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Compliance Solutions Strategies Launches First Form CRS Software Tool In Market

NEW YORK, Jan. 8, 2020 /PRNewswire/ -- Global RegTech provider Compliance Solutions Strategies (CSS) today announces its release of Form CRS Automator, the market's first comprehensive and fully customizable software solution designed to help firms meet the upcoming requirements of Form CRS which has been introduced by the Securities and Exchange Commission (SEC). CSS's proprietary and Web-based tool gives regulated firms the ability to meet this new obligation and produce the required Form CRS quickly and efficiently.

Compliance Solutions Strategies (PRNewsfoto/Compliance Solutions Strategies)

On June 5, 2019, the SEC adopted new rules making all SEC-registered investment advisers (RIAs) and broker-dealers (BDs) that provide services to retail investors required to create a new Form ADV, Part 3, also known as a Relationship Summary. The resulting Form CRS plays a critical role in the SEC's broader rulemaking efforts to protect Main Street investors and to address investor confusion over the differences between RIAs and BDs. The new regulations require RIAs and BDs to develop and deliver to retail investors two-page documents, (or four pages for dual registrants and affiliates) allowing them to compare services, fees, conflicts of interest, and other key information about RIAs and BDs in "simple, easy-to-understand" language.

Facing a June 30, 2020 deadline, many RIAs and BDs are challenged to assemble compliant and accurate information while correctly interpreting the SEC's strict Form CRS requirements. To streamline this process, CSS's Form CRS Automator generates disclosure that is guaranteed to be consistent with existing regulatory filings, including more than 70 data points in Form ADV, Part 1A. 

"We are excited to offer RIAs and BDs a custom tool for automating the creation of Form CRS," stated Jackie Hallihan, Executive Director of Compliance Services at CSS. "Our Form CRS Automator solution supports efficient production of the form by deriving data from a firm's Form ADV or Form BD or both."

"Many regulated firms are understandably concerned about how they are going to digest the SEC's 524-page Form CRS Adopting Release and 18 pages of instructions, " added Keith Marks, Executive Director of CSS's Compliance Services. "CSS's Form CRS Automator software solves this problem.  Firms can use the solution to launch a simple process to complete a Form CRS that meets the SEC's requirements." 

In addition to introducing Form CRS, the SEC's June rulemaking also adopted Regulation Best Interest (Reg BI), which elevates the standard of care owed by BDs to their retail customers. CSS is responding by offering its BD clients new service packages to address the resulting requirements of Reg BI.

"We were really impressed seeing such an innovative, thorough solution for the investment adviser industry," stated Debra DeVoe, the Chief Compliance Officer of Envestnet Asset Management. "CSS really delivered on this."


Compliance Solutions Strategies (CSS) is a global RegTech platform – driven by data and backed by service – providing a comprehensive set of software solutions supported by a highly-targeted managed service capability. CSS solutions and services are aligned to the multiple regulatory compliance requirements of global funds reporting, global transaction reporting and global threshold management. The company currently serves over 600 software clients in the financial services vertical comprising of hedge funds, traditional asset managers and fund administrators, including Tier-1 buy-side and sell-side institutions. CSS is uniquely positioned within the market in terms of its size and the breadth of its regulatory compliance offerings. These factors vest the company with the capital and product range to support the broadest possible spectrum of regulatory requirements, while retaining the agility to work in partnership with individual clients to develop and support a comprehensive and longstanding program of regulatory compliance on a global scale. The Company maintains a global footprint across both North America and Europe with customer-facing offices in New York, London, Dublin, Amsterdam and Stockholm. For more information or to purchase Form CRS Automator, please email: FormCRS@cssregtech.com. For more information on CSS, please visit: www.compliancesolutionsstrategies.com

Compliance Solutions Strategies (CSS)
Natalie Silverman


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SOURCE Compliance Solutions Strategies