We pride ourselves not only on our expert advice, but also on the variety of product offerings that give our clients the ability to build a solid compliance program. Our primary objective is to simplify the job of compliance and supervision.
Today, many facets of our operations allow us to provide best-in-class service to our clients and make us a leader in compliance management.
What is “compliance management"? “Compliance management” is a term that we use to describe the system used by a firm to ensure that it operates a robust and effective compliance program. “Compliance management” has several key components, including, among other things, organization, efficient allocation of resources, delegation of responsibilities, effective management and leadership, appropriate training, policies and procedures tailored to the firm’s business, and documented compliance reviews.
We offer a wide range of compliance management solutions to help your firm establish, implement, and maintain an effective system for achieving compliance with the securities laws, rules, and regulations governing its business.
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WHY CHOOSE MASTERCOMPLIANCE?
The Ultimate Solution for Compliance Management
The complex and ever-growing set of regulations and laws governing the securities industry creates many challenges for the financial institutions that must comply with them. Compliance is not just what you know, but more importantly, what you don't know. The enforcement stakes are high and an audit score of 99% could result in a failure.
For those of you who are experts, compliance is something that you have to teach and delegate to others. Compliance takes a great deal of organization and discipline. Compliance doesn't just happen in a day; rather, it is ongoing process that must occur throughout the year.
Too often, we come across prospects that desperately need to fix a failing compliance program. In many cases, the gaps in these compliance programs are not detected until it is too late. Perhaps, the firm put too much trust in one employee. Consider the consequences of losing a key person, such as your firm’s Chief Compliance Officer. How would your firm replace this position with only two weeks’ notice? There is just too much ground to cover.
MasterCompliance is your firm’s solution and the all-in-one compliance management company.
We pride ourselves not only on our innovative products, but also on our people. Our clients remind us daily of how much they value our team and services. Our people have skills and experience in a broad range of fields, including legal, regulatory, operations, accounting, supervisory, trading, data analysis and technology.
BUILD A CULTURE OF COMPLIANCE
Identify and Manage Risk
Improve Audit Results
Proactive not Reactive
Gain the Required Knowledge
Maximize Resource Allocation
BUILD A CULTURE OF COMPLIANCE
Identify and Mitigate Risk
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MasterCompliance has proven to be a leader in the space of compliance management for over a decade.
Investment advisers should review, no less frequently than annually, the adequacy of its written compliance policies and procedures and the effectiveness of their implementation. The states expect annual reviews to take into consideration any compliance matters that arose during the previous year, any changes in the business activities of the adviser or its affiliates, and any changes in the Investment Advisers Act or related rules that may impact the adviser’s policies and procedures. In addition, the state expects that an investment adviser will review its compliance policies and procedures on an interim basis in response to significant compliance issues, changes in business activities, and new regulation. In accordance with state rules, this memorandum summarizes the key components of annual reviews for the adviser.
All advisers registered with the SEC must adopt and enforce a written code of ethics reflecting the adviser’s fiduciary duties to its clients. The firm’s code of ethics is required to meet minimum standards to appropriately address conflicts of interest identified by the firm. To ensure compliance with the code of ethics requirements, a written acknowledgement should be obtained from each supervised person confirming receipt of the firm’s code of ethics. Firms with more than one access person are should also ensure transaction reporting is being done by all access persons.
Agents are individuals in a sales capacity who represent broker-dealers or issuers of securities. As agents, they act, usually on commission basis, on behalf of others. Agents are often referred to as registered representatives, whether sell registered securities or securities exempt from registration. The use of the term individual here is important. Only an individual, or a natural person, can be an agent. A corporation such as a brokerage firm is not a natural person, it is a legal entity. The brokerage firm is the legal person, or legal entity, the agent, a natural person, represents in securities transactions. Also, there are exclusions from registration as an agent, which are listed below.
Outside Business Activities (“OBAs”) of individuals can create potential conflicts of interests with the registered investment advisers that employ them. Advisors are responsible for providing written notice before they act as an employee, independent contractor, sole proprietor, officer, director or partner of another person; or receive compensation or have the expectation of compensation from any other person as a result of any business activity outside the scope of the relationship with their registered investment adviser.
Additionally, this includes situations where compensation is to be paid or if there is a reasonable expectation of compensation as a result of any business activity outside the scope of the relationship with his or her firm. Passive investments are exempted from this requirement. To ensure all individuals are compliant with OBA requirements, make sure your firm reviews the following.
Registered investment advisers (“RIAs”) should ensure training is assigned periodically to keep covered persons up to date on industry and product related topics. In planning, developing, and implementing an RIA’s training plan, firms should consider its size, structure, and the scope of its business activities, as well as any regulatory developments. After training is assigned, it is important to follow up to ensure completion by all assigned individuals.
The USA defines an agent as any individual who represents a broker-dealer or an issuer in effecting or attempting to effect transactions in securities for their clients. Agents are individuals in a sales capacity who represent broker-dealers or issuers of securities. Any person who meets the definition of an agent must register with the states they do business in. To register with the state securities Administrators, you must: