Expert Panel - Stockbrokerage and Investment Banking 


About the Expert Panel
The Stockbrokerage and Investment Banking Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the stockbrokerage and investment banking industry to deliberate and come to agreement on key stockbrokerage and investment banking issues.
Industry News and Resources

Expert Panel Projects

Securities and Exchange Commission

  • Electronic Filing of Broker-Dealer Annual Reports
  • January 2017 - The SEC Office of Compliance Inspections and Examinations announced its 2017 examination priorities for investment advisers and investment companies, broker-dealers, transfer agents, clearing agencies, private fund advisers, national securities exchanges, and municipal advisors.
  • The staff of the SEC Division of Trading and Markets has issued staff guidance (in the form of FAQs). To read FAQs, issued in April 2014, about the amendments to Rule 17a-5 and Form Custody, click here. For FAQs, issued in March 2014, concerning certain broker-dealer financial responsibility rules, click here. Other FAQs published by the staff of the SEC Division of Trading and Markets are available here.
  • In July 2013, the SEC issued two final rules that affect broker-dealers registered with the SEC and their auditors. One rule adopts amendments that would increase protections for investors whose cash and securities are held by broker-dealers registered with the SEC. These amendments to SEC Rule 17a-5 require, in part, that the audits of broker-dealers' financial statements and supplemental information, as well as the auditor's examination of the compliance report or the auditor's review of the examination report, be conducted in accordance with PCAOB standards for fiscal years ending on or after June 1, 2014.

Public Company Accounting Oversight Board

U.S. Commodity Futures Trading Commission
  • In November 2013, the CFTC approved a final rule on enhancing customer protections, which, in part, will require audits of futures commission merchants (FCMs) to be performed in accordance with PCAOB standards by a PCAOB-registered firm that “must have undergone a PCAOB inspection”. Find out more.

Securities Investor Protection Corporation

  • March 2016 - SEC approved SIPC Rule 600, Rules Relating to Supplemental Report of SIPC Membership. These rules now prescribe the form and content of the SIPC supplemental report and require that a registered broker-dealer must file a report with SIPC, and no longer with the SEC. The SIPC maintains Member FAQs where member firms and their auditors can find information regarding SIPC forms, membership, and how and where to file reports. For more information, click here.

 

    Expert Panel Recommended Guidance

    Publications and CPE


    Past Meeting Highlights

     

    2017

    June, 2017

    March 8, 2017

    2016 and Prior

    Archived Meeting Highlights

    Members of the Expert Panel

    Christopher Donovan, Chair Deloitte & Touche LLP

    Jeffrey Alfano, Oppenheimer & Co

    David Bonnar, Morgan Stanley

    Tim Bridges, Goldman, Sachs & Co

    Nancy Grimaldi, EisnerAmper LLP

    John Iacobellis, BDO

    Paul Lameo, PricewaterhouseCoopers LLP

    Paul Nockels, McGladrey LLP

    Daniel Palomaki, Citigroup

    Karl Ruhry, KPMG LLP

    Keith Wenk, Edward Jones

    Stephen A. Zammitti, Ernst & Young LLP

    Learn more about the expert panel members by reading their biographies.


    Staff Contacts

    Irina Portnoy, Senior Manager





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