National Regulatory Services (NRS), part of BankersAccuity, today announced substantial enhancements to the Communications and Advertising Review Module of the ComplianceMAX™ (cMAX) technology platform. cMAX Ad Review v2.0 provides a single solution for the communications and advertising review process, including automated filing of materials with FINRA. Equipped with expanded standard reporting capabilities, the solution includes regulatory content updates to address FINRA’s new Communications Rules taking effect February 4, 2013.
“FINRA collectively fined member-firms $21.1 million during 2011 due to advertising violations, up from $4.75 million in 2010,” explains Mark F. Catone, Senior Director of Compliance Technology for NRS. “In 2011, 1 of every 3 FINRA sanctions was due to an advertising violation. Firms are realizing the severity of non-compliance and, at the same time, are seeking solutions that can reduce the expenses associated with the expanding amount of regulatory requirements firms face. We are dedicated to staying ahead of these regulatory updates to ensure our clients have access to robust, reliable and scalable compliance solutions.”
The upgrade’s new functionality establishes consistency and transparency across the application, minimizes end user touch points and ultimately provides a more intuitive application. Additional user benefits include:
- Labor optimization by eliminating double-entry of data into multiple systems
- Consolidation of recordkeeping for firm compliance, FINRA submissions and State filings tracking into one system
- Increased operational efficiencies by eliminating email, spreadsheets, voicemail, fax and paper from the review and FINRA filing processes
Recognizing the growing importance of Web and social media communications being employed by advisors and brokers, Websnap, a feature of cMAX Ad Review v2.0, has also been updated. Websnap is a browser plug-in that enables an advisor or broker to capture any public or private web or social media page and automatically submit the content for a compliance review. In addition to advanced workbook content, cMAX Ad Review v2.0 offers full books and records support for retention of communications, materials and approvals including complete audit tails documenting each submission, change process and approval. The solution is fully integrated with FINRA’s AREF system.
The ComplianceMAX platform serves over 160,000 users across 500 firms including broker-dealers, advisors, banks and insurance companies. The platform includes configurable solutions for audit, complaints, registration and more. Backed by a staff of consultants with over 30 years of experience in the compliance industry, each solution is developed with potential and future regulatory reforms in mind.
For more information, please visit:
National Regulatory Services (NRS) is the nation’s leader in compliance and registration products and services for investment advisers, broker-dealers, hedge funds, investment companies and insurance institutions. NRS has the practical expertise, proven capability and unparalleled reach to deliver integrated and effective compliance solutions to a wide range of users within the financial services industry. NRS delivers these solutions through three interrelated offerings – comprehensive education, best-in-class technology and expert consulting services – enabling our clients to meet their regulatory requirements and minimize risk. NRS is part of BankersAccuity, the global standard for payment efficiency and compliance solutions.
About Reed Business Information
Reed Business Information (RBI) provides millions of professionals all over the world with unrivalled access to news, data, marketing solutions and face-to-face events in a range of innovative formats. As part of global publisher Reed Elsevier PLC, we’ve got a truly international reach, a renowned reputation and a diverse portfolio of products and services.