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The SRO rules impose restrictions on analyst compensation, personal trading activities, and involvement in investment banking activities. The SRO rules also include disclosure requirements for research reports and public appearances. You can obtain copies of Form U-4, as well as information on securities qualification examinations, from an SRO. FINRA’s website at contains detailed information and guidance for individuals who wish to obtain a series license through FINRA. Also note that individual states have their own licensing and registration requirements, so you should consult with the applicable state securities regulators for further information. Mayple uses the information you provide to us to contact you about our relevant services.
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There are a few exceptions to this general rule that we discuss below. In addition, we discuss the special registration requirements that apply to broker-dealers of government and municipal securities, including repurchase agreements, below. An introducing broker helps with this process by introducing their clients to a clearing broker.
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A SOC 2 report is an engagement performed under the AT section 101 and is based on the existing Trust Services Principles, Criteria and Illustrations (SysTrust and WebTrust). This report will have the same options as the SSAE 16 report where a service organization can decide to go under a Type I or Type II audit. Organizations asked to provide an SSAE 16, but do not have an impact on their client’s financial reporting should select this reporting option. In the world of public accounting, the term “attest” is generally regarded as that of asserting to, affirming to, and expressing an opinion on specific subject matter. In recent times, many cloud providers are currently undergoing a SOC 1 report which is specifically intended on controls over financial reporting.
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Even though change can be challenging, this update known as SSAE 18, is helping to simplify and converge attestation standards to unify with international standards. In the 1990s, Statement on Auditing Standards (SAS) 70 was the original auditing standard that had the original purpose of reporting on the effectiveness of internal control over financial issues. However, as technology became an increasingly important issue, SAS 70 was adjusted to become the basic metric to prove that a vendor’s system was safe and secure.
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AT-C sec. 205 is applicable for independent subject matter that has been published that an independent auditor can use to attest to the fact that the client is complying with the controls in CSA or HITRUST. AT-C sec. 320 deals specifically with reporting on internal control over financial reporting. STAR Attestation provides for rigorous third party independent assessments of cloud providers. Please check our listing among top 15 global auditors on Cloud Security Alliance website. There may be some instances where a cloud provider may impact financial reporting for a customer, especially if the cloud provider has any responsibilities with processing customer transactions. In this case, a cloud provider could receive both a SOC 1 (SSAE-18) or SOC 2 (AT 101) report to address the needs of their customers.
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