Gain critical insight and manage registered representative compliance quickly and efficiently.
The Compliance Challenge
For securities firms, collecting and maintaining all of the necessary information for your registered reps can be a daunting task. Ensuring that all firm and regulatory requirements are met involves keeping track of licenses, registrations, appointments and continuing education requirements while continuously filing updates on Web CRD.
Many firms regulated by FINRA don’t have a consistent supervisory oversight process and lack a comprehensive view into the registered individuals’ CRD data including exam and CE requirement windows, disclosures, outside activities and other relevant information. Firms are also overwhelmed with requests for Rep data amendments and end up using a mix of disjointed tools such as checklists, spreadsheets and e-mail.
The NRS Compliance Solution
The ComplianceMAX Rep Insight Module provides firms the ability to manage rep data that is critical for compliance within your organizational hierarchy. Rep Insight aggregates the rep data including CRD data from a nightly FINRA feed in a single centralized database improving your firm management efficiency. Role based access allows different users groups to interact with the workflow based platform to perform the necessary tasks. Both Reps and supervisors can submit U4/U5 filings directly to FINRA’s Web EFT portal leaving an audit trail of supervisory controls and timely compliance. Compliance administrators can monitor Rep compliance with firm and regulatory rules by running analytical reports and receiving alerts thus tracking changes and managing risk.
Key Features and Benefits
Reps and Associated Individuals
- Make amendments to U4 data and submit filings with supervisor approval
- Request OBA Approval with immediate amendment to form U4 on FINRA’s CRD
- Access to CRD data including CE/Exam window, current licenses & registrations
- Receive Status and Reminder notifications based on workflow statuses and CE/Exam windows
- Data entry is minimal due to pre-population reducing data errors and saving time
- Ability to perform multiple tasks on single platform increases efficiency
- Reps take ownership of their data and see the benefits of compliance
- Outstanding tasks and upcoming deadlines are known in advance helping Reps adhere to FINRA Rule 1250
Supervisors and Compliance Administrators
- Review and submit U4/U5/NRF filings on behalf of Reps directly to FINRA’s CRD
- Separate OBA form requests for review and approval
- Analytical reports for Rep CRD and custom defined data
- Configurable alerts
- Export User, Hierarchy and CRD data
- Data changes go through a supervisory review ensuring correctness of filings
- Review and track submissions ensuring compliance with FINRA Rule 3270 and Supervisory Control Rules
- Quickly find answers to R&L questions
- Monitor Rep activity by receiving status and data based notifications
- Exported data can be used for importing into third party systems
With all of your registered rep data stored in one place, Rep Insight makes finding answers to questions like these quick and efficient:
- Is the individual registered in this state?
- Which reps have taken the Series 65?
- What is the individual’s employment type and is he registered with more than one firm?
- Which individuals have an Inactive Regulatory CE Requirement?
- Has a license request been approved?
- How many individuals have a Criminal (or any other) DRP?
The ComplianceMAX Rep Insight Module can improve your firm’s efficiency, accuracy and timeliness in dealing with the many requirements for Rep registration, licensing and regulatory compliance.
For more information on the Rep Insight Module download the brochure or contact us today.