17a-4 Develops ‘Simple e-Mail Compliance’ Service

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17a-4 , llc has developed a new service called ‘Simple e-Mail Compliance’ or SEC which allows Broker/Dealers, Registered Investment Advisers and other institutions regulated by the Securities and Exchange Commission to easily and simply comply with existing regulations.

17a-4 , llc has developed a new service called ‘Simple e-Mail Compliance’ or SEC. This service allows Broker/Dealers, Registered Investment Advisers and other institutions regulated by the Securities and Exchange Commission to easily and simply comply with existing regulations.

Institutions or departments of regulated entities will be able to attach a corporate record such as a trade confirmation, statements or agreements to an email and send it to a Simple e-Mail Compliance address. The archive is built on SharePoint 2010 and is hosted in a SAS-70 facility that is fully-compliant with SEC archive regulations including Rule 17a-4 (SEC), Rule 204-2 (IAA) and Section 1027 (ERISA). The attachment or record will then be placed into a compliance folder and fully indexed and preserved as required. 17a-4 will provide a Letter of Undertaking if necessary.

One large financial institution in Philadelphia uses 17a-4’s SEC to manage departmental retention. If a department, for instance, wants to retain a document for 10 years, they can send it to the 10year(at)institution(dot)com email address. This avoids having to implement ‘one-off’ retention requirements.

The SEC service builds on 17a-4’s relationship with the Law Department DeskTop’s (http://www.lawdepartmentdesktop.com) e-Scrow service which allows for artists, musicians, writers and other individuals to escrow works for proof of intellectual property. The e-Scrow service addresses a real concern with IP creators as to how to cost-effectively prove IP rights for less than $100 per year.

“Often we find small departments or institutions searching for a simple way to archive documents, spreadsheets agreements and other regulatory records. Rather than internally set up an archive with in-house resources at a significant cost, they can now just attach a record and email it to the archive,” says Charles Weeden, Managing Partner of 17a-4, llc.

The Simple e-Mail Compliance service starts at $200/ year for individual advisers to $500 for institutions.

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Charles Weeden
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