Archive for the ‘FINRA’ Category

0 By utalley on July 21st, 2011

Upcoming New FINRA Regulations… Are You Ready?

FINRA logoAmendments to broker-dealer books and records requirements under FINRA 4511 and 4512, take effect December 5, 2011. The new rules require member firms to make and preserve certain books and records to show their compliance with securities laws, rules and regulations. These requirements will undoubtedly impact ongoing records management and retention processes for broker-dealers, as well as impact future FINRA audits and legal discovery requests.

Planning for FINRA Compliance
With the effective date only a few months away, broker-dealers will need to be prepared to show updated policies and procedures with supporting systems to be ready for their 2012 FINRA audit. Compliance officers should ask:

  • Do we have the systems capabilities in place to identify, track and preserve the required records?
  • Is now a good time to perform a holistic data assessment review of the information and records your firm currently has stored across all data repositories, content management systems and archives?
  • Are you able to implement defensible data deletion policies as prescribed by the new FINRA requirements?
    Can your current data storage and archiving capabilities withstand the volumes for day-to-day reporting and historical archiving? If not, how can you strategically clean up your data storage?
  • Will new technologies be needed to assist, and what does the implementation timetable look like to be in compliance by December?

Meeting FINRA Requirements with StoredIQ
StoredIQ’s Information Governance solution provides broker-dealers with a comprehensive, secure and efficient approach to meeting their FINRA information governance needs. With StoredIQ, companies can manage risk and contain costs by leveraging automated compliance and governance policies.  The result is an efficient and cost-effective answer for today’s highly regulated business world.

By implementing StoredIQ now and planning accordingly, broker-dealers can be in compliance by the December 5th FINRA implementation date and ready for a 2012 FINRA audit examination.

To learn more, download the StoredIQ FINRA Solution Sheet or contact us for more information.

TOPICS: FINRA, eDiscovery, financial industry, information governance, information management, litigation readiness, records management