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Technology, globalization, convergence and consolidation are transforming the financial services industry. To grow in this challenging environment, dynamic companies like yours need someone to help you make decisions that are right for your business. Our experienced professionals understand the complex and changing world of financial services and can offer specialized knowledge and attention to help you achieve your goals.

Grant Thornton's business advisory, tax and audit professionals have extensive experience serving a broad array of financial services organizations. Let us help you take full advantage of growth and profitability opportunities, minimize tax obligations, and maintain compliance with a broad range of domestic and international regulatory requirements.

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FATCA: Countdown to compliance

Complying with FATCA will be necessary for any financial institution that wishes to continue serving clients that invest in the U.S. market. Firms should start making strategic decisions now.

Attributes of a strong internal audit function

The OCC’s heightened expectations for IA will challenge bank boards and management, as well as internal auditors themselves. In this article, we outline some of the leading practices that result in a strong IA function.

How new SEC exam priorities will impact your firm

In this Financial Bulletin, we focus on the National Examination Program’s (NEP) four most significant initiatives—each of which apply to nearly all SEC registrants—as well as how your firm can achieve its strategic goals and regulatory compliance given the new priorities.

Highlights from the IIB's 2013 Annual Washington Conference

Top policymakers and industry experts predict that U.S. fiscal policy will continue to impede GDP growth, but commented that profitability is currently high and balance sheets are strong. At the same time, new regulations and final rules will stretch resources at financial institutions worldwide.

Highlights from Corporate Board Member’s 2013 Bank Strategy Forum

Grant Thornton Financial Services partners, Bill Reilly, Tax, and Markus Veith, Audit, present a brief overview of key accounting and tax considerations impacting 2013 growth and capital decisions.

Currency: April 2013

This month’s three-volume series of Currency examines a broad range of regulatory issues that are affecting the way financial institutions do business. New rule-makings as a result of Dodd Frank Act will challenge large banks and broker-dealer networks, while recently issued CFPB rules are changing the mortgage lending and servicing landscape. Meanwhile, new guidance on social media from the FFIEC addresses the risks facing banks and credit unions and spells out what a reputational risk management program should include.

Facing Headwinds: What Concerns Today's Banking Leaders

Nichole Jordan, National Banking and Securities Sector Leader at Grant Thornton, discusses the top concerns for banking leaders, according to the results of an audience survey at the recent Bank Director Acquire or Be Acquired conference.

Highlights from Bank Director’s 2013 Acquire or Be Acquired conference

A cautiously optimistic tone was the order of the day for a recent conference on acquisition strategies and financial growth options for banks. Grant Thornton LLP sponsored Bank Director’s 2013 Acquire or Be Acquired (AOBA) conference, held January 27-29 in Scottsdale, Ariz. We offer this summary of the key themes as relevant takeaways for banking industry professionals.

Asset ManagementAdviser: April 2013

Hedge funds and private equity funds are now permitted to advertise more broadly, potentially expanding the pool of investors. Firms that can implement an effective marketing strategy will have a distinct advantage over their competitors.

Banks focus on M&A as a strategy for growth

Nichole Jordan, Banking and Securities sector leader, presents survey findings from the recent Bank Director Acquire or Be Acquired conference.

Asset Management Industry Update: Moving toward a new industry structure and regulatory framework

The asset management industry emerged from a slower than expected global economic recovery in 2011 with its focus divided between pursuing growth opportunities and meeting new regulatory requirements. Macroeconomic pressures and regulatory changes are compressing returns and limiting immediate growth prospects. To shed light on these topics, Grant Thornton’s Asset Management group has released the 2nd annual industry update to provide insight on industry trends and challenges, as well as overarching changes in legislation, regulation and compensation protocols.

Model risk advisory services

Model risk management is of key importance when managing a financial institution. Models are used in all aspects of the business and have varying levels of sophistication that all tie together to form a very important piece of a bank’s overall risk management strategy. With today’s supervisory guidelines, bank regulators acknowledge the importance of these models and are requiring periodic review of key models to ensure that each is working as intended.

Allowance for loan and lease losses (ALLL): Loss discovery periods

In this second installment of the ALLL series, Allowance for loan and lease losses (ALLL): Loss discovery periods, we continue to explore how and why banks should adjust their historical loss experiences. Just like the first paper, we focus on the FAS 5 component of the allowance. Loss discovery periods (LDPs) are important factors in the FAS 5 allowance estimation methodology, and when they are explicitly acknowledged, they are a very powerful tool for management.

Overcoming the challenges to growth for broker-dealers

Broker-dealers face significant uncertainty in the months ahead. Major regulatory changes and an economy struggling to increase positive momentum create a challenging environment for many firms. But broker-dealers shouldn't wait for the regulatory and economic picture to become clearer. Overcoming the challenges to growth for broker-dealers outlines steps broker-dealers can take today to improve their position in the marketplace.

