Regulatory Reporting Broker Dealer

1 month ago

Whippany, United States Emergent365 Full time

NO 3rd Parties

Position: Sr Consultant – Broker Dealer Regulatory Reporting

Company: Financial Firm

Location: Whippany, NJ – hybrid onsite 2 days/wk

Level: 10+ years (VP Equivalent)

Length: 6-8+ months


Job Summary:

Financial firm in Whippany, NJ is seeking a Sr Consultant to join their Regulatory team to support US Broker dealer business. Will assume role of VP in team currently on parental leave. Will oversee the critical function of computing Net Capital in accordance with SEC Rule 15c3-1 and the associated regulatory reporting. Will require strong leadership abilities to oversee complex regulatory reporting processes requiring daily stakeholder management across Operations, Finance, Risk, Treasury, Compliance and Legal. Will require strong knowledge of regulatory bodies such as SEC/FINRA/CFTC/CME and Broker-Dealer financial reporting rules in particular. Will be onsite 2 days/week in Whippany NJ office.


Must Have:

  • 10+ years Regulatory Reporting experience
  • 5+ years US Broker Dealer experience
  • Strong knowledge of Net Capital calculations per SEC Rule 15c3-1
  • Strong knowledge of governing regulatory bodies: SEC, FINRA, CFTC, CME


Primary Responsibilities:

● Leadership:

● Delegate tasks effectively and assign responsibilities to team members to ensure optimal functioning and timely completion of deliverables.

● Effective communication and collaboration within the team and other departments.

● Regulatory Reporting:

● Oversee and review the preparation, accuracy, and submission of 15c3-1 Net Capital computations and various regulatory filings, including the monthly FOCUS report.

● Implement/enhance and maintain robust controls and procedures to mitigate risk.

● Serve as a point of contact for regulatory examinations, audits, and internal stakeholder requests.


Job description:

The primary function of Financial Control is to ensure delivery of timely and accurate financial and regulatory reporting for all businesses including subsidiaries and branches, while meeting the statutory and regulatory requirements of the entity boards, regulators and external auditors.


About the Department:

This is the Financial Control, Broker Dealer Regulatory Reporting team for the US Broker Dealer business. Regulatory Reporting is part of the Financial Control function of the bank. The team is responsible for ensuring the US Broker Dealer entity satisfy the various financial responsibility rules set out by SEC/FINRA/CFTC/CME, e.g. customer protection, capital requirements and regulatory filings. In addition, this team is also responsible for interpreting certain broker dealer rules and regulations, and providing guidance and advice to businesses on transactions/product developments which may have customer protection, net capital and regulatory filing implications.


Responsibilities:

We are seeking a highly skilled and motivated individual to join our team and oversee the critical function of computing Net Capital in accordance with SEC Rule 15c3-1 and the various regulatory reports. The ideal candidate will possess natural leadership abilities and the expertise to oversee complex regulatory reporting processes. This position has extensive coverage of the US Broker Dealer financial reporting information and will have exposure to a broad range of the entity’s products and business activities. It will have key interfaces with various audiences amongst infrastructure areas such as Operations, Finance, Risk, Treasury, Compliance and Legal.


Primary Responsibilities:

● Leadership:

● Delegate tasks effectively and assign responsibilities to team members to ensure optimal functioning and timely completion of deliverables.

● Effective communication and collaboration within the team and other departments.

● Regulatory Reporting:

● Oversee and review the preparation, accuracy, and submission of 15c3-1 Net Capital computations and various regulatory filings, including the monthly FOCUS report.

● Implement/enhance and maintain robust controls and procedures to mitigate risk.

● Serve as a point of contact for regulatory examinations, audits, and internal stakeholder requests.

● Process Improvements

● Identify and implement process improvements to enhance the efficiency and accuracy of regulatory reporting.


Stakeholder Management and Leadership

Given the scope of coverage for this role, the candidate is expected to demonstrate an ability to lead and inspire individuals, possess strong interpersonal skills with the ability to maintain relationships at all levels. The candidate will also have interactions with senior management across the functional areas in as well as external stakeholders (i.e. regulators and auditors). The position will have an opportunity to deliver key management information metrics and be able to articulate content and issues within which may require management attention.


Core Requirements:

● Experience and expertise in SEC/FINRA Broker Dealer Regulatory Reporting, including performing and/or overseeing the 15c3-1 Net Capital and FOCUS reporting process

● Understanding of the Operational records and settlement mechanics of a broker dealer

● Ability to independently execute tasks, challenge, and escalate issues where needed

● Strong attention to detail and ability to present to key stakeholders including senior management and regulators

Desirable skills/Preferred Qualifications:

● Experience in other areas of regulatory reporting including 15c3-3 Customer Reserve, CFTC segregation requirements, and the Possession or Control Requirements of SEC Rule 15c3-3

● Detail oriented and strong analytical aptitude- ability to work efficiently with advanced spreadsheets and solve problems with minimal guidance.

● Ability to build relationships across teams– Operations, Product Control, Regulatory Reporting, Compliance, etc.

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