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May 14, 2020

Match Records with Preclearance Requests

We’ve been working closely with our customers to build a more streamlined political contribution monitoring system. Today, we’re excited to introduce the newest release on our political contribution monitoring platform: preclearance record matching.

illumis’ monitoring platform already covers the broadest range of political contribution data available. And easily comparing covered associates’ preclearance requests to contribution records has always made intuitive sense. Now, it’s possible. You can match request records from employees with the political contributions they’ve made - and keep all of these records in one place.

If you already use illumis’ built-in preclearance system for preclearance requests, you won’t need to change anything. And if you are using another system for preclearance, we can match up that data to allow you to do reconciliation seamlessly in the platform.

Tying together these separate data flows eliminates the time-consuming process of bouncing between spreadsheets or between compliance systems and assures no record slips through the cracks. You’ll save time and keep better records.

The illumis monitoring platform already automates manual tasks, provides customizable workflows and unlocks the most comprehensive and accurate campaign finance data available. Reconciling requests to records adds another tier of automation and accuracy – giving your team the information you need to know, when you need to know it.

We’d love to share more, and see if the platform might be a good fit for your team. If you’d like more information or a demo of the platform, please contact us using the form below.

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.