801-896-0951​
Call Now 801-896-0951
SITEQUEST TECHNOLOGIES
  • Home
  • Eagle Eye
    • OVERVIEW
    • Features
    • Risk Based Reviews
    • Eagle Eye FAQs
    • EAGLE EYE LOGIN
  • SQWatcher
    • OVERVIEW
    • Features
    • SQWATCHER LOGIN
  • Web Dynamcis
    • OVERVIEW
    • Features
    • Spotlight Websites
    • WEB DYNAMICS LOGIN
  • Blog
  • Contact Us
  • About Us
  • Home
  • Eagle Eye
    • OVERVIEW
    • Features
    • Risk Based Reviews
    • Eagle Eye FAQs
    • EAGLE EYE LOGIN
  • SQWatcher
    • OVERVIEW
    • Features
    • SQWATCHER LOGIN
  • Web Dynamcis
    • OVERVIEW
    • Features
    • Spotlight Websites
    • WEB DYNAMICS LOGIN
  • Blog
  • Contact Us
  • About Us

BLOG

Learn more about what we do and stay up-to-date with industry regulations and trends

2/5/2019

Your Registered Representatives’ DBAs

 
Picture
What controls does your firm have in place to aid you in discovering DBAs if your advisors are not disclosing them?
​
In December 2018, FINRA released their annual “Report on Examination Findings”. This report serves as a resource for firms to strengthen their compliance programs and supervisory controls. This report focuses on selected observations from recent examinations that FINRA considers worth highlighting because of their potential significance, frequency, and impact on investors and the markets. 
“FINRA’s examination, surveillance and risk monitoring programs play a central role in supporting FINRA’s mission of investor protection and market integrity.”
“DBAs and Communications With the Public” were one of the findings highlighted in this report. FINRA continues to find that many registered representatives are not compliant with FINRA Rule 3270 in trying to conceal their outside business activities. 
​“FINRA observed that certain firms did not maintain sufficient WSPs and controls, or provide adequate disclosures regarding the use of DBA names.”
What controls does your firm have in place to aid you in discovering these DBAs if your advisors are not disclosing them? How do you know what your advisors are putting online using their “DBA” name? That is where our Eagle Eye application steps in. Our multi-query processes and dynamically designed algorithms provide more accurate online search results for you to quickly review. Our new “Risk-Based Review Process” provides added system intelligence, enhanced lexicon capabilities, system learning, and detailed evaluation of your search results. Eagle Eye automatically discovers your riskiest advisors and focuses your attention to where it’s needed.

FINRA’s exam report also focused on registered representatives’ use of DBA names on their websites, social media accounts, seminars, and more that failed disclose they were working on behalf of a firm. 

FINRA also found many instances where there was no hyperlink to FINRA’s BrokerCheck. “Some registered representatives’ websites did not contain a “readily apparent reference” and hyperlink to FINRA’s BrokerCheck on the web pages that included the representatives’ professional profiles, as FINRA Rule 2210(d)(8)(A) (Communications with the Public) requires.”
With precision our Eagle Eye application can find undisclosed websites, and social media accounts using the DBA names owned by your registered advisors. Enabling you to supervise and make sure that your advisors are following FINRA requirements. Then, our SQWatcher application can help you monitor, review, approve, and document changes made to your registered representatives’ websites. (Learn more about this application) These two applications become force-multipliers in your supervision program.

The annual FINRA Exam Findings Report is helpful for firms in bringing non-compliance issues to the forefront. It is a good time to reflect and examine on your own WSPs and supervisions procedures. With over 15 years of working in the financial industry, SiteQuest Technologies is an industry leader in providing ​innovative compliance and supervision software applications and website solutions for the financial industry.

Contact us today with your DBA supervision concerns.

Read the entire December 2018 FINRA Exam Findings:
http://www.finra.org/sites/default/files/2018_exam_findings.pdf


Related Article: Are You Finding Everything You Need to Monitor?

Comments are closed.

    About James Cella

    James Cella is the President of a growing and innovative compliance technology provider called SiteQuest Technologies. 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 Utah Football and have attended nearly every home game since 2002. Go Utes!

    Archives

    July 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    July 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    April 2017
    March 2017
    January 2017
    December 2016
    October 2016
    September 2016
    July 2016
    June 2016
    April 2016
    March 2016
    February 2016
    January 2016
    July 2015
    May 2015
    April 2015
    March 2015
    February 2015
    July 2014
    June 2014
    March 2014

    Categories

    All
    Eagle Eye
    FINRA
    SEC
    SQWatcher

    RSS Feed

Products

Eagle Eye
SQWatcher
Web Dynamics

Company

​About Us
​Contact
​Support
Privacy

Popular Posts

Known Compliance Gaps
Are You Finding Everything That You Need To Monitor?
High-Risk Brokers: What Are You Doing About Them?
​
© COPYRIGHT 2015. ALL RIGHTS RESERVED.