iTernity Provides SEC 17a-4(f) Compliant Storage Solution With HP StoreEasy Storage

iTernity GmbH announced that its iTernity Compliant Archive Software (iCAS) is validated to meet the US SEC 17a-4(f) requirements with HP StoreEasy storage for simplifying compliance archiving.

Financial services firms face a number of challenges in protecting their sensitive information, ensuring that its IT infrastructure are up-to-date and meeting the required compliance regulations. Increased control by regulatory bodies such as Financial Industry Regulatory Authority (FINRA) and the US SEC pile the pressure on compliant data archiving because of severe penalties including high fines and legal action.

The SEC is the authorized institution to issue recordkeeping rules for broker-dealers which became the standard for the financial sector and other regulated markets. Rule 17a-4(f) defines the adequate types of storage technology, the required retention periods, and other details related to compliant recordkeeping.

The SEC states: “The preserved records are the primary means of monitoring compliance with applicable securities laws, including anti-fraud provisions and financial responsibility standards. Recent events involving the deletion of emails by broker-dealers have affirmed the need to have measures in place to protect record integrity.“

A recently finished assessment by Cohasset Associates, Inc. states that the combination of iTernity Compliant Archive Software (iCAS) and HP StoreEasy storage meets the storage-related requirements of SEC Rule 17a-4(f). It is a cost efficient solution for financial customers as it allows SEC compliant recordkeeping without locking in customers with a certain storage platform. Compared with other archiving solutions, where the archiving license is often bound to the dedicated hardware (e.g. on a controller of an appliance), iCAS does not require iterated licensing when the storage system gets changed during the archiving period. Talking about retention periods of 10 years and more this means cost savings because the archiving license doesn’t have to be repurchased multiple times.

“As the software layer manages the statutory provisions customers are free to choose the storage platform which works best for them,” said Georg Csajkas, director of product management, iTernity.

“Mid-size customers are struggling with the tidal wave of new data sources and regulatory requirements,” said Patrick Osborne, senior director of product management, HP storage. “HP StoreEasy’s efficient, secure and highly available storage, paired with iTernity iCAS, provides an affordable and secure solution for compliance archiving that integrates with the major business applications customers are using.“