Austin, TX – October 17, 2024 – Red Oak Compliance, a leader in compliance software for the financial service and insurance industries, is excited to announce the launch of its enhanced Registration Management module. The solution is designed to help financial firms efficiently manage their registered representatives within a centralized, 100% compliant books and records system. This tool automates the registration and licensing process, significantly reducing administrative overhead and ensuring firms remain compliant with regulatory requirements.
This launch comes at a critical time. The new FINRA API, which will replace the long-standing Web EFT on April 30, 2025, requires all member firms and vendors to overhaul their backend systems to accommodate the new JSON-based format. The shift presents significant challenges for the industry, with many firms at risk of operational disruptions.
Red Oak’s Registration Management software fully integrates with the new FINRA API. By automating the data integration process and offering a reliable solution that scales with industry changes, Red Oak eliminates the need for firms to undertake costly and complex system rewrites. The software simplifies the management of U4s, U5s, and other critical registration data, enabling firms to increase efficiency by capturing information at its source, without the need to copy and paste into FinPro.
“Our top priority is to support our clients through this transition,” said Rick Grashel, CTO and Co-Founder of Red Oak Compliance. “The industry is facing a sea change with FINRA’s new API, but Red Oak has the lifeboat ready. Our software not only meets the current requirements but is also built to handle future changes seamlessly.”
In addition to the enhanced software, Red Oak is offering a free advisory service to help firms navigate the complexities of the new FINRA API. This service provides expert guidance on the technical and regulatory aspects of the API to help firms stay compliant and maintain efficient operations.
“We understand the challenges this transition presents, and we are committed to supporting the industry through it,” said Stephen Pope, Co-Founder of Red Oak. “Our advisory service is designed to provide firms with the expertise they need to navigate these changes confidently.”
In an effort to educate firms, Red Oak will be hosting a webinar in the coming weeks to discuss the FINRA API changes and how firms can best prepare. This event will provide valuable insights into the new requirements and provide users with a forum to ask questions and engage with experts.
As mandates change, Red Oak remains dedicated to providing the tools and support necessary to ensure financial services firms can continue to operate smoothly and efficiently.
About Red Oak Compliance Solutions
Red Oak Compliance Solutions is a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes.