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Adi Rupin By Beverly Chandler, Opalesque London:
Adi Rupin, Chief Technical Officer of WatchDox, a document security firm specialising in the financial sector, believes that going forward the Dodd-Frank act will have an effect on IT provision in financial businesses. The firm says that financial institutions will now need to maintain searchable records for no less than five years, requiring archival technology that stores data in write once read many (WORM) format in order to ensure the integrity of information by preventing alterations. The firm comments that record keeping, according to the key language in the act says that each organization shall maintain records of all activities related to the business of the facility, including a complete audit trail in a form and manner that is acceptable to the Commission; and for a period of not less than five years. "This means all records, including documents that are go to tablets, etc., meaning that the law is asking for an audit trail capturing where records/documents were sent and what happened to them (anywhere and anytime), WatchDox says.
Looking specifically at the effect on hedge funds, Ryan Kalember, VP of Strategy at WatchDox comments: "The SEC regulations stipulate that hedge funds and other AAMs cannot send information like marketing materials or prospectuses to recipients who are not SEC-accredited (net worth over $2m and a bunch of other criteria designed ...................... To view our full article Click here
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