# How Often Should a Broker-Dealer Update Its WSPs in Response to New Regulations? ▴ Question

**Published:** 2025-08-02
**Categories:** Question

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## Concept

The question of frequency regarding [Written Supervisory Procedures](https://prime.greeks.live/area/written-supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (WSP) updates is fundamentally a question of operational tempo. A broker-dealer’s WSPs are not a static artifact, created once and filed away. Instead, they represent the codified logic of the firm’s compliance and [supervisory system](https://prime.greeks.live/area/supervisory-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ an active, adaptive architecture designed to function within a constantly shifting regulatory environment. The core principle is one of immediate and direct responsiveness.

Any change in the external legal and regulatory field must trigger a corresponding and near-instantaneous adjustment within the firm’s internal procedural framework. The system is designed for continuous alignment, not periodic review.

FINRA rules mandate that a member firm must “promptly” amend its written [supervisory procedures](https://prime.greeks.live/area/supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to reflect changes in applicable securities laws or regulations. This term, “promptly,” is deliberately fluid. It architecturally couples the WSP update cycle directly to the pace of [regulatory change](https://prime.greeks.live/area/regulatory-change/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) itself. It establishes a cause-and-effect relationship, where the regulatory event is the cause and the WSP amendment is the effect.

Therefore, the frequency is not dictated by a calendar ▴ such as quarterly or semi-annually ▴ but by the unpredictable cadence of new rules, amendments, and interpretive guidance issued by the Securities and Exchange Commission (SEC), FINRA, and other relevant authorities. A year with significant rulemaking, like the one forecasted in the Spring 2024 agenda, will necessitate a much higher frequency of updates than a quieter period.

> A firm’s Written Supervisory Procedures are best understood as a living document, an operational blueprint that must adapt in real-time to the external regulatory landscape.

This dynamic model extends beyond purely regulatory triggers. A firm’s WSPs are also the internal map for its supervisory personnel. Consequently, any substantive change to the firm’s business operations, supervisory structure, or technological infrastructure also mandates a corresponding WSP update. The introduction of a new product line, the adoption of a remote inspection model, or a change in the firm’s clearing arrangements are all internal events that require the firm’s procedural DNA to be rewritten.

The WSPs must accurately mirror the business as it is actually conducted. An outdated WSP that describes a supervisory process no longer in use is not merely a documentation error; it represents a fundamental failure of the supervisory system itself.

The [annual review](https://prime.greeks.live/area/annual-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a widely understood requirement, serves a different function. It is not the primary mechanism for responding to new regulations. The annual review is a systemic check, a periodic deep audit of the entire supervisory framework to ensure its continued effectiveness and to identify any gaps or weaknesses that may have developed over time. It is a scheduled, comprehensive self-assessment, whereas updates in response to new regulations are unscheduled, targeted, and event-driven.

The two processes are complementary components of a robust compliance architecture. The event-driven updates ensure the system remains compliant with specific rules, while the annual review ensures the system as a whole remains effective in achieving its supervisory mandate.

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## Strategy

A strategic approach to managing WSP updates transcends reactive compliance. It involves engineering a durable, systemic framework for identifying, analyzing, and implementing regulatory change. This framework is not an administrative burden; it is a critical piece of the firm’s operational infrastructure that safeguards its license to operate and provides a competitive advantage through superior risk management. The architecture of this strategy rests on three foundational pillars ▴ [Proactive Regulatory Intelligence](https://prime.greeks.live/question/what-are-the-core-differences-between-a-reactive-and-a-proactive-fx-risk-management-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), [Integrated Change Management](https://prime.greeks.live/question/how-does-a-change-in-risk-capacity-differ-from-a-change-in-risk-tolerance-during-due-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and Dynamic Governance.

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## Proactive Regulatory Intelligence

A firm cannot respond to changes it does not see coming. A passive stance, waiting for regulatory announcements to appear in news feeds, is insufficient. A proactive intelligence function is required to monitor the entire regulatory lifecycle, from proposed rules to final implementation. This involves a systematic process for tracking sources of potential change.

- 
**Regulatory Monitoring** ▴ This involves daily surveillance of primary source materials. Key sources include the Federal Register, SEC and FINRA websites, and releases from other relevant regulatory bodies. The monitoring [process should](https://prime.greeks.live/question/from-a-systems-perspective-how-should-a-firm-document-its-close-out-calculation-process-under-the-2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) not just capture final rules but also proposed rules, concept releases, and risk alerts. These early-stage documents provide critical lead time to begin assessing potential impacts.

