Optical Storage Technology, through OSI, will save your firm hundreds of thousands of dollars in personnel, SEC mandated data management costs, and eliminate your need for massive storage rooms and dusty file cabinets, cabinets that probably now contain literally tons of paper, microfilms or microfiche storage media that are all but inaccessible, and very costly to maintain.
Cost-effective Design, Implementation and Maintenance of duplicate Optical Storage Systems to help your firm meet SEC Requirements, and operate more efficiently, is all that Optical Systems Integrators, Inc. (OSI) does.
Please browse our site for information on why your firm should be moving, if it’s not already doing so, in this direction, and why OSI should be your first choice in converting to Optical Storage Technology for maintaining critical records and SEC mandated systems.
Optical Systems Integrators, Inc.
123 Doughty Blvd
Inwood NY 11096
OSI has been in the third party business since 1995, when the SEC and the major financial institutions first began looking into the realities of optical disc storage for their broker-dealer records. Therefore OSI was in the forefront helping broker-dealers understand and comply with these new optical disk storage regulations – partly because a good portion of the rules required that the broker-dealer work with a trusted, independent third party. In fact we were one of the very first companies to provide independent third party Optical Disk Storage services for mid-sized to major financial institutions.
As a result, we have developed great expertise in the many technologies and systems that need to be duplicated to comply with SEC rules. We have also delivered our clients duplicate systems at a small fraction of their original cost. Once these systems were implemented, clients began to realize extensive savings on storage costs, not to mention a new ease by which they can retrieve stored information. Our clients include such well-known names as Lehman Brothers; Salomon, Smith Barney; Dean Witter and others.
OSI duplicates the “read-only” records management environment of each client and maintains the system throughout the term of our agreements through software updates, hardware upgrades and periodic testing. While OSI is highly regarded as an expert in various systems, most systems are custom-made for each client and require a certain degree of technical interaction. In most situations, the client through the original developer or current marketer provides any needed proprietary software to OSI.
OSI also maintains a full-time in-house legal staff to ensure that SEC rules and regulations are adhered to in all respects.
OSI is based in lower Manhattan, in the heart of the financial district, close to many of our clients.
Why Optical Disk Storage
OSI’s Optical Disk Storage Services
Save your firm Time and Money
The SEC has asserted that this non-alterable, permanent record storage solution is of great benefit for everyone involved. You may have heard that an analysis by the Securities Industry Association (SIA) indicated that conversion to optical disk storage will result in significant savings, ranging from $250,000 a year for medium-sized firms, to more than $1.6 million per year for larger firms. Furthermore, the SIA reported that this technology offers increased security and speedier, higher quality access to records in comparison with microfiche.
The real issues are cost, speed and convenience. Microfiche storage is far more expensive in terms of people time, management, and particularly storage. Think about it – you can collapse 16 file cabinet drawers into one 12 inch, 2 gigabyte optical storage disk that can be played ten years later just like your favorite CD album.
Benefits of using OSI
OSI Will Get the Job Done On-Time and at Reasonable Cost
In short OSI Offers Your Firm:
- A team of Technology Experts who can deal with any type of system or software.
- The ability to “Duplicate” your systems at a small fraction of their original cost.
- A Fully SEC Certified and is a Purely Independent Third Party
- Unmatched Technology Expertise and Resources to Meet Your Immediate Needs
- A Long-term Customer Relationship orientation.
- Willingness to Work closely with your Technical People on Customization Issues
- A convenient close-to-home Location in the NY Financial District
- On-staff Legal Professionals to Ensure Compliance and Answer your Questions.
See Compliance Rules
OSI’s Services Ensure Compliance
In 1993 the SEC amended its record preservation requirements to allow broker-dealers to rely on optical disk technology for storage of vital records, allowing firms to improve records management operations by switching away from paper, microfilm and/or microfiche. These requirements have been amended several times since then. They now include that certain e-mail records also be maintained and accessible as per the original requirements for confirmations, etc.
The SEC has strict requirements for a broker-dealer that utilizes electronic storage media to maintain records pursuant to securities laws. OSI acts as a third party download provider using WORM technology as outlined in the Supplementary Information under Section II (Description of Rule Amendments); Paragraph E (Third Party Down-Load Provider). The undertakings OSI makes to the SEC are specifically set forth in Rule 17a-4 (f) (vii).
Summarized below are the essential SEC Rules and Conditions involving third-party obligations related to broker-dealer use of optical disk storage technology. These relate to independent third party “Download on Demand.” For additional information on all Rules and Conditions, visit the SEC site at www.sec.gov
The broker-dealer must arrange for at least one third party to have the ability to download information from the broker-dealer’s optical storage unit to another acceptable medium. The third party is required, among other things, to file a statement with the SEC promising: 1) to provide promptly upon reasonable request to the SEC (or its designees or representatives) information deemed necessary by the SEC to download from the relevant optical storage disk; and 2) to take reasonable steps to provide access to information contained on the broker-dealer’s optical storage system, including, as appropriate, arrangements for the downloading of any record required to be maintained under the Act in a format acceptable to the SEC’s staff.
The arrangement must provide specifically that in the event of a failure by a broker-dealer to download information into a readable format, upon being provided with the appropriate disks, the third party will download the information at the request of the SEC.
Optical Systems Integrators, Inc.
123 Doughty Blvd
Inwood NY 11096
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