FINRA Rule 3270 demands you disclose, approve, and track your members’ outside business activities. Make compliance easy for them and easier for you to track from a single dashboard – whether you are a one-branch shop or a multinational. If you’re in the financial services industry, managing FINRA outside business activities (OBAs) is crucial for compliance. Our comprehensive software solution simplifies the process, ensuring you stay in control and meet regulatory requirements.
Don’t be the last to know what your people are up to…Track outside business activities now and nip potential conflicts in the bud faster and more cost-effectively with Patrina’s Outside Business Activities Module. One of 8 powerful modules in Patrina’s Compliance Suite, our Outside Business Activities Module streamlines the disclosure process and eliminates gaps associated with annual reporting.
FINRA Rule 3270 mandates the disclosure, approval, and tracking of your members’ outside business activities. With Patrina’s OBA compliance software, you can make this process seamless, whether you’re a small one-branch operation or a multinational corporation. Built on the industry’s easiest-to-use interface, Patrina’s Outside Business Activities Module’s built-in workflows streamline the disclosure and approval process and eliminate the gaps associated with annual reporting.
Don’t be left in the dark about your employees’ activities. Track outside business activities effectively with Patrina’s Outside Business Activities Module, part of our Compliance Suite. Say goodbye to gaps in your annual reporting.
Our software, built on an intuitive interface, simplifies the disclosure and approval process, eliminating reporting gaps. Here’s what Patrina’s Outside Business Activities (OBA) Module offers:
While you cannot lock your people in their offices, you can streamline the disclosure and approval process.
Patrina’s that simple
Click here to schedule your Patrina demo or call +184.108.40.2065 today and we’ll help you do more, spend less, and reduce risk!
An Outside Business Activity (OBA) refers to any business, employment, or financial activity conducted by a registered person associated with a brokerage firm that is outside the scope of their primary employment with the firm. OBAs must be disclosed to the employing firm, and in many cases, require prior written approval. FINRA rules mandate disclosure to ensure transparency, as OBAs can potentially create conflicts of interest or financial risks that need monitoring. Proper reporting and oversight help safeguard investors' interests and maintain regulatory compliance.
FINRA Rule 3270, also known as the "Outside Business Activities of Registered Persons" rule, requires registered individuals associated with a brokerage firm to provide written notice to their employing firm before engaging in any outside business activities. This rule helps firms assess potential conflicts of interest and ensure that the activities do not interfere with the individual's duties to the firm or harm investors. It aims to maintain transparency, protect clients' interests, and uphold the integrity of the securities industry. Prior approval from the firm is typically required for these outside activities to ensure compliance with regulatory requirements.
When you notify your firm of an Outside Business Activity (OBA), the firm assesses the activity for potential conflicts of interest and ensures it doesn't interfere with your responsibilities to the firm or harm investors. Depending on the nature of the OBA, the firm may require you to obtain written approval before proceeding. This process helps maintain transparency, protect clients' interests, and ensure compliance with FINRA regulations.
Firms determine the acceptability of an Outside Business Activity (OBA) by evaluating potential conflicts of interest, risks, and whether it might interfere with the individual's duties to the firm or harm investors. They assess the activity's nature, extent, and compensation involved. If the OBA poses no conflicts and meets regulatory requirements, the firm may grant approval. However, they may deny approval if it raises concerns. The goal is to maintain transparency, safeguard clients' interests, and ensure compliance with FINRA rules.
When a firm identifies Outside Business Activities (OBAs) that conflict with an advisor's duties, they typically require the advisor to either cease the conflicting activity or take appropriate steps to mitigate the conflict. This can involve divestiture, disclosure, or other measures to ensure that the conflict doesn't harm clients' interests or violate regulatory requirements. Firms prioritize transparency and regulatory compliance to protect investors and maintain the integrity of the financial industry.