Manage Employee Registration and Licensing with greater efficiency and visibility
Tracking registrations, licenses and knowledge needs is an integral part of compliance programs—and a tremendous drain on time and resources if not managed effectively. Firms need a comprehensive license and registration management tool 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 Representative Registrations and Licensing software provides compliance teams with an automated and cost-effective solution to manage broker-dealer credential requirements and Continuing Education with greater efficiency and visibility, allowing firms to:
- Track, submit and maintain registration data across reps, branches, and jurisdictions
- Ensure licensing and continuing education requirements 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
- Encourage employee adoption and adherence to policies
Comprehensive Registrations and Licensing Management
MCO’s Representative Registrations and Licensing 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.
Automation brings efficiency, accuracy and visibility to the firm’s compliance program while enabling employees to focus on the bigger picture and the bottom line. MCO’s Representative Registrations and Licensing solution helps organizations meet regulatory obligations around broker-dealer credentials while allowing compliance to work better and faster, enabling compliance teams to:
- Track licenses held and products being sold to ensure there are no discrepancies
- Easily manage different Continuing Education and Knowledge Needs 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
Integration Across the Organization
Compliance is not the only department that needs information about broker-dealer credentials. Representative Registrations and Licensing solution’s ability to integrate with internal systems means that both HR and Compliance teams can access shared data 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. Representative Registrations and Licensing seamlessly routes requests and approvals throughout the firm. Supervisors and the compliance team can view listings of Licenses, 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, 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 and the CSA
MCO’s Representative Registrations and Licensing solution integrates with FINRA’s CRD database and the CSA/CIRO’s NRD system. Reports are available nightly from both systems, updating data of individuals associated with the firm. MCO also supports updates of amendment information to 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 MCO’s Representative Registrations and Licensing solution also have the framework in place to efficiently and effectively manage the FINRA Annual Renewal process.
Part of a Complete Employee Compliance Solution
MCO’s Representative Registrations and Licensing solution helps firms easily manage the high volume of data associated with registration and licensing management and continuing education compliance.
Representative Registrations and Licensing is part of MCO’s Know Your Employee compliance an integrated solution that manages personal trading, outside business activities, gifts and entertainment, attestations, registrations and licenses and other areas of employee compliance.
Know Your Employee provides compliance teams with an easy and affordable way to monitor employee activities and ensure that policies are followed. The platform engages employees with intuitive desktop and mobile interfaces and automated reminders that enable them to fulfil their compliance obligations with a minimum of effort.
Do you know which employees have the credentials and knowledge to perform which roles? MCO can help.
