Written Supervisory Procedures or WSPs required under this rule underpin many key compliance requirements for firms required to adhere to FINRA rules.

Firms are required to amend their WSPs to reflect changes in applicable securities laws or regulations and are responsible for promptly communicating changes to all their associated persons.

In connection with electronic communications, firms must:

• develop appropriate supervisory policies and procedures for the review of all business-related incoming, outgoing, and internal communications;
• identify, review, and address incoming and outgoing comms containing customer complaints, instructions, funds and securities, and content of a subject matter that requires review under FINRA rules and securities laws;
• identify and review internal communications of a subject matter that requires review under FINRA rules and securities laws, including: communications between research and non-research departments, communications with the public that require pre-approval, identification and reporting of customer complaints, and identification and prior written approval of account name changes or designations regarding customer orders;
• conduct risk-based reviews to determine whether additional supervisory policies are necessary for their business;
• capture, acknowledge, and respond to all written customer complaints;
• educate and train employees on procedures governing correspondence, and log such training; and
• maintain an audit trail and record of supervisory reviews