Regulatory Compliance E-newsletter -15 February
Posted On 2/4/2015 12:17:00 PM
Feature of the Month
Meet your Blue Sky Filing Responsibilities Accurately and Efficiently
Let’s face it—Meeting your blue sky filing responsibilities can be one of the most expensive, time-consuming and frustrating parts of your entire compliance program. With all of the complex regulations and rules, managing your blue sky compliance program can present significant staffing, training and operational challenges for your firm:
- Cost: Blue sky filing fees can be overwhelming and staffing and training a compliance team can be expensive
- Risk: Failure to effectively manage required filings can delay selling shares of a mutual fund or hedge fund, and may result in fines or sanctions
- Inefficiency: Compliance administration requires resources that could be better utilized elsewhere
- Complicated requirements: Blue sky legislation changes rapidly, and requires constant vigilance to stay up to date
To address these challenges, you need a total solution from the best resource available. NRS can help your firm easily manage its blue sky filing requirements giving you more time to focus on your core competency. Enjoy the confidence of working with the most knowledgeable, detail-oriented professionals in the industry with expertise in the state securities regulations for investment companies.
NRS’s Blue Sky compliance team provides an all-inclusive service to clients choosing to outsource their blue sky function. While you cannot avoid blue sky compliance, you can reduce this business expense when you outsource your day-to-day blue sky compliance responsibilities. Using Blue Sky SolutionTM System as the backbone of our operation, our staff will make sure you meet every filing deadline, keep your notice filings current, reduce potential liabilities and more effectively manage offering amounts and fi ling fees.
Let us do your heavy lifting when we:
- Import your data to Blue Sky Solution
- Establish relationships and data transfers between your transfer agent, omnibus data providers and NRS
- Audit all of your blue sky data and files and assist with corrective filings
- Monitor daily sales activity and highlight large sales transactions to assist in the exemption process
- Prepare, review, sign and file all notice filings for your funds
- Provide full accounting and expense reporting of your blue sky fees
- Deliver easy-to-use Web-based reports that offer real-time access to your filing information
To find out more about our Blue Sky SolutionTM System, request a consultation today.
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Confidently Construct, Deliver and Administer your Firm’s Annual Continuing Education Requirements
Broker-dealers commonly struggle to find a solution to their covered registered persons’ annual education compliance requirements. As new rules emerge or existing rules are modified, broker-dealers must implement an annual compliance program that is both relevant to the size and scope of their business and up-to-date with current regulations.
The ComplianceMAX Continuing Education Module allows you to confidently construct, implement, manage and report on your firm’s annual continuing education program. You can administer your entire annual compliance program on one technology platform with high-quality course content and make accessing and completing required coursework easy for your covered registered persons. Select from hundreds of online courses authored by regulatory compliance professionals to create a comprehensive compliance program tailored to your firm’s individual needs.
The Continuing Education solution is a key module of ComplianceMAX, NRS’s Compliance and Risk Management platform for broker-dealers, mutual fund companies, investment advisors, banks and insurance companies. ComplianceMAX helps integrate compliance into your firm’s overall business model and daily activities by providing the tools your firm needs to work smarter, faster and with lower costs.
Interested in learning more about ComplianceMAX Continuing Education Module? Register for a demo today.
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Meet Your Compliance Peers in Person
Technology and online education make it possible for compliance professionals to conveniently keep informed on the latest regulatory and compliance developments without leaving the office. In addition to convenience, what else do compliance officers request most from compliance education? The answer is clear: Convenient online education and face-to-face education.
Face-to-face. In-person. Bricks and mortar. Call onsite education what you’d like. NRS Education calls it an opportunity to spend time, immersed in compliance topics with other compliance professionals and industry experts.
With NRS onsite education, compliance professionals get:
- The facts – information and implications of new and existing regulations and regulatory examinations;
- An exchange of ideas on how to maintain a robust compliance program to help keep the firm compliant;
- An electronic library of material; and
- A network of compliance professionals.
Sessions to keep you ahead of the curve on examinations, cybersecurity, ethics, disclosure and more:
Participate in discussions on timely investment adviser compliance topics in a classroom setting. Pick and choose individual sessions or attend all days to refresh your firm’s approach to investment adviser compliance.
For more information or to enroll, contact us today.
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Are you Prepared for a Regulatory Cybersecurity Review?
Are you adequately protecting your clients’ information pursuant to your obligations under Reg S-P? Are you confident that your business continuity/disaster recovery plans involving technology will work as planned when needed? If you have doubts about your answers to any of the above, or if you do not have documented policies and procedures in place to accurately assess your risks, identify your critical assets, implement controls to protect your critical assets, and regularly test these areas, you may want to consider a cybersecurity compliance review.
The SEC launched its “Cybersecurity Initiative” in April 2014 and reiterated its focus in this area in its 2015 examination priorities. FINRA’s 2015 priorities also included a focus on cybersecurity as a follow-up to its 2014 sweep. Both have made it very clear that the scrutiny on cybersecurity will only intensify as the risks to investors continue to grow exponentially. It is crucial that firms stay abreast of the rapid changes in this area.
NRS offers a comprehensive solution, the Cybersecurity Compliance Review, to help assess and evaluate internal controls, identify and qualify activities as potential risks and to assist organizations in prioritizing those risks. Relying on the experience gained from providing customized compliance services and solutions to the financial services industry for nearly 30 years, NRS is uniquely positioned and adept at helping firms identify their cybersecurity risks and determining where additional or more in-depth customized procedures are needed. Areas reviewed include supervision of information technology systems, operational capabilities, market access, information security and preparedness to respond to sudden malfunctions and breaches. Clients are increasingly turning to NRS for guidance in this very important area. If you would like to make sure your firm is cyber-aware, please contact us today.
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