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Industry Challenge

FINRA Rule 3210 requires firms to develop effective processes for supervision of the trading activities of their associated persons. This includes notification to the member firm of the existence of securities accounts maintained by the associated person and written notification to the member firm and the executing firm prior to opening a securities account or placing an initial order for the purchase or sale of securities.

Timely personal trade supervision can represent a daunting challenge. Firms must track and review requests for approval from associated persons, as well as trading confirm and statements from executing firms. Additionally, some firms require periodic attestation of trades and holdings to ensure adherence to the SEC code of ethics. Manual processes, email communications and spreadsheet-based tools fall far short of embedding the compliance best practice in this critical area of supervision. Firms that rely on suboptimal processes and tools are often handicapped in their ability to readily produce the reports and documentation requested by internal stakeholders and regulatory examiners. This creates significant non-compliance risk exposure for the firm along with the potential for reputational harm and financial consequences.

FINRA continues to make the supervision of personal trading a top priority. To ensure compliance, member firms must identify technology and processes that enable the efficient management of personal trading submissions, supervisory review, approval / response, status tracking, registered representative attestation, documentation and reporting processes.

RegEd Solution

Personal Securities Account Management is part of RegEd’s Conflicts of Interest Solution Suite, which comprises five modules that can be implemented individually or together. By automating the management of personal trading activities, firms can have confidence they are embedding best-practices in their compliance program.

Personal Securities Account Management provides robust capabilities to effectively capture, monitor and report on employee personal trading activities. Capabilities include the ability to track pre-clearance requests, restricted lists, employee accounts, employee trading activity and employee securities holdings. Personal Securities Account Management integrates a robust surveillance module, powered by Fidelity National Information Services Inc. (FIS), which integrates direct feeds from top brokerage firms to verify trading activity.

Personal Securities Account Management captures requests, approvals, exceptions, audit trails and other information. Reports can be generated on-demand or by using pre-defined report formats. Personal Securities Account Management delivers extraordinary efficiency and enhances the quality of supervision while dramatically reducing the risk of non-compliance and related consequences.

Distinguishing Capabilities

Personal Securities Account Management leverages RegEd’s powerful platform capabilities to automate and streamline the time consuming supervision and reporting of personal trading accounts.

  • Intuitive, online completion of periodic account, trade and holding attestations.
  • Customizable trade rules, submission forms, approval routing, email notifications and 407 letters.
  • Verifies trading activity and issue alerts to enable ready identification and resolution of exceptions.
  • Outsourced trade entry from confirms and statements.
  • Ability to search and export trades.
  • Accounts, trades, and holdings reports.
  • Robust surveillance tools that monitor for activities such as front-running and restricted stock trading.

Direct Feeds for Surveillance (Powered by FIS)

Personal Securities Account Management integrates electronic feeds from top brokerage firms including:

North America

  • Alliance Bernstein
  • American Portfolios
  • Ameriprise
  • AON Hewitt
  • RW Baird
  • BMO Harris Financial Advisors
  • BNY Mellon*
  • Charles Schwab
  • Chase Wealth Management
  • Citibank Private Bank
  • Commonwealth Financial Network
  • Credit Suisse
  • Davenport & Company
  • Detalus
  • Edward Jones
  • Empower Retirement
  • E-Trade
  • Fidelity
  • First Clearing
  • First Republic Bank
  • Gilder Gagnon & Howe
  • Goldman Sachs
  • Hilltop Securities
  • HSBC
  • Interactive Brokers
  • Janney Montgomery Scott
  • JP Morgan Private Bank
  • JP Morgan Securities
  • Lincoln Investments
  • McCollum Christoferson Group
  • Mesirow Financial
  • Merrill Edge
  • Merrill Lynch
  • Metlife
  • Morgan Stanley Wealth Management
  • Northwestern Mutual
  • OptionsXpress
  • Parisi Gray Wealth Mangement
  • Park Avenue Securities
  • Pershing
  • Personal Capital Advisors
  • Pro Equities
  • Principal Securities
  • Raymond James
  • RBC Canada*
  • RBC Wealth Management
  • Royal Alliance
  • Saxo Capital Markets
  • Scott & Stringfellow
  • Scottrade
  • Snowden Lane
  • Stifel Nicolaus
  • T.Rowe Price
  • TD Ameritrade
  • Treasury Partners
  • Trust Company of America
  • UBS
  • US Trust / BOA
  • USAA
  • Vanguard
  • Voya
  • W.H. Mell
  • Wells Fargo
  • Wunderlich Securities

EMEA

  • Barclays Stockbrokers
  • Charles Stanley
  • Equiniti
  • Hargreaves Lansdown
  • IG Index
  • Interactive Brokers
  • Julius Baer
  • Saxo Capital Markets
  • TD Direct Investing
  • UBS
  • WH Ireland

APAC

  • Citibank Hong Kong
  • Commonwealth Securities*
  • Crestone
  • DBS Vickers*
  • IG Index
  • Interactive Brokers HK-SG-AU
  • JihSun Securities*
  • Kotak
  • MayBank
  • Phillip Securities
  • OCBC Securities
  • Saxo Capital Markets HK-SG-AU
  • Sharekhan
  • Standard Chartered*
  • UOB Kay Hian ML-SG-AU
  • Zerodha

* – in progress

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