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17a-4 adds new Microsoft Office365 SharePoint interface to the SEC Compliant DeskTop

August 06, 2014

Many financial institutions retain regulatory records on Microsoft’s Office365 SharePoint.  The SEC Compliance DeskTop (“DeskTop”) now can capture O365 SharePoint content and retain in full-compliance with SEC Rules SEA 17a-4, IAA 204-2 and CFTC 1.31.

Financial institutions find that Microsoft’s Office365 Sharepoint is an easy and cost-effective way to retain records.  However, this cloud-based Sharepoint does not comply with all of the regulatory requirements required for those records.  In order to provide full-compliance, 17a-4 LLC and Law Department DeskTop, have released an offering allowing legal and compliance officers to place records in the cloud and then have a copy of those records sent to the SEC Compliance DeskTop.

The DeskTop consists of legal modules which either have been developed in-house or by law firms with an expertise in a particular area of the law.  Clients of the DeskTop may pick and choose the modules they wish to use and integrate workflows to seamlessly manage legal workproduct.  The DeskTop facility allows authorized parties to view and collaborate on the documents for efficient management.  DeskTop will retain copied records in in accordance with institutional and regulatory retention requirements and on non-erasable storage.  In conjunction with the DeskTop service, 17a-4 will also prepare a Letter of Notification (SEC Rule 17a-4(f)(2)(i)) and a Letter of Undertaking (SEC Rule 17a-4(f)(3)(vii)) for the financial institution to file with FINRA, CFTC or other financial regulator.

Financial institutions may create multiple libraries on the DeskTop to conform to multiple retention libraries.  For instance, libraries may be set up for institutional policies, advertising, outside business activities (OBA), employee trading, etc.  Disposition from these libraries will be based on institutional retention policies.

Pricing for the SEC Compliance DeskTop starts at $1,800 per year.