- 
**Impact Analysis Triage** ▴ Not all [regulatory changes](https://prime.greeks.live/question/how-do-regulatory-changes-in-post-trade-transparency-impact-the-viability-of-dark-pools-for-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) have the same impact. An effective strategy involves a triage process to categorize and prioritize incoming intelligence. A change might be classified as ‘High Impact’ (requiring significant procedural and operational changes), ‘Medium Impact’ (requiring minor WSP text changes and communication), or ‘Low Impact/Informational’. This allows the firm to allocate resources efficiently.

- 
**Subscription to Authoritative Analysis** ▴ Subscribing to updates from law firms and compliance consultancies provides valuable secondary analysis. These sources often synthesize complex rulemaking and provide context on enforcement trends, helping the firm to understand the unwritten rules and areas of regulatory focus.

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## Integrated Change Management

Once a [required change](https://prime.greeks.live/question/how-does-a-change-in-risk-capacity-differ-from-a-change-in-risk-tolerance-during-due-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is identified, the process of updating the WSPs must be managed as a formal project, not an ad-hoc task. This ensures that amendments are implemented completely, correctly, and with full audibility. A [change management](https://prime.greeks.live/area/change-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocol governs the end-to-end lifecycle of a WSP amendment.

> The WSP update process should be treated as a “living” system, continuously adapting not only to new rules but also to shifts in the firm’s own operational and supervisory landscape.

The protocol begins with assigning ownership. A specific individual, typically a senior compliance officer or a [registered principal](https://prime.greeks.live/area/registered-principal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), must be accountable for seeing the change through. The process then moves to drafting the new language, which often requires collaboration between compliance, legal, and the business units affected by the change. The draft must be reviewed and approved by the designated principal(s).

Following approval, the change is not complete until it is communicated to all relevant personnel and, where necessary, training is delivered. The final step is to archive the old WSP version and document the entire process in a change log, creating a clear audit trail for regulators.

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## What Is the Governance Structure for WSP Updates?

A dynamic [governance structure](https://prime.greeks.live/area/governance-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides the command and control for the WSP update strategy. It defines roles, responsibilities, and escalation paths. A well-defined governance model ensures that there is no ambiguity about who does what, preventing critical updates from falling through the cracks. This is often codified in a RACI chart.

The table below illustrates a sample governance framework for the WSP [update process](https://prime.greeks.live/question/how-should-a-broker-dealer-update-its-aml-program-for-foreign-correspondent-accounts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

### WSP Update Governance Matrix (RACI)

| Process Step | Chief Compliance Officer (CCO) | Business Unit Head | Legal Department | Registered Principal | IT Department |
| --- | --- | --- | --- | --- | --- |
| Monitor Regulatory Changes | R (Responsible) | I (Informed) | C (Consulted) | I (Informed) | I (Informed) |
| Assess Impact of Change | A (Accountable) | C (Consulted) | C (Consulted) | R (Responsible) | C (Consulted) |
| Draft WSP Amendments | R (Responsible) | C (Consulted) | C (Consulted) | A (Accountable) | I (Informed) |
| Review and Approve Amendments | C (Consulted) | I (Informed) | C (Consulted) | A (Accountable) | I (Informed) |
| Communicate Changes to Staff | R (Responsible) | A (Accountable) | I (Informed) | R (Responsible) | C (Consulted) |
| Implement Associated Training | C (Consulted) | A (Accountable) | I (Informed) | R (Responsible) | I (Informed) |
| Archive and Document Changes | A (Accountable) | I (Informed) | I (Informed) | I (Informed) | R (Responsible) |

This governance structure is supported by periodic meetings, such as a quarterly Compliance Committee meeting, where upcoming regulatory changes and the status of ongoing WSP updates are discussed. This provides a forum for strategic discussion and ensures that senior management remains engaged with the firm’s compliance posture. The ultimate responsibility for the supervisory system, and by extension the WSPs, rests with the member firm itself.

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## Execution

The execution of a WSP update is a detailed, multi-stage process that demands precision and thorough documentation. It translates the strategic imperative for compliance into concrete, auditable actions. A failure in execution can render even the best-designed strategy ineffective, exposing the firm to significant regulatory risk. The core of execution is a disciplined, repeatable process that ensures every required change is identified, implemented, and verified.

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## The WSP Amendment Protocol

A robust [WSP amendment protocol](https://prime.greeks.live/area/wsp-amendment-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a step-by-step playbook for compliance personnel to follow. This protocol ensures consistency and completeness. It is not merely a checklist but a detailed workflow that guides the entire process from detection to dissemination.

