Celebrating over 30 years as a market leader
Since 1984, NRS has grown from a small business in Connecticut to a national firm that is part of a global business. Our mission remains true – helping our clients build a successful business while staying compliant. We offer three pillars of compliance: Technology, Education and Consulting solutions. NRS continues to grow and keep our clients ahead of the curve.
Our focus and expertise attracts the attention of industry firms of all sizes ready to meet the next wave of compliance mandates.
1984 – NRS founded with a focus on compliance
1999 – NRS acquired by Thomson Reuters
2000 – NRS acquired Boston Compliance Systems Blue Sky Solution
2004 – NRS acquired by SourceMedia
2007 – NRS acquired ComplianceMax™
2010 – NRS acquired by Accuity
2011 – NRS and Accuity acquired by RELX Group
2016 – NRS acquired FIRE Solutions
2017 – NRS partners with Fortress Information Security
NRS Employee population
NRS was founded in 1984 and its employee numbers have grown steadily from a single founder to over 120 employees today.
NRS response to the rising focus on compliance
Throughout our history, we have responded to changes in compliance regulation, helping our clients anticipate and respond to ever-evolving regulation.
Key product milestones
Only one year after NRS was established, we hosted our first conference in New York City competing with Hurricane Gloria. Despite this threat, the conference was a success, strongly confirming that the need for compliance guidance was vial, resulting in over 60 conferences in over 30 years.
NRS systems created the industry’s first centralized, computerized registration and data management system for Investment Advisors and Broker Dealers, the Registration Management System (RMS). NRS Systems also developed the E-Z Registration system that provided an easy to use solution to completing regulatory forms via typewriter.
Regulation: National Securities Markets Improvement Act of 1996 (NSMIA of 1996) – NSMIA gave the SEC exclusive jurisdiction to regulate securities firms, re-empting state regulatory authority and thereby replacing registration requirements with notice filing requirements.
NRS solution: Blue Sky Solution™ System is designed to streamline the SEC mandated blue sky filing and compliance monitoring process with efficiency, accuracy and electronic filing.
Regulation: Impacting the industry unlike ever before, The International Money Laundering Abatement and Anti-Terrorist Financing Act came out of USA PATRIOT Act.
It required all financial institutions to establish and implement Anti-Money Laundering programs by 4/24/2002. The SEC demanded a tight time-line for implementation, creating the biggest impact in the compliance industry.
NRS Solution: NRS Consultants quickly assisted firms in getting their programs up to date by the deadline. Additionally, NRS Education created one-day workshops and conference to inform people on the new regulations.
Regulation: NASD Rule 3012 Enacted in response to Frank Gruttadario’s 15-year scam showing nonexistent gains in his clients’ portfolios and keeping the money for himself.
NRS Solution: NRS Consultants helped firms create appropriate Rule 3012 Written Supervisory Policies and Procedures (WSPs), assisted in ‘gap analysis’ and performed the required annual WSP testing.
NRS Education held ‘3012 Workshops’ and developed an online education program in the form of Desktop Seminars, for the convenience of those unable to travel.
Regulation: Compliance Program Rule 206(4)-7 Enacted mandating designation of a Chief Compliance Officer, code of ethics, compliance rules and procedures.
NRS Solution: NRS ComplianceGuardian™ software solution assisted firms in creating appropriate policies and procedures, which included an Adviser Code of Ethics online tool.
Education Solutions developed the Investment Adviser Certified Compliance Professional® (IACCP®) program.
Regulation: FINRA created through the consolidation of NASD and the member regulation, enforcement and arbitration operations of the NYSE.
NRS Solution: ComplianceMax™ brought cost savings to a firm’s compliance program by consolidating processes within a single, firm-wide technology platform.
Regulation: SEC created the Office of the Whistleblower implementing a number of internal practice reforms including centralized receipt of information, and more attention to change at firms and third-party information.
NRS Solution: NRS Education provided workshops and conferences on becoming compliant using NRS ComplianceGuardian™
Regulation: Dodd-Frank Wall Street Reform Act Enacted in response to the crisis of financial stability, the Act mandated that the threshold for SEC registration be raised.
NRS Solution: NRS Consultants quickly consulted on new rules, hedge fund registration and the switch to state registration for Investment Advisers. Additionally, NRS Education provided Desktop and in-person seminars to further explain the many new requirements and rules.
Regulation: Shift to full omnibus reporting is the catalyst for our newest product.
NRS Solution: Blue Sky Solution Transactional Exemption Module provides account and transaction details necessary to systematically identify and filter out transactions eligible for exemption while reporting all required transactions.
NRS now – client base
NRS currently services more than 160,000 end users
Next 30 years
As the financial industry and the regulations change, so will NRS. We have the practical expertise, proven capability and unparalleled reach to deliver integrated and effective compliance solutions, no matter what the challenge. We will continue to provide these solutions to keep our clients compliant and focused on growing their business.