Compliance Services

Thanks to Softek's acquisition of Elinphant (Elinphant.com) Softek provides governance, risk management and compliance solutions to financial services firms. Our clients include banks, broker dealers, swap dealers, investment advisors, hedge funds, asset managers, commodity pool operators, commodity trading advisors, commercial end users, and service providers. Led by industry pioneers, Softek's team has decades of expertise that enable them to understand the challenges of today’s complex compliance environment. Unlike many consulting firms, our team members come from businesses that have grappled with sophisticated business models. That enables them to address the specific challenges of trading, trade reporting and control frameworks. Our employees are also skilled at implementing compliance rules into technology.

Softek’s team, with its broad range of experience understands the difference between regulatory approaches, as well as the goals and priorities of our industry’s diverse regulators. The team has well-honed skills in both creating new compliance programs and evaluating and enhancing existing programs. We can assess a firm’s books and records compliance under SEC and CFTC regulations. We excel at ensuring compliance programs fit each client’s business model and risk tolerance and — most importantly — meet a regulator’s requirements.

The Softek team is adept at assessing a firm’s systems needs, evaluating the best fit and creating and executing implementation plans that provide much-needed automation and relief from manual management of processes. We have also assisted firms with analyzing current operating systems to see what additional efficiencies can be created

Softek professionals have extensive experience with FINRA trade reporting such as CAT, OATS, LOPR, TRACE, ACT/TRF, and Short Interest. We can provide completeness, accuracy and timeliness reviews. We can assist with vendor implementations or internal cutovers, including testing and automation design such as robotics for pre and post trade reviews.

FinTech

Softek has the expertise to guide FinTech companies in their programming rules and regulations regarding technology. In addition, Softek can assist FinTech companies in the types of reports that should be produced as well as in testing technology to ensure it performs within rules and regulations. Softek has advised on both front and back office systems. We have also assisted FinTech companies in their sales offers to compliance officers.

Monthly Compliance Services

Softek can fulfil a variety of monthly compliance tasks for your firm. Our experts construct and implement a monthly compliance calendar for our clients. Using this calendar, we establish and perform tasks that provide the firm’s Chief Compliance Officer (“CCO”) assurances that regulatory requirements are being met in a timely and effective manner. Some of the monthly tasks performed by our team include, but are not limited to; completing 314(a) and OFAC reviews relating to anti-money laundering requirements, tracking employee deadlines associated with completing CE, licensing exams, U-4, and U-5 filings, providing monthly regulatory updates, maintaining client restricted and conflicts lists, employee trade monitoring, and reviewing electronic communications for potential escalations.

The broad knowledge of Softek members enable them to recognize perceived and actual conflicts and risks, and to assist our clients with mitigating, managing, and disclosing issues as required by regulators and as expected by investors and their own clients. These assessments of conflicts and risks form an integral part of a successful compliance program.

Softek's team has managed AML responsibilities since the inception of the Patriot Act. We understand the evolution of AML programs, which means that we can go back to the basics as well as perform at the level of sophistication required today. In addition, we have specialized knowledge in implementing, maintaining and enhancing the programs. We can perform independent reviews, risk assessments, and employee training with our ACAM certified professionals.

Softek professionals have experience in all aspects of Dodd Frank Title VII Swap regulations, including NFA exam remediation, SDR and LTR reporting, internal and external business conduct, SEF trading rules, surveillance and supervision controls, annual CCO report assessments, trade reconstructions, and voice communication control frameworks. We also can perform annual Volcker compliance assessments.

Start-Ups

Softek has worked with an increasing number of financial companies that are entering the industry as unregulated companies. We help these companies create balanced compliance programs that meet due diligence requirements and that reassure customers certain standards are met and training is in place. We specialize in hedge fund, RIA and BD start-ups and can accelerate the application and compliance program set up including assistance with vendor selection. Softek also has considerably experience with digital asset companies applications and compliance infrastructure for New York trusts and Wyoming Special Purpose Depository Institution (“SPDI”) banks.

Softek can fulfil either the Chief Compliance Officer (“CCO”) position or any specific compliance duties clients may want to outsource. To provide the best service, we allow an Softek team member to be CCO of only one regulated entity at a time. We also have experience working with firms during times of transition – from changing regulators to transitioning in a new CCO to restructuring after reorganizations. We act as an extension of the firm, with a goal of being a resource not only for management but for all employees as well. We also off temporary outsourcing services for understaffed situations such as Disability, Family Leave, or temporary projects.

Softek can review a new client’s business model to determine whether individual state or SEC registration is required. Once we determine the type of registration(s) required, we can then work with the client to complete their registration process and ensure that all representatives are licensed in the states where business is conducted.

Softek professionals perform e-mail, IM, voice and marketing reviews including for Reg BI reviews as part of monthly compliance outsourcing services, temporary outsourcing services and as one-time projects as part of regulatory implementation, assessments, investigations, and litigation. Softek staff are trained professionals including previous Series 24 holders and licensed attorneys that understand FINRA Rule 2210, Reg BI, privileged and confidential communications and performing these services under attorney client privilege if requested.

Vendor Due Dilligence

Softek has experience creating and maintaining programs that monitor vendor due diligence, an area that regulators have placed a higher priority on in recent years. We can help with day to day management of your Third Party Risk Management (“TPRM”) program, provide assessment of certain aspects of the program or the whole program, and assist with specific annual procedures that need to be completed timely.