MCO created the most comprehensive ARL management tool available today. Part of KYE employee compliance suite that provides compliance managers with data collection and facilitates workflow, communications, alerts, approval, reporting and record-keeping for common compliance tasks.
Manage Employee Authorizations, Registrations & Licensing with greater efficiency and visibility
Tracking authorization, registrations and licenses is an integral part of compliance programs and the penalties for falling behind on these activities are both real and enduring. Firms need a solution to manage the requirements associated with the flow of incoming and outgoing reps and changing financial products, and a way to monitor and verify broker-dealer credentials and Continuing Education (CE) status on an ongoing basis.
MCO's Authorizations, Registrations & Licensing (ARL) software provides firms with a cost efficient and effective solution to manage broker-dealer credential requirements and Continuing Education with greater efficiency and visibility:
- Track, submit and maintain registration data across reps, branches, and jurisdictions
- Ensure licensing and continuing education are up-to-date across the organization
- Stop manually managing the flow of data from authorizations, registrations and licensing
- Eliminate duplicate data entry to increase accuracy and efficiency
- Reduce incomplete or incorrect submissions – and subsequent resubmissions from rejected filings
- Encourage employee adoption and adherence to policies
Understand Your Authorizations, Registrations and Licensing Data
MCO’s ARL solution allows firms to manage licenses, registrations and renewals across locations and jurisdictions through a single, centralized platform. Data and functionality combine for one unified view, uncovering exceptions and issues via a simple and intuitive interface. Firms can easily manage the high volume of data associated with broker dealer credential compliance while ensuring licenses and continuing education are up to date.
- Track licenses held and products being sold to insure there are no discrepancies
- Easily manage different CE structures including exam-based, credit-based and hours-based CE and CPD (Continuing Professional Development)
- Create business rules to generate alerts, assignments and notifications
- Run advanced filters and queries to fill regulatory, internal audit and management requests
- Eliminate risk from having to maintaining multiple systems and data silos
Automation brings efficiency, accuracy and visibility to your compliance program while letting your team focus on the bigger picture and the bottom line. MCO’s ARL solution helps organizations meet regulatory obligations around broker-dealer credentials while allowing compliance to work better and faster.
Accessibility Across the Organization
Compliance is not the only department that needs information about broker-dealer credentials. ARL’s ability to integrate with internal systems means that both HR and Compliance teams can access information with ease.
Information like address changes can be entered just once, and not rekeyed into multiple platforms. Registered representatives can view and update their personal data directly into the system. They can receive assignments when exam and CE windows open, and view records, including status updates and open events.
Workflows can be configured to go to multiple reviewers with escalation notifications and monitoring throughout the process. ARL seamlessly routes requests and approvals throughout the firm. Supervisors and the compliance team can view listings of all ARLs, Exams, and CE for registered representatives, along with notifications of status and exam results updates from FINRA.
With less time spent manually entering data and looking up individual information, your staff can service more advisors than ever before. Reps have to do less administrative work, and the work of the compliance team is streamlined. Both can go about their jobs much more efficiently.
Stay Connected with FINRA
FINRA Rule 1220
FINRA Rule 1220 specifies registration requirements for individuals engaged in the investment banking or securities business. “Each person engaged in the investment banking or securities business of a member shall be registered with FINRA as a representative or principal in each category of registration appropriate to his or her functions and responsibilities as specified in Rule 1220.”
Individuals who work on securities-related matters are required to fill out FINRA Form U4 (Uniform Application for Securities Industry Registration or Transfer) to register with FINRA in the appropriate jurisdictions. FINRA Form NRF (Non-Registered Fingerprint) is used to electronically file the fingerprints required for submission within thirty days of filing Form U4. When a registered representative is terminated, the firm must submit FINRA Form U5 (Uniform Termination Notice for Securities Industry Registration) within thirty days.
In addition, “To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. An individual must pass the exams prior to engaging in those areas of the business.” Firms must be able to track that registered representatives have taken and passed their required exams, and that their credentials remain current.
MCO’s Authorizations, Registrations & Licensing provides firms with a solution to manage and submit FINRA Form U4, FINRA Form U5 and FINRA Form NRF and track required FINRA exams and Continuing Education across the organization. Firms using ARL also have the framework in place to efficiently and effectively manage the FINRA Annual Renewal process.
ARL has a built in interface with FINRA CRD/Gateway to reconcile data and automate the capture and update of events such as exams and FINRA Regulatory CE as well as status updates. Initial filings, re-license filings, amendment filings and information updates are automatically filed to FINRA’s CRD/Gateway after an optional internal review and approval process. Updates made in the ARL system are automatically filed in FINRA’s Central Registration Depository (CRD)/Gateway system, providing proof of submission. Data from FINRA is loaded into the ARL system, ensuring that information is always up to date and matches what the regulators have on file. The two-way data synchronization ensures that firm records are reconciled with FINRA, eliminating the need for manual review.
Manage compliance with a platform that is proven, flexible and scalable
MCO’s Authorizations, Registrations & Licensing solution helps firms easily manage the high volume of data associated with broker-dealer credential and continuing education compliance.
Authorizations, Registrations & Licensing is part of MCO’s Know Your Employee (KYE) compliance suite that provides compliance managers with data collection and facilitates workflow, communications, alerts, approval, reporting and record-keeping for critical compliance tasks.
KYE provides compliance teams with an easy and affordable way to monitor, manage and ensure that policies are followed. The platform engages employees with intuitive desktop and mobile interfaces, including the MyComplianceOffice mobile app, that enable them to fulfil their compliance obligations with a minimum of effort.
Do you know which employees can do what? MCO can help.