Compliance Examiner – Member Regulation, Membership Application Program
Job Summary:
MAP Examiners review or investigate, in the context of new and continuing membership applications, risk areas of broker-dealers and allegations of wrong-doing or other non-compliant conduct to protect investors and ensure the integrity of the U.S. financial markets. This position requires excellent analytical and communication skills, consistently high productivity levels and work quality (frequently under tight deadlines), excellent collaboration skills, and a strong commitment to ensuring that the securities industry operates fairly and honestly.
Essential Job Functions:
• Conducts reviews of applications and supporting documentation of applicants and firms seeking new or continuing membership with FINRA and certain other self-regulatory organizations. Communicates regularly throughout the application process with firm/applicant management, consultants and counsel.
• Evaluates requests of firms seeking FINRA's position on whether a proposed activity would constitute a material change in business and thus require the filing of a continuing membership application.
• Conducts reviews related to applicant firms' finances and operations; sales, underwriting and trading practices; and supervisory and compliance policies, procedures, internal controls and systems to determine compliance with established standards and rule requirements.
• Analyzes sales practices, investigates disclosure history, and reviews constituent documents (e.g. By-Laws, Operating Agreement, etc.), legal documents (e.g. purchase agreements), regulatory filings, qualifications and licenses, and sources of funding for applicants/ broker-dealers and their associated persons in the context of determining whether to grant, grant with restriction, or deny an application.
• Assesses adequacy of member firms' financial condition and validates accuracy of regulatory filings, net capital computations and books and records.
• Develops evidence and analysis in support of membership application decisions; conducts or participates in interviews and depositions of customers, member firm personnel and others; partners with other member regulation staff, enforcement attorneys and other FINRA staff in the evaluation of applications; and testifies at appeal and administrative hearings.
• Creates supporting documentation to evidence the scope of reviews conducted and the accuracy of conclusions reached.
• Provides comprehensive written and oral reports to broker-dealer executives, consultants/ counsel and FINRA management, including information relating to regulatory concerns noted during application reviews. Prepares written recommendations regarding application decision or recommendation, formal decision letters citing the decision basis, and membership agreements.
• Acquires, maintains and continues to develop core skills and knowledge of relevant rules, regulations, and guidelines through completion of FINRA's structured training programs, which may include attendance at instructor-led classroom training in and outside New York, self-paced learning (print-based and computer-based), and on-the-job training with the support of more experienced examiners or managers. Candidates may have opportunities to coach and guide less experienced examiners.
• May participate in special projects and initiatives.
Qualifications
Education/Experience Requirements:
• Bachelor's degree in Finance, Accounting, Business Administration or a related discipline preferred, with a minimum of three (3) accounting courses required. Advanced degree preferred.
• Directly related experience in a securities, finance, regulatory or auditing role is highly preferred. Knowledge of FINRA and SEC rules and regulations is a plus.
• Excellent interpersonal, written and verbal communication skills and competence with office software applications are essential.
• The specific grade level for a successful candidate will be determined based on FINRA's assessment of level of supervision and guidance required by the candidate; level of expertise in securities products, practices, rules and regulations; and level of ability to independently conduct complex work in a quality manner.
Working Conditions:
• Work is normally performed in an office environment, at FINRA premises or at member firms' offices.
• Extended hours are frequently required.
• Overnight travel (approximately 25%-50% per year, plus up to an additional four (4) weeks during the first year of employment to attend FINRA's training program) is required. FINRA examiners work in a team environment, with opportunities to interact with broker-dealer and FINRA senior managers.
To be considered for this position, please submit a cover letter and resume. A writing sample may be required as part of the submission.
The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required.
Please note: If the “Apply Nowâ€Â쳌 button on a job board posting does not take you directly to the FINRA Careers site, enter www.finra.org/careers into your browser to reach our site directly.
FINRA strives to make our career site accessible to all users. If you need a disability-related accommodation for completing the application process, please contact FINRA’s accommodation help line at (240) 386-4865. Please note that this number is exclusively for inquiries regarding application accommodations.
In addition to a competitive salary, comprehensive health and welfare benefits, and incentive compensation, FINRA offers immediate participation and vesting in a 401(k) plan with company match. You will also be eligible for participation in an additional FINRA-funded retirement contribution, our tuition reimbursement program and many other benefits. If you would like to contribute to our important mission and work collegially in a professional organization that values intelligence, integrity and initiative, consider a career with FINRA.
Important Information
FINRA's Code of Conduct imposes restrictions on employees' investments and requires financial disclosures that are uniquely related to our role as a securities regulator. FINRA employees are required to disclose to FINRA all brokerage accounts that they maintain, and those in which they control trading or have a financial interest (including any trust account of which they are a trustee or beneficiary and all accounts of a spouse, domestic partner or minor child who lives with the employee) and to authorize their broker-dealers to provide FINRA with duplicate statements for all of those accounts. All of those accounts are subject to the Code's investment and securities account restrictions, and new employees must comply with those investment restrictions including disposing of any security issued by a company on FINRA's Prohibited Company List or obtaining a written waiver from their Executive Vice President by the date they begin employment with FINRA. Employees may only maintain securities accounts that must be disclosed to FINRA at one or more securities firms that provide an electronic feed (e-feed) of data to FINRA, and must move securities accounts from other securities firms to a firm that provides an e-feed within three months of beginning employment.
As standard practice, employees must also execute FINRA's Employee Confidentiality and Invention Assignment Agreement without qualification or modification and comply with the company's policy on nepotism.
About FINRA
The Financial Industry Regulatory Authority (FINRA) is an independent, non-governmental regulator for all securities firms doing business with the public in the United States. FINRA works to protect investors and maintain market integrity in a public-private partnership with the Securities and Exchange Commission (SEC), while also benefiting from the SEC's oversight. In its role as investor guardian, FINRA is informed, but not influenced, by the industry that it regulates. FINRA's independent regulation plays a critical role in America's financial systems all at no cost to taxpayers.
FINRA's independent regulation plays a critical role in America's financial system and touches virtually every aspect of the securities business from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms.
All told, FINRA oversees nearly 4,600 brokerage firms, about 164,000 branch offices and approximately 632,000 registered securities representatives. We also perform market regulation under contract for the major U.S. stock markets, including the New York Stock Exchange, NYSE Arca, NYSE Amex, The NASDAQ Stock Market and the International Securities Exchange.
In today's fast-paced and complex global economy, FINRA is a trusted advocate for investors, dedicated to keeping the markets fair and proactively addressing emerging regulatory issues before they harm investors or the markets.
FINRA has approximately 3,000 employees and operates from Washington, DC, and New York, NY, with 20 regional offices around the country.
Find out more about us and how we work and view our current openings atwww.finra.org/careers.
Search Firm Representatives
Please be advised that FINRA is not seeking assistance or accepting unsolicited resumes from search firms for this employment opportunity. Regardless of past practice, a valid written agreement and task order must be in place before any resumes are submitted to FINRA. All resumes submitted by search firms to any employee at FINRA without a valid written agreement and task order in place will be deemed the sole property of FINRA and no fee will be paid in the event that person is hired by FINRA.
FINRA is an Equal Opportunity and Affirmative Action Employer
©2013 FINRA. All rights reserved. FINRA is a registered trademark of the Financial Industry Regulatory Authority, Inc.
Leave a Reply
You must be logged in to post a comment.