The First Step:
The first step for a broker-dealer in achieving data compliance is a complete remote backup strategy. Firms must address all data across all locations and systems - this is the foundation of a sound data compliance plan.
FINRA rules 17a-3 & 17a-4 address data backup and clearly mandate remote backup and storage of electronic records in an alternate location than the originals. Broker-dealer firms must take this seriously and perform complete backups each night, however lack of expertise creates a gap for many small to medium sized firms. As a result they fail to create a complete backup strategy to protect all records and store them in a remote location. Books and Records and documents, databases, email, voice recording and other communication such as instant messaging and data sent and received from all devices must be backed up and stored in a remote, secondary location.
AdvisorVault - the right backup vendor
With today’s technology, broker-dealer firms can now rely on remote backup providers to help them achieve the specific standards required by SEC and FINRA regarding data compliance. However, they must be careful to choose the right vendor and partner with a provider who understands the specific requirements of broker-dealer firms.
AdvisorVault is the only remote backup provider that understands the stringent data compliance rules facing broker-dealer firms. Our comprehensive solution offers a host of benefits:
- Includes all the hardware and software to remotely backup all records required by broker dealer firms to achieve 17a-3 requirements. This includes books and records, email, instant messages and all data from remote/home offices and traveling users
- Automatically archives electronic records in accordance to the long-term retention rule in regulation 17a-4
- Is designed with the needs of small to medium sized broker dealer firms and aids in closing gaps in disaster recovery planning implementation as per FINRA/NASD 3510 legislation
- Preparation of compliance documentation such as BCP and third party storage notification letters
- Completely self-managed - AdvisorVault configures all backups and continuously monitors the system to ensure that ongoing nightly backups are performed
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