Tuesday, November 18, 2014

FINRA Security Update - Changing Administrator (SAA)

FINRA is finally catching up with the realities of cybersecurity. They are implementing much needed verification controls to ensure that the Super Account Administrator ("SAA") cannot be changed without proper authorization. Prior to 11/19/14, FINRA would provide access to anyone that mailed or faxed them a document (without any real verification). Yes - your social security and personal information has been at risk for a long time!

Below is a summary of the FINRA communication.

Effective November 19, 2014, FINRA will implement new controls to enhance the security of the entitlement process for firms seeking to replace their Super Account Administrator (SAA) or update a current SAA’s information. If your firm is not seeking to change its SAA or update the name or email address of the current SAA, no action is required at this time.

Under the new entitlement process, firms must complete an Update/Replace SAA Form to replace or update the name or email address of their current SAA. This new form is not available online and must be requested by an Authorized Signatory of your organization by contacting FINRA’s Gateway Call Center at (240) 386-4848.

For more information on Authorized Signatories for firms and how to update or replace an existing SAA on or after November 19, please visit the FINRA Entitlement Program – Super Account Administrator page.

If you have any questions, please contact AdvisorAssist at support@advisorassist.com.


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