- 
**Detection and Intake** ▴ The process begins with the formal identification of a required change. This trigger event ▴ a new FINRA rule, an SEC alert, or a change in business process ▴ is logged in a centralized [Regulatory Change Management](https://prime.greeks.live/area/regulatory-change-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system. The log entry should include the source of the change, the effective date, and a preliminary impact assessment.

- 
**Impact Analysis and Scoping** ▴ The CCO or a designated compliance officer conducts a detailed analysis to determine the precise impact on the firm’s WSPs. This involves identifying every section, paragraph, and procedure that is affected by the change. This step requires a deep understanding of both the new regulation and the firm’s existing operational structure.

- 
**Drafting and Collaboration** ▴ The designated owner drafts the specific textual amendments to the WSPs. This is a collaborative process. The drafter must work with the heads of affected business units and with the legal department to ensure the new procedures are operationally feasible, compliant with the rule, and clearly articulated.

- 
**Principal Review and Approval** ▴ As required by [FINRA Rule 3110](https://prime.greeks.live/area/finra-rule-3110/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), an appropriately registered principal must review and approve the amendments. This approval must be formally documented, often through a signed and dated attestation or an electronic workflow that captures the approval. This is a critical control point in the process.

- 
**Dissemination and Communication** ▴ Once approved, the amended WSPs must be communicated to all relevant associated persons. The method of communication can be electronic, such as posting to the firm’s intranet, but the firm must have procedures to notify employees of the changes and ensure the materials are accessible.

- 
**Training and Attestation** ▴ For significant changes, communication alone is insufficient. The firm must develop and deliver training to ensure that affected personnel understand the new procedures. Following the training, employees should be required to provide an attestation that they have received, read, and understood the updated WSPs.

- 
**Verification and Control Testing** ▴ After implementation, the firm’s audit or compliance testing function should conduct a review to verify that the new procedures are being followed correctly. This testing provides assurance that the WSP update has been effective in practice.

- 
**Archiving and Recordkeeping** ▴ The firm must retain the prior versions of its WSPs in compliance with record retention rules, such as SEA Rule 17a-4(e)(7). A clear and accessible archive of all past and present WSP versions is essential for responding to regulatory inquiries.

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## How Should a Firm Document WSP Changes?

Thorough documentation is the bedrock of a defensible WSP update process. Regulators will not only examine the content of the WSPs but also the process by which they are maintained. A detailed amendment log is a critical piece of evidence.

> A broker-dealer must promptly amend its written supervisory procedures to reflect changes in applicable securities laws and regulations as they occur.

The following table provides a granular example of how a WSP amendment log might be structured, tracking a hypothetical response to a new cybersecurity rule.

### WSP Amendment Log Example

| Log ID | Trigger Event | Effective Date | WSP Section(s) Affected | Date Amendment Drafted | Approving Principal | Approval Date | Communication Date | Training Required | Status |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| WSP-2025-001 | New SEC Cybersecurity Rule 10 | 2025-04-29 | Section 7.4 (Data Security), Section 11.2 (Incident Response) | 2025-03-15 | Jane Doe | 2025-03-20 | 2025-03-22 | Yes | Completed |
| WSP-2025-002 | FINRA Guidance on Remote Inspections | 2025-06-30 | Section 4.1 (Branch Office Inspections) | 2025-05-10 | John Smith | 2025-05-15 | 2025-05-16 | No | Completed |
| WSP-2025-003 | Launch of New Options Trading Desk | 2025-08-01 | Section 5.8 (Options Trading Supervision), Section 6.3 (New Product Approval) | 2025-07-05 | Jane Doe | 2025-07-12 | 2025-07-15 | Yes | Completed |
| WSP-2025-004 | U.S. Supreme Court Ruling on Chevron Doctrine | 2024-06-28 | Section 1.1 (Regulatory Interpretation Framework) | 2025-08-20 | John Smith | 2025-08-25 | 2025-08-26 | No (Memo to Legal/Compliance) | In Progress |

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## The Annual Review as a Systemic Backstop

While event-driven updates are the primary mechanism for responding to new rules, the required annual review serves as a crucial systemic backstop. This review is not a simple read-through of the WSPs. It is an intensive, documented process to assess the overall health of the firm’s supervisory system.

The annual review process should include:

- 
**Business Activity Confirmation** ▴ A review of all business lines to ensure they are accurately described and covered by the WSPs.

- 
**Supervisory Structure Verification** ▴ Confirming that the designated principals and supervisors are correctly identified and that the chain of command is clear.