Understanding SOC 1 reports under SSAE 16

This paper provides a summary of a presentation on Statement on Standards for Attestation Engagements (SSAE) 16, also known as Service Organization Control^SM (SOC) 1 reports, delivered by National Special Attestation Reports Solution Leader Kirt Seale at the 2012 AICPA National Conference on Banks and Savings Institutions. The presentation provided insights into recent developments and practical tips on understanding and deriving value from SSAE 16/SOC 1 reports.

Banking & Securities Update Fall 2012

Our Fall 2012 Banking & Securities Update discusses the latest accounting, tax and regulatory developments that banking and securities executives need to know. We provide a succinct overview of recent FASB pronouncements, FINRA rules, OCC developments and recent news from Capitol Hill.

Grant Thornton sponsors ERM panel at American Bankers Association conference

Grant Thornton sponsored a panel discussion on enterprise risk management (ERM) at the annual conference of the American Bankers Association (ABA) — ABA Risk Management Forum — held in New Orleans in May 2012. The panelists included three of Grant Thornton’s ERM specialists: Steve Goldberg, Financial Services Advisory principal; Tariq Mirza, Bank Regulatory national managing director; and Erin Morrow, Financial Services Advisory principal.

Broker-dealer industry hot topics

On October 24, 2012 Grant Thornton sponsored a panel discussion on the major issues facing the broker-dealer industry. The discussion was hosted and moderated by Grant Thornton’s National Banking and Securities Industry Leader Nichole Jordan and featured a keynote address by Lee Pacchia, Legal Analyst and Host of Bloomberg Law multimedia programs. The panelists addressed a number of current issues facing the broker-dealer industry.

Does your BDC meet the JOBS Act criteria for IPO cost savings?

H.R. 3606, Jumpstart Our Business Startups Act (the JOBS Act), was signed into law by President Obama on April 5, 2012. The law aims to increase private companies’ access to capital through an IPO of their common equity by relieving certain securities regulations. This issue of Grant Thornton’s Asset ManagementAdviser take a look at the significant impact this will have for business development companies (BDCs).

Recovery and resolution plans: Working together to help you create an effective living will

This paper outlines the key steps to create an effective living will to facilitate orderly resolutions of Covered Companies in the event of material financial distress or failure while complying with the Dodd-Frank Act.

LIBOR scandal equals new areas of vulnerability for financial institutions

The worldwide reaction to the admission from Barclays Bank PLC in June 2012 that its traders sought to manipulate the London Interbank Offered Rate (LIBOR) has been widespread and unwavering. Since then, numerous criminal, civil and regulatory actions have been brought in North America, Europe and Asia against at least 16 of the 23 largest international banks that make up the various panels responsible for setting LIBOR. This issue discusses the three key areas where LIBOR panel banks are most likely to require assistance and what can be done to help.

Grant Thornton’s Banking and Securities practice is proud to announce the release of the 19th Annual Bank Executive Survey, conducted in association with Bank Director

Last year’s survey found our banking industry respondents optimistic about the direction of the economy despite concerns over the Dodd-Frank Act and regulatory compliance. Much has happened across the banking landscape since then. With bank executives preparing for the challenges ahead, Grant Thornton LLP and Bank Director examine the challenges and plans among bankers across the nation, compiling analysis and trends based on past survey results. This installment focuses on the current situation in the eyes of bankers on a variety of issues, from handling the Dodd-Frank Act to how growth will be achieved in the coming year.

How do you start a hedge fund?

Starting or launching a hedge fund can be a very expensive and overwhelming task requiring six months or longer to complete, while startup, infrastructure and operational costs can run well into the six-figure range. Grant Thornton LLP and Stonegate Capital Partners explore the startup and management process in How do you start a hedge fund? The new era of hedge fund creation and operational management.

Broker-dealer industry update

This publication provides highlights of recent accounting and regulatory issues, new developments and best practices for broker-dealers from the SEC, Public Company Accounting Oversight Board (PCAOB) and the Financial Accounting Standards Board (FASB). Learn more about critical topics, including revisions to Rule 17a-5, Accounting for Financial Instruments and more.

SEC adopts new net worth standard, AICPA Conference updates

In order to address requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the SEC has amended its rules to exclude the value of a person’s primary home when calculating net worth in determining “accredited investor” status. This Financial Bulletin, issued Dec. 22, 2011, explains the change and also summarizes key issues discussed at the 2011 AICPA National Conference on Current SEC and PCAOB Developments.

Asset management industry update

The turbulent global economic and regulatory environment of the past three years has asset managers considering their current position and formulating growth strategies for 2012 and beyond. This publication takes a look at the current state of the industry and what lies ahead for private equity, hedge funds and mutual funds. Topics include survival of the largest and specialization of the smallest, hunt for growth and opportunity and updates on current legislative and regulatory changes.

Compliance with SEC registration requirements: An implementation playbook

Once the provisions of the Private Fund Investment Advisers Registration Act of 2010 go into effect, all private funds (e.g., private equity funds and hedge funds) with more than $150 million in assets under management will be required to register with the SEC. Grant Thornton LLP developed this SEC registration playbook to outline a structured approach toward registering with the SEC under the Investment Advisers Act of 1940. This playbook defines the tasks and milestones required to register and operate as a registered investment adviser, and can be customized to fit your specific business model.