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Critical Regulatory Reporting

In a highly regulated environment, financial services companies specializing in brokerage services must ensure compliance with the SEC and FINRA. MyndCore Partners helped these firms navigate the complexities of regulatory reporting by providing in-depth knowledge and practical implementation strategies.

Challenge 

The firms required deep industry and regulatory knowledge to effectively identify, specify, build, and test the SEC and FINRA-mandated reports, all while aligning with their unique business models. The challenge involved integrating the new reporting requirements with existing systems and ensuring data accuracy across multiple channels. 


Approach 

Joint Definition & Development

  • Partnered with the client’s teams to define comprehensive SEC and FINRA reporting requirements. 

  • Conducted detailed data mapping to retrieve accurate data for reporting elements. 

  • Established secure file transfer connectivity (SFTP, HTTPS, S3) with FINRA to ensure efficient report delivery. 

  • Reviewed and corrected existing reports to ensure accuracy and compliance. 

Collaborative Testing 

  • Extensively tested each report’s data for accuracy before going live. 

  • Conducted connectivity and format validation to ensure successful report submissions. 

Post-Go Live Support 

  • Continuously monitored new regulatory requirements, ensuring that firms remained compliant with evolving standards and avoiding fines or penalties. 

  • Provided ongoing support to maintain the systems and implement changes as needed. 

Results 

  • Compliance Control: Ensured full compliance with SEC and FINRA requirements, reducing risk and improving operational transparency. Firms experienced a significant reduction in compliance-related disruptions. 

  • Cost Savings: Automation of data reporting processes reduced dependency on manual data extraction, saving the firms many hours of labor per month and mitigating potential regulatory penalties.  


Conclusion 

This project demonstrates MyndCore Partners' ability to deliver complex and compliant reporting solutions that align with regulatory standards. Our industry expertise, coupled with our close collaboration with clients and regulatory bodies, ensures efficient, scalable, and risk-free solutions that drive operational success. 


MyndCore Partners Contributions 

  • Industry Expertise: Extensive knowledge in New Accounts, Clearing, Settlement, Brokerage Operations, and Accounting. 

  • Technical Expertise: Database analysis and development, as well as event-driven architecture. 

  • Regulatory Expertise: In-depth product knowledge pertaining to SEC and FINRA agencies and their requisite reporting requirements. 


 Key Regulatory areas

  • Blue Sheet Reporting 

  • Short Interest Reporting 

  • Stock Record 

  • FOCUS Reports 

  • 17A3 Reporting 

  • 15C3-3 Reporting 

  • CAT (Consolidated Audit Trail) 

  • CAIS (Customer Account Information System) 

Contact us to see how MyndCore Partners can deliver tailored, compliant solutions for your company.

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