- 
**Testing of Procedures** ▴ A sampling and testing of key supervisory controls documented in the WSPs to ensure they are being performed as written.

- 
**Gap Analysis** ▴ An analysis to identify any business activities or regulatory requirements that are not adequately addressed by the current WSPs.

- 
**Formal Report** ▴ The findings of the annual review should be documented in a formal report to senior management, outlining any deficiencies found and the corrective actions to be taken.

This annual process ensures that even if a required event-driven update is missed, there is a scheduled, comprehensive review that will eventually catch the gap. It provides a layer of redundancy in the compliance architecture, strengthening the firm’s overall resilience to regulatory risk.

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## References

- FINRA. “3110. Supervision.” FINRA.org. Accessed August 2, 2025.

- FINRA. “Written Supervisory Procedures Checklist for Broker-Dealers.” FINRA.org, 19 Sept. 2022.

- Forvis Mazars. “FORsights™ Broker-Dealer SEC Regulatory Update.” Forvis Mazars, 23 Sept. 2024.

- “Federal Register/Vol. 88, No. 225/Friday, November 24, 2023/Notices.” GovInfo, 24 Nov. 2023.

- Gibson, Dunn & Crutcher. “Securities Enforcement 2025 Mid-Year Update.” Gibson Dunn, 28 July 2025.

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## Reflection

Viewing the WSP update process solely through the lens of regulatory obligation is to miss its deeper function. The procedures are more than a compliance document; they are the executable code of the firm’s risk management philosophy. Each amendment, prompted by a new rule or a shift in business, is an opportunity to refine this code, to enhance the system’s efficiency, and to reinforce the structural integrity of the entire organization. The true question is not how often the WSPs must be updated, but rather, how robust is the system that drives those updates?

Consider the architecture of your firm’s own regulatory response mechanism. Is it a reactive, manual process, dependent on the heroic efforts of a few individuals? Or is it an engineered, systematic capability that translates external change into internal strength with precision and speed? The frequency and quality of WSP updates are an output, a direct reflection of the underlying operational system.

A superior system does not view regulatory change as a threat to be managed, but as a constant stream of data that can be used to continuously optimize the firm’s performance and resilience. The ultimate goal is a state of dynamic alignment, where the firm’s internal procedures are always a perfect, real-time expression of its external obligations and its own strategic intent.

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## Glossary

<a href="https://prime.greeks.live/area/written-supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Written Supervisory Procedures

Meaning ▴ Written Supervisory Procedures represent the formal documentation outlining the operational controls and compliance obligations within a regulated financial entity. </a><a href="https://prime.greeks.live/area/supervisory-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Supervisory System

Meaning ▴ A Supervisory System represents a high-level control plane within an automated trading architecture, designed to monitor, evaluate, and dynamically adjust or halt the operations of underlying execution algorithms and market-facing protocols based on predefined parameters and real-time market conditions. </a><a href="https://prime.greeks.live/area/supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Supervisory Procedures

Meaning ▴ Supervisory Procedures denote the formalized frameworks and systematic controls implemented by financial institutions to monitor, regulate, and ensure adherence to internal policies, regulatory mandates, and risk parameters across their operational activities. </a><a href="https://prime.greeks.live/area/regulatory-change/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Regulatory Change

Meaning ▴ Regulatory Change represents a formal alteration or introduction of statutes, rules, or guidelines by governmental bodies or self-regulatory organizations, directly impacting the operational framework, financial conduct, and systemic infrastructure of institutional participants within digital asset markets. </a><a href="https://prime.greeks.live/area/annual-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Annual Review

Meaning ▴ An Annual Review represents a formal, systematic assessment of an institution's digital asset derivatives trading infrastructure, execution performance metrics, and comprehensive risk management frameworks, typically conducted on a cyclical basis to validate operational efficacy and identify strategic optimization opportunities. </a><a href="https://prime.greeks.live/question/what-are-the-core-differences-between-a-reactive-and-a-proactive-fx-risk-management-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Proactive Regulatory Intelligence

A proactive FX strategy is a system designed to neutralize risk; a reactive one is a process for managing outcomes. </a><a href="https://prime.greeks.live/question/how-does-a-change-in-risk-capacity-differ-from-a-change-in-risk-tolerance-during-due-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Integrated Change Management

A change in risk capacity alters an institution's financial ability to bear loss; a change in risk tolerance shifts its psychological will. </a><a href="https://prime.greeks.live/question/from-a-systems-perspective-how-should-a-firm-document-its-close-out-calculation-process-under-the-2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Process Should

