In the United States, the Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization (SRO) under the Securities Exchange Act of 1934, successor to the National Association of Securities Dealers, Inc. (NASD).
FINRA was formed by a consolidation of the enforcement arm of the New York Stock Exchange, NYSE Regulation, Inc., and the NASD. The merger was approved by the United States Securities and Exchange Commission (SEC) on July 26, 2007.
FINRA Rules also known as SEC / NASD rules primarily affect broker dealers, registered representatives and those persons that trade securities and act as brokers for traders are subject to these rules and regulations. These rules also govern banks, securities firms, stock brokerage firms, etc, that deal in the trading of securities of any type that are governed by FINRA (SEC/NASD).
Specifically SEC rules 17a-3 and 17a-4 deal with the supervision, records retention, non-rewritable storage, ease of retrieval and viewing Broker-Dealer Records. NASD rule 3010 mandates the creation of policies for supervisory review of broker email, and education on regulatory issues. NASD rule 3110 mandates the retention of customer records and transaction data in an easily accessible reviewable format.
Individuals and companies covered by these rules that do not conform to them face severe penalties for violations that can go as high as $500 million or more for infractions.
Giga Vault Storage can help you and your company comply with these rules by doing the following:
Giga Vault Storage allows you to set up a secure non-alterable back up of all customers and brokers data that is available for retrieval and review any time 24/7/365
Giga Vault Storage’s software allows you to create multiple accounts thus allowing your compliance personnel to review emails, customer broker interactions etc to ensure compliance and help with supervisory oversight.
Giga Vault Storage Email archiving capabilities ensures that every email generated between customer and broker, and all emails exchanged in house are archived as specified by law.
Giga Vault Storage’s also ensures that all email attachments are retained and can be reviewed at later dates.
Giga Vault Storage’s software allows you to set the retention period on all data you have stored with us, thus ensuring compliance.