Regulatory compliance is a crucial part of doing business. Here are some suggestions for efficiently managing compliance responsibilities:

  • Devote resources up-front to compliance efforts. Be proactive rather than reactive.
  • Document everything
  • Do what’s best for the customer.
  • Don’t take short cuts.
  • Ask your firm about the steps it’s taking on the compliance front and push for proactivity.
  • Use regulators’ resources, including FINRA’s Firm Gateway, providing web access to an array of frequently used compliance applications. FINRA also offers compliance-related workshops, podcasts and training programs. The SEC and NASAA web sites offer a wealth of information on federal and state regulatory programs and actions.