FINRA (the Financial Industry Regulatory Authority) rules serve as a guideline for the financial industry, detailing the specific policies that its members must follow and the information they need to collect, maintain, and protect. FINRA-compliant file sharing requires secure, encrypted platforms to protect sensitive information.
FINRA-compliant file sharing ensures the secure and regulated exchange of sensitive financial data in adherence to FINRA (Financial Industry Regulatory Authority) guidelines. These solutions are designed for financial institutions, prioritizing data security, integrity and auditability to meet strict compliance requirements.
FINRA Sets Industry Standards for the Protection of Investor and Market Integrity
FINRA enforces compliance with record-keeping rules, including SEC books, record rules applicable to broker-dealers, and Municipal Securities Rulemaking Board (“MSRB”) record-keeping rules. These regulations aim to provide regulators and investors quicker, faster and more secure access to critical information to protect investors’ and stakeholders’ information and interests.
Books and records include accounts, records, memorandum, correspondence, books, and other documentation or information that firms must make and preserve under the federal securities laws, MSRB rules, FINRA rules, and all other applicable laws, rules, and regulations. (Refer to section on records in this whitepaper for more details).
FINRA in FileCloud – Checklist
- Ability to allow only private shares
- Data and file backups
- Federated search capabilities
- Recycle bin capabilities
- Anti-virus and ransomware protection
- End-to-end encryption
- Ability to set retention policies
- Document hash
- Preservation of audit logs
Firms seeking finra compliant file sharing solutions can benefit from FileCloud’s secure file-sharing platform, which offers features designed to assist firms in meeting FINRA and SEC recordkeeping requirements (e.g., SEC Rule 17a-4, FINRA Rule 4511). These features may include data encryption (in transit and at rest), granular user access controls, comprehensive audit logs, retention settings to ensure immutable archiving and alerts for unauthorized sharing activities.
A FINRA compliant file-sharing solution focuses on balancing security with regulatory adherence, ensuring financial firms can share and store data without risking compliance violations. These platforms streamline processes while embedding features such as encrypted file transfer, automated audit logs and retention management.
FileCloud ensures FINRA-compliant file sharing, offering secure, regulated data management to meet industry standards and protect sensitive financial information effectively.