A Basic Guideline To SEC/ FINRA Compliance

How to meet the SEC email retention requirements

Implementing an enterprise sms archiving solution is one of the efficient ways to avoid penalties while still adhering to FINRA/SEC standards. These are the main benefits:

  • Automated, almost immediate compliance
  • Storage capacity increased
  • Performance of the system is improved
  • Ability to quickly search databases
  • Protection against litigation
  • Searchable central repository for all electronic information
  • Data governance improved

SEC-17a-4 Compliance Checklist

This list can be used as a starting point by financial firms wishing for FINRA/SEC compliance. These are only guidelines and will require extensive follow-up.

Assign an SEC/FINRA go-to person

The firm should choose a person to handle compliance and data protection. This individual should work with your legal team to interpret the rules and ensure compliance in all business areas.

Register with an Information Commissioner

Register your company with the Information Commissioner or Data Compliance Regulator in the country where the business is located.

Determine data that requires archiving

First and thirdparty data should be identified. Next, determine what data should be archived and for how long. Then decide what data can be deleted. Complete archiving is the best option for email data.

Training staff about SEC/FINRA compliance

Staff should be taught the proper procedures for handling personal data. Unauthorized disclosure of private data can lead to legal problems for businesses.So ensure that you have a text message archiving solution.

Backup sensitive information

To ensure compliance, identify the methods you will backup sensitive data. Email archiving solutions that comply with the law are the best for satisfying the law.

Install a system that meets FINRA record retention standards

Make sure that data is archived according to FINRA/SEC rules, namely that the archiving software can:

  • Keep messages in a “write-once-read many” format
  • Support different retention schedules
  • Apply legal holds
  • To comply with an early case assessment, ask questions
  • Send messages back to the original state, with the option to share with third parties
  • Perform advanced searches using various criteria to index the information
  • Data deletion and accidental alteration must be prevented
  • Supervisory capability and workflow for compliance officers

It is wise to select an archiving system that supports multiple email platforms. LeapXpert is an excellent option for archiving and backup solutions. LeapXpert is a flexible archiving solution that small and large companies can use. It is also feature-rich, scalable, and allows enterprises to access digital records of business transactions.

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