What is it?

Tapestre is a scalable application that automates front office, middle office, and back office broker dealer account opening and maintenance functions.  The system addresses the key account processes stipulated in the amendments to the SEC’s Books and Records requirements—Rules 17a-3 and 17a-4.

How does it work?

Tapestre streamlines and standardizes the document production, compliance and workflow functions inherent to opening and maintaining broker-dealer accounts. The system handles all legal entities, account types, registrations and documents required for both the broker-dealer and clearing firm.

Key Modules of Tapestre include:

Account Opening and Maintenance

The Account Opening and Maintenance module, a “one customer to many accounts” design, allows a user to input the customer and account information and the system will intelligently determine the required documents and populate them automatically.  All documents are created in exact compliance with the regulatory requirements and the firm’s policies.  Open architecture with standard data import and export facilities that allow for integration with 3rd Party applications such as clearing firms, data warehouses or CRM systems, both in a batch and real-time implementation.  Key features of this module include:

• Rules-driven processing that uses customer, account and initial trade parameters, the system automatically determines which documents are required and automatically generates them with the correct information populated on the forms
• Intuitive “Wizard” workflow that intelligently leads the user through gathering all required customer, account and initial trade information
• Digital signature option, the storage and archiving of the documents can be completely electronic for the firm
• Point of sale monitoring that validates broker-dealer, clearing firm and regulatory rules across all branch locations and identifies exceptions and compliance issues
• Exception handling and management using the system’s embedded workflow capabilities including the ability to set due dates, add notes, and rout communication between users

Account Review and Processing

The Account Review module automates broker-dealers’ principal and compliance account review functions as well as the operational review and processing of account opening and maintenance transactions, specifically designed to address key functions mandated by the SEC’s Books and Records requirements; 17a-3 and 17a-4.  Account transactions generated in the Account Opening module are immediately transmitted for review and surveillance by principals and compliance personnel.  All customer and account data, exceptions items and document images are stored centrally and are automatically available through this module.  Key features of this module include:

• Exception routing using the firm’s hierarchy of representatives, offices, principals and compliance personnel , and supervisory personnel
• View and query provides users with a “Portal” view of all account transactions enabling users to  “drill down” to detailed information on customers, accounts, exception items and documents
• Exception review workflow that facilitates accept, reject, and add for all exceptions to new accounts and account maintenance transactions, including discussion threads and due dates
• Account confirmation documentation generation including: confirms of account opening, address changes, changes of material account information and 36 month periodic account updates, produced as documents or as files which can be provided to a fulfillment service
• Integration with import interfaces include rep licensing and registration data, CRM systems or customer and account data warehouses or export capabilities to clearance facilities or other internal processing or commission accounting systems

Administration and Compliance Management

The Administration and Compliance Management module provides business level users, rather than programmers, the ability to set up and change documents, rules, hierarchies, roles and configurations in the system as well as manage ongoing updates to all content on the application including: agreements, disclosures, applications, product rules, compliance rules and product provider marketing materials (e.g. prospectuses, fund fact sheets, etc.).  This module includes the ability to configure the suitability and compliance rules engine, which provides automated surveillance of account transactions at the point-of-sale.  Specific broker dealer document standards for books and records, suitability requirements, and account details are also available in this area.

Who can benefit from it?

The Tapestre application provides out of the box functionality to reduce time to market for account-related broker dealer application projects.