Budget Season is Nearing an End – Are You Ready for What’s Ahead?

ducks-in-a-row-lgBenjamin Franklin is credited with saying, “You may delay, but time will not.” With only a few weeks left in the year, there is no time to put off completing certain Compliance tasks. Many firms are scrambling to complete their branch exams, mock audits, AML testing, continuing education requirements, looking at tax strategies and compensation plans….the list seems endless. In this politicized regulatory environment, you have to be flawless in your execution of these tasks.

But planning for the coming year is important, and now is the time. At Oyster, we believe that the best financial services organizations in the world make decisions with the input of the strategic leaders, sales, operations, trading, technology, finance, compliance, risk and legal groups. Your leadership needs to be discussing your firm’s needs for technology, people, and services in the coming year. You also need to be evaluating the marketplace for changing pricing structures and potential regulatory shifts. DOL fiduciary standards, trade reporting, FinTech and Reg SCI have all been talked about extensively, and you should have plans in place to deal with the evolving landscape.

Don’t forget to expect the unexpected. You may have heard that the SEC has shifted some of its personnel to concentrate on the Investment Adviser side. The financial impact: investment adviser firms will need to budget for annual reviews, DOL fiduciary rule change assessments and implementations, and the possibility of the adoption of AML regulations.

As the CFTC presses for its right to acquire firm’s algorithm source codes and the SEC gears up to conduct a large-scale review of the ETF industry, firms should examine their trade reporting policies and procedures and controls to ensure compliance and mitigate risk.

Building a healthy company requires planning, execution, and keeping your eye on the ever changing business, technology and regulatory landscape. Oyster Consulting is ready to help, allowing your firm to do what it does best. For more information on how Oyster Consulting can assist your firm with its regulatory compliance needs, complete our contact form and one of our Relationship Managers will be happy to assist you.

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