GAIN Capital dismisses KPMG as its independent registered public accounting firm

Maria Nikolova

GAIN says the decision was taken as a part of its ongoing operational efficiency program.

Online trading major Gain Capital Holdings Inc (NYSE:GCAP) has earlier today posted a SEC filing announcing changes in registrant’s certifying accountant.

On July 18, 2019, the Audit Committee of the Board of Directors of GAIN Capital dismissed KPMG LLP as the company’s independent registered public accounting firm.

GAIN says KPMG’s audit reports on its consolidated financial statements and effectiveness of internal control over financial reporting as of and for the years ended December 31, 2018 and 2017 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

During the years ended December 31, 2018 and 2017 and the subsequent interim period through July 18, 2019 preceding KPMG’s dismissal, there were (i) no “disagreements” between the brokerage and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure that, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in its reports on the financial statements for such years, and (ii) no “reportable events”.

GAIN says the decision to change its independent registered public accounting firm was taken as a part of its ongoing operational efficiency program.

On July 18, 2019, the Audit Committee approved the appointment of BDO USA, LLP as GAIN’s independent registered public accounting firm beginning with the second quarter of 2019, and for the year ending December 31, 2019.

In response to GAIN’s decision, KPMG said the following:

“Ladies and Gentlemen:

We were previously principal accountants for GAIN Capital Holdings, Inc. (the “Company”) and, under the date of March 11, 2019, we reported on the consolidated financial statements of the Company as of and for the years ended December 31, 2018 and 2017, and the effectiveness of internal control over financial reporting as of December 31, 2018. On July 18, 2019, we were dismissed. We have read the Company’s statements included under Item 4.01 of its Form 8-K dated July 18, 2019, and we agree with such statements, except that we are not in a position to agree or disagree with the Company’s stated reason for changing principal accountant and the statements in Item 4.01 (b).

Very truly yours,

/s/ KPMG LLP

KPMG LLP”.

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