A colleague who works in conjunction with the financial industry brought to my attention a recent proposal by FINRA, the independent regulator for the financial services industry in the United States. FINRA has proposed (FINRA proposal SR-FINRA-2009-30) that members create a contemporaneous record, for customer and order information. Basically, if I understand this correctly, this will require the member Broker/Dealers and Investment Advisors to standardize and track information and orders for compliance, preferably electronically. Most of the larger firms, the Fidelity’s of the world, already have systems and the resources in place to comply. But what about the individual or small group firms that may not have the technological resources to implement a solution?
Of course I am going to suggest SharePoint, it can be implemented, configured to force standardization, and maintain records and versions of data. As in the previous post, Microsoft has a section of their Office site that points out the benefits of using SharePoint for regulatory compliance for all industries.
Note- the link seems to have gone away for the MS site could not find anything after a quick search so here is a link to download MS documentation in regards to compliance.
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