Recordkeeping for Compensation

What this video covers

• The three pillars of SEA recordkeeping authority (make and preserve records, file reports, submit to examinations) and why every specific broker-dealer recordkeeping rule traces back to this act
• What "attributable for compensation purposes" means and why a trade executed by a desk trader or clerical employee still lands on the supervising AP's record
• The three required elements of each per-AP transaction record (transaction identification, monetary compensation amount, non-monetary compensation description)
• Why maintaining only contest rules or sales incentive guidelines violates the non-monetary compensation rule, and how the value of trips, gifts, and prizes must be allocated across qualifying transactions
• The difference between compensation agreement summaries (rep-specific payout grids) and commission and concession schedules (firm-wide rate cards), and why both are required to verify proper payment
• Why the produce-on-request alternative does not exempt a firm from maintaining records, and what "promptly produces" actually requires of internal systems
• How to identify when a written supervisory procedure (WSP) is unenforceable because the underlying transaction-level data does not exist