Although it may seem like the end of the world right now, regulators continue to operate in business as usual mode particularly with the market volatility and increased messaging to clients. With this turmoil, maybe we can adopt the phrase, “keep strong and compliance on.”
Even in the middle of a national emergency, keeping up with your compliance program doesn’t get a waiver or extension like the recently announced tax filing news. Regulators expect registrants to submit filing by the regular due dates and continue paying fees. Knowing that, please don’t forget to:
- File your amendments and other required filings by the statutory due dates.
- Fund your accounts for all fees owed.
- Make sure you comply with your written policies and procedures.
Before you’re forced with enacting your business continuity plan, now is an excellent time to dust off those plans and proactively test to ensure they work as needed. With many employees working from home at this time, it’s also an opportunity to check the ability to connect to a hard-line as wireless is less secure.
We understand why compliance may be an afterthought with the way markets are right now. But, bear in mind, these are the times you want policies to be adequate, in place, and followed. You can bet that regulators will be vigilant, if not now, but certainly when things return to normal. Most of all, be safe and take care.
Red Oak is the advertising review software of choice in the financial services industry, with clients having over $19 trillion in assets under management. Partners of Red Oak benefit from quick implementation timelines, agile technology that responds to your needs and is 100% Books and Records compliant, all resulting in 35% faster approvals, and 70% fewer touches. Are you ready to minimize risk, relieve the regulatory burden, and improve efficiency? Contact the Red Oak team to learn how.