linkedFA launches new compliance feature for Brokerage and Wire House Firms to ease compliance burden
LINKEDFA LAUNCHES NEW COMPLIANCE FEATURE FOR BROKERAGE AND WIRE HOUSE FIRMS TO EASE COMPLIANCE BURDEN
New Technology to integrate with internal email capture and monitoring software
Miami, April 2010: linkedFA, the social networking site for financial professionals, today announces the release of its new compliance feature for brokerage firms and wire houses providing compliance officers with automatic daily reports on FA’s activity. This feature fully integrates into firm’s internal email capturing and monitoring software and addresses FINRA’s* regulatory notice 10-06 on the supervision of electronic communications which states: “Whatever procedures firms adopt…must be reasonably designed to ensure that interactive electronic communications do not violate FINRA or SEC rules.”
A key element of linkedFA’s offering to the financial community is its unique compliance feature which stores all linkedFA communication and documentation between FAs, peers and investors, for six years as per the Securities Exchange Act 1934 rules under 17a-3.c. These communications are extractable and reportable at any time. linkedFA’s new compliance tool automatically runs and emails daily reports on the FA’s linkedFA social networking activity to the firm’s compliance officer for inclusion in their firm’s archives. The feature supports current internal procedures and electronic monitoring processes while providing additional details as required by compliance law.
Says linkedFA President, Jason Bishara: “We radically modified our compliance feature at the request of leading brokerage firms, wire house firms and IFAs. For several months now, we’ve been working closely with them to solve the issue of how to use social networking to grow their business while adhering to regulatory compliance rules around document retention and the review and supervision of electronic communications.”
LinkedFA’s new custom compliance tool supports internal systems such as Orchestria, Assentor, Live Office or Smarsh and removes the capital and resource cost associated with middleware solutions. By using linkedFA, firms gain access to a free and fully compliant network.
linkedFA CEO Brian Byrne unveiled the new compliance feature on 6 April 2010 at the IR Global Rankings Conference in New York which included CFOs and IROs from leading companies such as Bloomberg, KPMG, Centrica, E Trade Financial, Fedex, GfK, IBM, Intel, J Sainsbury, Merrill Lynch, Microsoft, Prudential, RBS, SAP, UBS and Wachovia .
*linkedFA is not approved by, endorsed by, or affiliated with FINRA.
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