Rep Insight Module Automates Registration and Supervision of Registered Reps and Advisers for FINRA Compliance

National Regulatory Services (NRS), part of Accuity, today released an enhanced version of the Rep Insight Module, an upgraded module of the ComplianceMAX™ (cMAX) technology platform. The module enables broker-dealers and dually-registered investment advisers to efficiently manage, through one centralized database, registered rep and adviser data that is critical for state and federal compliance.

For securities firms, collecting and maintaining all of the necessary information for registered reps is a significant challenge. Ensuring that all firm and regulatory requirements are met involves maintaining a consistent supervisory oversight process and a comprehensive view into the CRD data for registered individuals including exam and continuing education requirements, disclosures, outside business activities and other relevant information.

The Rep Insight Module aggregates rep data including CRD data from a nightly FINRA feed in a single centralized database. Role-based access allows reps, managers, compliance officers and legal departments to interact with one another through the flexible workflow functionality resident in cMAX. Both reps and supervisors can submit U4 and U5 filings directly to FINRA’s Web EFT portal leaving an audit trail of supervisory controls and timely compliance.

Through the module, compliance administrators can monitor rep compliance with firm and regulatory rules by running analytical reports and receiving alerts, thus tracking changes and managing risk. The automation delivered by the Rep Insight Module greatly reduces manual processes and the associated errors.

“Keeping track of rep-registration status can be both an arduous and tedious assignment and one that is potentially under-appreciated and under resourced,” explained Brent Newman, Executive Vice President at Accuity – NRS. “Recent enforcement actions have confirmed that firms who fail to maintain appropriate rep-registrations can face severe consequences including fines, permanent disciplinary disclosures, client service interruptions and even criminal liability. The enhanced Rep Insight Module makes the task of maintaining registrations much less daunting by providing workflow and process management, regulatory expertise and advanced communications in one integrated platform.”

NRS’s ComplianceMAX platform serves over 160,000 financial services users working for many top broker-dealers, investment advisers, banks and insurance companies. The platform includes configurable solutions for audit, complaints, communications review and more. Backed by a staff of consultants with over 30 years of experience in the compliance industry, each solution is developed and maintained with great consideration to industry regulations.

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About NRS

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 Accuity, the global standard for payment efficiency and compliance solutions.

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