With the continuous passage of new laws each year, meeting regulatory compliance
requirements can seem like an endless task. Rather than find a new solution for
the "law of the month", MobileMandate provides a single long-term solution which
is flexible enough to adapt to new laws without requiring a massive migration or
technology initiative to accommodate for changes in the regulatory environment.
MobileMandate offers the most future-proof and adaptable solutions available today.
The Securities Exchange Commission (SEC), Financial Services Authority (FSA), the
National Association of Securities Dealers (NASD), and the Financial Industry Regulatory Authority (FINRA)
have enacted regulations governing how their member firms must archive,
index, store and retrieve their electronic communications (SEC 17a-4 and NASD 3010).
The U.S. Securities and Exchange Commission (SEC) has recently imposed new regulations
on private investment pools, also known as hedge funds. The regulation went into
effect on Feb. 1, 2006. The ruling requires that most hedge fund advisers register
with the SEC under the Investment Advisers Act of 1940, which includes provisions
for securing, managing and archiving all electronic communication.
The Sarbanes-Oxley (SOX) Act of 2002 was passed by the U.S. Congress, in response
to major corporate and accounting scandals including Tyco, WorldCom and Enron. It
establishes strict policies governing the retention and maintenance of records and
supporting correspondence by publicly-traded companies. It is expected that some
version of SOX will be extended to non-profits in the near future.
The Health Insurance Portability and Accountability Act (HIPAA), was passed by the
U.S. Congress in 1996. It encourages the widespread adoption of electronic transmission
of patient health data and mandates the use of security measures like encryption
to protect electronic health information from unauthorized access while being transmitted
over electronic networks.
21 CFR Part 11 was enacted by The Food and Drug Administration (FDA) in 1997 in
an effort to insure that electronic media provides the same level of data integrity
as the paper-based storage and retrieval systems they are increasingly replacing.
It defines strict rules for the use of electronic signatures and electronic records.
The Gramm-Leach Bliley Act (GLBA) regulates how financial services firms protect
customers’ personal financial information. The FDIC Advisory requires encryption
of electronic customer information while in transit or in storage. The OCC Advisory
on Electronic Record Keeping stipulates that banks should implement an electronic
retention system ensuring security for and compliance.