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December 1, 2018

December 2018 Update: Custom Statuses and Attachments

Custom Record Statuses
Last month, we launched a feature that allows you to categorize records. We received lots of positive feedback but many customers wanted to be able to further customize statuses. With this update you can now configure your own statuses (up to 5), and customize them to better match your internal workflows and documentation processes.

A quick note: If you change an existing status, that change will update any existing record with that status. For example, if you change the “approved” status to “pre-cleared”, the new label will apply to all existing records that were labeled with the “approved” status. Additionally, if you delete an existing status, all contributions will be relabeled to your account’s default status setting.

Attachments
The notes feature on records just got more powerful. Now, when you add notes on a record, you can upload and attach files as well. Any file (DOC, PDF, CSV, JPG, XLS etc) up to 100 MB can be added to a record as an attachment.

Navigation Improvements
We adjusted the placement of a few features to improve ease of use and simplify the interface. Now, you can access the Dashboard by clicking “illumis”. And when you’d like to view, add, or make changes to monitored employees or companies, go to the “Monitoring” tab. You can find reports and other settings (including customizing record labels) in the drop-down menu under your account name in the top right corner.

Please Note: This post was updated in June 2020 to reflect our company’s new name: illumis
Why real-time data is essential to helping your investment firm avoid violating pay-to-play regulations, SEC rule 206(4)-5

Political contributions made by firm employees pose a significant threat to investment advisory firms. And even firms with the best compliance teams can be at risk of violating pay-to-play regulations, like the Securities and Exchange Commission’s (SEC) rule 206(4)-5, given the complexity of the rules and the myriad of regulations to which firms must comply.

Because of this, investment firms must arm themselves with the access to and support of real-time data, which can help identify potential violations and anomalies in the political donation process.

By leveraging real-time data, investment firms can quickly detect suspicious or unauthorized activities and take prompt action to prevent pay-to-play violations.

Beyond SEC Rule 206(4)-5: A look at state and local political contributions compliance regulations

SEC Rule 206(4)-5 is arguably the most well known regulation regarding political contributions compliance or pay-to-play compliance. However, it certainly isn’t the only regulation to which firms must comply.

In fact, beyond federal regulations, firms which take part in government contracted work must contend with numerous and varied state and local regulations as well. Such regulations present unique challenges because of the various requirements within each, which should they be neglected, can cause significant financial and reputational damage.

Aligning pay-to-play rule 206(4)-5 compliance practices with your investment firm’s regulatory compliance program

While it would be almost too easy to treat the Securities and Exchange Commissions’ (SEC) pay-to-play rule 206(4)-5 as a special requirement implemented only during election years, that mistake can cause serious, firm-wide damages. In fact, for investment firms, establishing a compliance program which actively and regularly incorporates compliance with the SEC pay-to-play rule is essential to avoiding fines, sanctions, lockout periods, loss of revenue and a damaged reputation.