How E-Sign Meets High Level Compliance Regulations Within Both The FCA & PRA Handbooks

May 01, 2015

E-Sign can assist companies within finance and insurance industries meet compliance with document processing and storage.

Here at E-Sign, we are constantly evolving our service to meet the needs of our clients, in order to provide a truly remarkable service that caters to the needs of a wide range of industries. Here we will take a look at what E-Sign offers in relation to the Financial Conduct Authorities High Level Standards Section (Regulation 9), on record keeping.

General Rules on Record Keeping:

9.1.1 - A firm must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken (9.1.1FCA PRA) by it, which must be sufficient to enable the appropriate regulator or any other relevant competent authority under MiFID or the UCITS directive to monitor the firm’s compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect of clients

All records and documents are securely kept within E-Sign’s platform in an orderly sequence that is easily accessible. Users can then present any document they wish to any authority under MiFID or the UCITS directive for monitoring or compliance purposes.

9.1.2 - A common platform firm must retain all records kept by it under this chapter in relation to its MiFID business for a period of at least five years

Documents can be securely stored for a minimum of 10 years within E-Sign and at no additional cost. These can also be backed up for any additional requirements.

9.1.3 – In relation to its MiFID business, a common platform firm must retain records in a medium that allows the storage of information in a way 9.1.3 FCA PRA accessible for future reference by the appropriate regulator or any other relevant competent authority under MiFID and so that the following conditions are met:

  1. The appropriate regulator or any other relevant competent authority under MiFID must be able to access them readily and to reconstitute each key stage of the processing of each transaction.
    Within the E-Sign platform, documents can be stored in such an order that key documents can be identified and accessed by a competent authority. Access can be given by the user (via secure log-in), to monitoring authorities. Use of the E-Sign search function allows users to locate any document they require. Each document can also have a digital label attached for ease of reference.

  2. It must be possible for any concerns or other amendments, and the contents of the records prior to such corrections and amendments, to be easily ascertained.
    E-Sign provides an ideal solution for this requirement. Once a document is uploaded and signed, it is locked and cannot be altered in any way within the E-Sign environment. If any fraud occurs by an individual copying the signature stamp of the document onto an amended copy, when this signature stamp is clicked on or scanned for validation, it takes the competent authority back to the original document that isn’t amended. Therefore E-Sign allows for a process to be in place where once a document is submitted onto the platform, it is locked. If any amendments are made, a new version of that document must be uploaded, showing both the original and amended versions, for transparency and compliance.

  3. It must not be possible for the records otherwise to be manipulated or altered
    No documents can be altered or removed once a signature stamp has been applied within the E-Sign platform

All the above are general rules on record keeping within the higher standards section of both the Financial Conduct Authority and the Prudential Regulation Authority handbooks. As well as this E-Sign meets the recommendations set within the general guidelines within both handbooks.

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