Resource Center

FINRA Compliant Cloud Storage for Financial Services

In today’s digital age, the cloud is everything when it comes to storing information digitally. From pictures and work documents to confidential contracts, individuals and businesses are turning to the Cloud to keep their information safe.

But what if your business is governed by FINRA? Do you have the same cloud storage options as everyone else?

If you’re a Registered Investment Advisor (RIA) or Broker-Dealer (BD), you probably know that FINRA is an independent, non-profit organization that works to protect investors by regulating how providers store and access their clients’ personal information. But you likely haven’t thought about how it affects the applications you use on a daily basis.

Cloud storage for the financing industry

The personal financial information of investors is protected by Regulation S-P (Privacy of Consumer Financial information). All securities firms are required to follow this rule, which restricts their capacity to share such information.

RIAs and BDs are required to keep records of customer contact that comply with SEC and FINRA rules for archiving to ensure that personally identifiable information (PII) is stored securely. Rule 17a-4 requires that every eligible dealer, broker, and member store all records for at least six years.

However, these rules do not require that every document be archived in compliance with FINRA, which leaves firms to sort through thousands of documents and use separate storage systems for regulated documents. For even the most organized firms, this can be an overwhelming, time-consuming and costly task. Additionally, many firms don’t have the storage capacity to hold on to every single document they’ve collected from the past six years.

Financial firms need a simple and secure way to store and access records and documents. But while there are plenty of cloud storage applications available to businesses, it's hard to find one that is specifically designed to comply with SEC and FINRA regulations.

That's where Citrix ShareFile for Financial Services comes in. With top-notch security features and file archiving designed specifically for the financial industry, we make it easy for firms to comply with FINRA regulations.

ShareFile archiving for financial services

In order to provide our financial industry customers with the solutions they need, we created Archiving for Financial Services. This feature is designed to comply with FINRA regulations by:

  • Storing all messages and files uploaded and sent using ShareFile email for a minimum of three years
  • Storing all active and inactive links and files sent using the ShareFile Plug-in™ for Microsoft® Outlook® or FTP/FTPS for a minimum of three years
  • Designated third Party (D3P) can download sent and received messages and perform parameter-based searches on files in the account
  • D3P can search or any active or expired link embedded within a third-party email

The Archiving for Financial Services feature also prevents clients and D3Ps from erasing or making changes to files once they are uploaded. Instead of a trash button, users will see an archive icon.

ShareFile also checks to make sure the uploaded file and stored file are exactly the same.

For files that are updated by authorized users, ShareFile also retains all file versions for 3 years from the date of modification.

We also make it easy for you to work with your clients' D3Ps by providing them with a special interface within the client's account. This enables them to provide the SEC copies of indexes, sent messages, and activity and file access reports generated using the ShareFile email service.

Learn more about the features of ShareFile file archiving, including other D3p features and chain of custody.

More features and benefits

With ShareFile, you can send and receive financial documents with total security, receive legally binding e-signatures and store documents in compliance with industry regulations. It's the perfect solution for firms in banking, financial planning or lending services. But the features don't end there. You will also enjoy:

Security and Compliance

  • SSL/TLS protocols protect client authentication, authorization and file transfers
  • Files in transit are encrypted with 128-bit encryption using industry-standard protocols
  • Intra-system communications are protected with a keyed hashed message authentication code (HMAC)
  • Download links are randomly generated using hash-based message authentication codes

Ease of Use

Sending and receiving is simple with ShareFile.

With the ShareFile Plugin for Microsoft Outlook, you can:

  • Replace attachments with secure ShareFile links up to 10GB in size
  • Request files by including a secure ShareFile link that enables clients to upload files directly to your account
  • Ensure files are protected using 256-bit encryption

Collect digital signatures

ShareFile + RightSignature streamlines your workflow by making it easy for you to send documents to your clients for signature. Simply select a document from your ShareFile dashboard and click "Get Signature." From there you can specify signers, fill out a subject and message and send to your clients directly from the RightSignature application.

Work from anywhere

With the ShareFile Mobile App, your employees and clients can access and upload documents while on the go with the same security benefits. The app is available for iOS, Android, Windows and Blackberry devices.

24/7 Customer Service

Our customer service team is available to answer your questions 24/7 through chat or email. We also offer onboarding and training for your employees and clients to help them set up and learn to use the application. And our extensive resource center provides how-to videos and support articles for times when you quickly need to look up a question.

Integrate with Platforms You Already Use

ShareFile has partnered with various platforms to provide our customers with a comprehensive solution to their file-sharing and storage needs. Our Financial Industry partners include:

  • Advisor Websites
  • Hubdoc
  • Orion
  • Redtail
  • Fujitsu ScanSnap
  • Smarsh
  • Taxbot
  • TeleSign
  • Trumpet
  • Worldox

Start Your Free Trial Today

If you're ready to streamline your workflow with a FINRA-compliant cloud storage option, you can start by signing up for a free 30-day trial. Your ShareFile free trial includes:

  • Unlimited storage/bandwidth
  • 24/7 telephone and email support
  • Encrypted transfer and storage
  • Plug-in™ for Microsoft® Outlook®
  • Five employee accounts
  • Custom branding
  • Encrypted email
  • File check-in/check-out
  • Desktop Sync
  • User Management Tool
  • Mobile Device Security