This consolidated checklist details the essential compliance and regulatory tasks that Finalis performs to support its Members, much of which involves behind-the-scenes work.
COMPLIANCE & REGULATORY
Regulatory Intelligence
Rules change. So do their interpretations. We translate them into platform updates and guidance – so our Members stay current without tracking a single notice.
Deal-Level Review & Approval
☐ Engagement Letters: We offer templates and support to speed execution and help mitigate risk. We are rolling out an AI-assisted review to further help expedite approvals. An additional fast-track process is also available where Finalis is not required to be a signatory.
☐ Know Your Customer and Anti Money Laundering checks: Perform background checks on clients and transaction counterparties to identify potential bad actors and mitigate risk.
☐ Marketing Materials: All firm and deal-specific marketing materials reviewed and approved in light of regulatory standards.
☐ Fee-sharing Agreements: Support collaboration with internal and external parties.
☐ Closing Documents: We help ensure fund distributions are consistent with disclosed terms and review supporting documentation from a regulatory perspective.
☐ Flow of Funds Management: Success fees channeled through Finalis before disbursement to Members. Finalis will soon offer secure wire tracking, same-day processing provided all legal and regulatory requirements are satisfied.
☐ State Registrations: We help our Members maintain registrations at the state level. Our approach prioritizes cost efficiency, maintaining only the minimum necessary expenses.
☐ Engagement Letter Amendments: Support contractual changes, such as swiftly onboarding or offboarding deals from and to external Broker-Dealers, as well as other related contractual changes.
Technology Infrastructure & Auditability
☐ Communications Capture and Archiving: A modern tech stack for email, website, social media, and internal communications capture and monitoring.
☐ Disclaimer Detection: Process to help ensure correct disclaimers are identified and applied across all communication platforms and use cases.
Ongoing FINRA Affiliation Maintenance
☐ FINRA Exam Sponsorship: Series 7, 79, 82.
☐ U4 and U5 filing: Finalis handles the complete lifecycle of FINRA form filings required to document an individual's association with the firm. This includes managing the onboarding of new Members (whether joining existing or new Firms), processing firm switches, and handling offboarding.
☐ Regulatory Profile Maintenance: For affiliated Members via quarterly and yearly attestations.
☐ Outside Business Activities (OBAs): Disclosed to FINRA with the appropriate format.
☐ Outside Brokerage Accounts (OBAccts) & Private Securities Transactions (PSTs): Disclosed to FINRA with the appropriate format. Maintenance of Trading Restricted Lists.
☐Continuing Education (CE) Administration: Administering Firm Element CE via the annual Compliance Meeting and overseeing RR notifications for Regulatory CE completion.
The content provided is for general informational purposes only and should not be considered a recommendation or personal advice. Finalis Securities LLC is a broker-dealer registered with FINRA and a SIPC member firm. Check out the background of this firm on Brokercheck.
