Enhancements Address FINRA Rule 3210 Regarding Prior Written Consent Requirement
Wolters Kluwer has added new functionality to its OneSumX for Employee Compliance software to help financial organizations comply with FINRA Rule 3210, which requires an associated person to obtain his or her employer firm’s prior written consent before opening or otherwise establishing an account in which securities transactions can be effected. The new Account Written Consent report and review capability is the latest enhancement to the Employee Compliance solution, which automates Code of Ethics compliance and provides financial firms with the latest capabilities to help combat potential insider trading activity.
“We are pleased to provide this new level of reporting and tracking capability to a process with so many moving parts,” said Carol Beckett, Compliance Manager, Investment Compliance Solutions for Wolters Kluwer. “Given FINRA’s regulatory expansion of the relevant account universe and disclosure requirements, we are confident that automating account written consent will make the obligation to review and monitor the account oversight process more flexible and efficient.”
The enhanced functionality comes at a time when disclosure requirements have expanded to include written notification by employees of their intent to open a new account, and it provides a seamless account oversight workflow—from initial employee account declaration to new account disclosure/approval—and one-click email generation of the duplicate confirm and statement broker request notification. In addition to an already comprehensive workflow, Wolters Kluwer has added the new account written consent approval process, which will be directly linked to the new account disclosure workflow.
The Employee Compliance solution helps control insider trading risk by automating Code of Ethics surveillance of employee personal trading, as required by the Investment Adviser Act of 1940, and the monitoring of gift and entertainment activities, political contributions, and outside business activities. By reducing manual procedures and increasing productivity, Employee Compliance enables compliance departments to effectively monitor all aspects of Code of Ethics compliance, saving time and providing an effective control for compliance and operational risks.
For more information, visit the OneSumX for Employee Compliance section of Wolters Kluwer’s site.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information, software solutions, and services for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.