What is a FINOP

Ernie Kappotis:

Don Pollard:

What is a Financial & Operations Principal (FinOp)?

Rule 1022 requires every FINRA member firm to designate one individual to serve as a Financial and Operational Principal (FinOp). The FinOp obtains qualification by passing the Series 27 or Series 28 examination. Upon registration, the FinOp becomes personally liable for the maintenance of the broker dealer’s books and records, the accuracy of the financial statements, compliance with applicable net capital rules, and the timely submission of all financial regulatory reports.

FinOp Responsibilities

A Series 27 licensed FinOp requires full knowledge of the practices in these categories:

  • Preservation of Accurate Books and Records
  • Financial Regulatory Reporting
  • Net Capital Compliance
  • Customer Protection
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