Industry analysis, product news, and thought leadership from Loffa Interactive Group's team of settlement technology and compliance experts.
Open Fails, Stock Loans, and the Reconciliation Challenge Nobody Talks About Beyond Quarterly Counts: Continuous Position Verification That Actually Works When a contra firm sends you a response to your quarterly broker statement request containing 10,000 positions—and you only asked about 47—the reconciliation team’s collective groan is audible down the hall. This happens constantly. And […]
The Quarter-End Confirmation Nightmare: When 30-Day Requests Pile Up Why Response Rates Tank and What Operations Teams Actually Need It’s the last week of the quarter. Your reconciliation team is staring at 312 unanswered confirmation requests from the 30-day mailing cycle. The response rate is hovering at 43%. Quarter-end is Friday. And someone just called […]
How Broker-Dealers Automate SEC Rule 17a-13 Quarterly Securities Counts The 30-Day Mailing, the Contra Firm Problem, and What Actually Satisfies Examiners Every quarter, more than 3,300 broker-dealers must physically count and verify every security they hold. It’s called SEC Rule 17a-13, and it’s been around since 1971. In 2024 alone, firms paid millions in fines […]
The True Cost of Manual Compliance: Why Your Quarterly Securities Counts Could Trigger Million-Dollar Fines—And How Compliance Consulting Firms Prevent Disaster Every quarter, over 3,300 broker-dealers must physically count and verify every security they hold. It’s called SEC Rule 17a-13, and it’s been around since 1971. So why are firms suddenly paying millions in fines […]
The Recordkeeping Gap, Compliance Policies Meet Technical Reality and $456M in fines Record Retention Under Fire Earlier this month, FINRA hit Ally Invest with an $850,000 fine for a problem that sounds almost mundane until you see the scale: 22.6 million business-related electronic communications, gone. Not deleted on purpose. Not swept under the rug. Just… […]
FINRA’s June 6, 2025 enforcement action against SG Americas Securities, LLC (SGAS)—resulting in a $275,000 fine and censure—tells a story that should make every operations team pause: over nearly eight years, a major firm with 800 registered representatives systematically misreported 166,421 transactions to FINRA’s Trade Reporting and Compliance Engine (TRACE). The dual violation is particularly […]
Document & Records Compliant Automation Management Established as part of the Securities Exchange Act of 1934, SEC Rule 17a-4 defines a set of records preservation and retention requirements for registered broker-dealers. Initially integrated into law in 1997, Rule 17a-4 has seen heightened enforcement in recent years, and the consequences for non-compliance have grown significantly. Ensuring […]
Broker’s Guide to Quarterly Statements: Navigating SEC Regulations Hey there, finance pros! Let’s dive into the world of quarterly statements and SEC regulations. If you’re a broker, you know the drill – it’s all about keeping investors in the loop and staying on the right side of the law. So, grab your coffee, and let’s […]
Navigating the Rise in Repo Activity: What Brokers Need to Know About SEC 17a-4 Compliance and How Loffa Interactive Can Help In the whirlwind world of financial services, brokers constantly juggle staying compliant with regulations and adapting to market shifts. Banks are beefing up their roles in the repurchase agreement (repo) market due to soaring […]
Navigating the Intersection of SEC Rule 10c-1a and the T+1 Settlement Cycle: Proactive Preparation Unpacked In the labyrinth of financial regulations, the U.S. Securities and Exchange Commission’s (SEC) introduction of Rule 10c-1a emerges as a significant beacon, aiming to elevate transparency and efficiency within the securities lending market. Yet, it’s the impending transition to a […]
A Perspective from Loffa Interactive Group Introduction In the wake of the Securities and Exchange Commission’s (SEC) enforcement results for Fiscal Year 2023, the importance of stringent recordkeeping and robust whistleblower protections in the financial sector has been cast into sharp relief. Loffa Interactive Group, with our deep roots in financial services technology, understands the […]
Quarterly Broker StatementsTM (QBSTM); Automated Solution to Address SEC Rule 17a-13 Regarding Open Fail Verifications for DTCC and Non-DTCC Participants Scottsdale AZ, January 8, 2010: The firm known for successfully developing applications designed to introduce paperless workflow solutions and improved efficiency to the Financial Services industry has introduced Quarterly Broker StatementsTM (QBSTM), a web-based solution […]
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