Writing on compliance in InvestmentNews, reporter Mark Schoeff, Jr. says that according to the North American Securities Administrators Association Inc. (NASAA), the latest batch of state-coordinat
ed exams show that investment advisors improved their compliance with securities laws by 30% from 2013 to 2015.
But…before you pat yourself on the back, both Schoeff and the NASAA note that the “picture wasn’t all rosy.” In fact, the biggest compliance problems state-based advisors still face is in maintaining their books and records — nearly 74.8% of advisers were documentation deficient.
Top trouble area highlights included:
William Beatty, NASAA president and Washington State Securities director, underscored that “Maintaining sound books and records is the best way for investment advisers to protect themselves and their clients.” We agree.
The NASAA recommends Investment Advisors:
Sound like a lot of work? It is.
So, how do you organize and oversee, prepare records and maintain them, distribute appropriately and follow up? More important, how do you keep track everything? Paper files? Spreadsheets? Calendaring?
Are you juggling? Or, are you outsourcing the burden of tracking and organizing your data and documents to an independent regulatory archival and compliance solutions specialist, like us to help keep your compliance processes and procedures running smoothly and compliantly? Ask about Patrina‘s cost-effective and comprehensive regulatory archival and compliance solutions specifically designed for Broker/Dealers, RIAs, and FCMs.
Let’s talk (212- 233-1155).