A firm in Florida was recently fined for failing to update their WSPs after it began recommending EB-5 investments. Additionally, it was discovered that many of their WSPs were “not deemed reasonable because they provided only limited guidance to those representatives at the firm who facilitated and participated in these EB-5 transactions.”
Are you continually updating your WSPs?
How do you ensure new policies and WSPs have been reviewed and approved before distributing them throughout your firm?
Oftentimes firms have their policies and WSPs in various pdfs and word documents throughout their system. Many advisors are referencing outdated files saved on the network or their computers.
The Policies app from SiteQuest Compliance helps firms organize their policies and written supervisory procedures into one online platform that conveys a professional branded content to their advisors.
Policies is a powerful tool used to consolidate, version control, and distribute your firm’s policies and WSPs to your employees and advisors. With our VIP Service included with Policies, SiteQuest Compliance manages all the changes, formatting, and online publishing for no additional charge.
Policies notify your employees when a Policy or WSP has been updated. Our “favorites” feature allows advisors to bookmark these new updates for quick reference. In accordance with FINRA rules our Policies application ensures the most up-to-date policies are accessed, identified, and utilized, reducing your risks.
This same disciplinary action ruled that “the firm failed to establish, maintain and enforce a system, including WSPs, reasonably designed to supervise its registered representatives’ EB-5 related websites. The firm did not conduct regular supervisory reviews of websites maintained by the two representatives in relation to their EB-5 business that contained content that violated FINRA’s advertising rules.”
Our SQWatcher program compliments our Policies application while assisting your compliance department with monitoring your registered advisors’ websites.
SQWatcher automatically creates workflow events when website changes have been made, allowing for quick and easy reviews. SQWatcher’s updated dashboard, bulk review enhancements, and powerful workflow review processes allows your firm to monitor and document dozens to hundreds of websites with relatively few employee hours involved.
Automated documentation reduces compliance and “failure to supervise” risks while demonstrating to regulators, your firm is actively supervising these unique websites in compliance with FINRA and SEC rules.
Contact us today for your personalized demo and see for yourself how SiteQuest Compliance can streamline your processes while maximizing your time and efficiencies.
About James Cella
James Cella is the President of a growing and innovative compliance technology provider called SiteQuest Compliance. James is a customer-centric individual and focuses on building and sustaining positive and lasting relationship with his clients and partners. James and his family are "super fans" of University of Utah Football and have attended nearly every home game since 2002. Go Utes!