consulting for the following services:

   

  • Identify business activities and applicable rules, regulations and internal controls for each activity
  • Conduct a “gap analysis” of supervisory procedures and determine whether current procedures address all applicable rules and regulations, including the firm’s policies and controls for each business activity
  • Develop or revise procedures to address material gaps in the firm’s current procedures
  • Test the firm’s current and revised operating and supervisory procedures;
  • Develop a reporting model to meet the requirements of Rule 3012 and 3013
  • Create a model to support the CEO certification and reporting requirements in the future

 

Surveillance Program

 

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Surveillance programs must be reasonably designed to allow firms to enforce policies and procedures and to comply with industry rules and regulations.

Oyster Consulting has the experience and expertise necessary to evaluate your surveillance program to determine if you are effectively identifying and resolving issues.

 

• Identify gaps in surveillance as a result of new investment products, regulations, or system defects
• Apply methodical, time tested practices to prioritize, define, and implement enhancements to your surveillance platform
• Coach your staff to ensure they are trained, proficient with your tools, and eliminate superfluous tasks that waste time and valuable resources

Training and Education

 

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A well trained team is the best compliance tool your firm can have.

 

• Ensures that your associates have the breadth and depth of knowledge of your products, process and policies
• Improves your customer’s experience while reducing regulatory and financial risk
• Your associates will be trained by Oyster’s experienced and expert consultants who understand the business, technology, and regulatory environment
• Courses are specifically designed for your firm’s structure and products including:
  • Investment product features and best practices
  • New regulations
  • Key regulatory issues (AML, Business Continuity, Privacy, Senior Investors)
  • New technology