A firm should document its ISDA close-out calculation as a resilient, auditable system to ensure a legally defensible outcome. </a><a href="https://prime.greeks.live/question/how-do-regulatory-changes-in-post-trade-transparency-impact-the-viability-of-dark-pools-for-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, reflective apparatus with a glowing Intelligence Layer core, embodying a Principal's Core Trading Engine for Digital Asset Derivatives. Four sleek blades represent multi-leg spread execution, dark liquidity aggregation, and high-fidelity execution via RFQ protocols, enabling atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-execution.jpg)

## Regulatory Changes

Post-trade transparency mandates degrade dark pool viability by weaponizing execution data against the originator's remaining position. </a><a href="https://prime.greeks.live/area/change-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Change Management

Meaning ▴ Change Management represents a structured methodology for facilitating the transition of individuals, teams, and an entire organization from a current operational state to a desired future state, with the objective of maximizing the benefits derived from new initiatives while concurrently minimizing disruption. </a><a href="https://prime.greeks.live/question/how-does-a-change-in-risk-capacity-differ-from-a-change-in-risk-tolerance-during-due-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sleek, abstract forms, one dark, one light, are precisely stacked, symbolizing a multi-layered institutional trading system. This embodies sophisticated RFQ protocols, high-fidelity execution, and optimal liquidity aggregation for digital asset derivatives, ensuring robust market microstructure and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-platform-architecture-high-fidelity-execution-protocols-and-liquidity-aggregation.jpg)

## Required Change

A change in risk capacity alters an institution's financial ability to bear loss; a change in risk tolerance shifts its psychological will. </a><a href="https://prime.greeks.live/area/registered-principal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished metallic modular hub with four radiating arms represents an advanced RFQ execution engine. This system aggregates multi-venue liquidity for institutional digital asset derivatives, enabling high-fidelity execution and precise price discovery across diverse counterparty risk profiles, powered by a sophisticated intelligence layer](https://options.greeks.live/wp-content/uploads/2025/08/principal-rfq-hub-digital-asset-derivatives-liquidity-aggregation.jpg)

## Registered Principal

Meaning ▴ A Registered Principal is a FINRA-licensed individual within a broker-dealer, supervising business activities and representatives. </a><a href="https://prime.greeks.live/area/governance-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Governance Structure

Meaning ▴ Governance Structure defines the formal system of rules, processes, and controls dictating how an organization, protocol, or platform is directed and managed, particularly concerning decision-making, accountability, and resource allocation within a digital asset ecosystem. </a><a href="https://prime.greeks.live/question/how-should-a-broker-dealer-update-its-aml-program-for-foreign-correspondent-accounts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device with a prominent lens, embodying a sophisticated RFQ workflow engine. Its modular design signifies integrated liquidity pools and dynamic price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-2.jpg)

## Update Process

A broker-dealer must update its AML program by architecting a dynamic, risk-based due diligence system for foreign correspondent accounts. </a><a href="https://prime.greeks.live/area/wsp-amendment-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Wsp Amendment Protocol

Meaning ▴ The WSP Amendment Protocol defines a deterministic procedure for the dynamic adjustment of resting order parameters, specifically their price and size, in response to real-time fluctuations in a calculated Weighted Spread Price. </a><a href="https://prime.greeks.live/area/regulatory-change-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Regulatory Change Management

Meaning ▴ Regulatory Change Management constitutes the structured discipline of identifying, analyzing, implementing, and continuously monitoring modifications to an organization's operational frameworks, technological systems, and internal controls in direct response to evolving legal and regulatory mandates. </a><a href="https://prime.greeks.live/area/finra-rule-3110/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark, angled component, representing an RFQ protocol engine, rests on a beige Prime RFQ base. Flanked by a deep blue sphere representing aggregated liquidity and a light green sphere for multi-dealer platform access, it illustrates high-fidelity execution within digital asset derivatives market microstructure, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-system-for-digital-asset-derivatives-price-discovery.jpg)

## Finra Rule 3110

Meaning ▴ FINRA Rule 3110 mandates that member firms establish and maintain a system to supervise the activities of their associated persons, including all business conducted by the firm and its personnel. </a>

**Tags:** [Annual Review](https://options.greeks.live/area/annual-review/), [Regulatory Change Management](https://options.greeks.live/area/regulatory-change-management/), [Registered Principal Approval](https://options.greeks.live/area/registered-principal-approval/), [WSP Amendment Protocol](https://options.greeks.live/area/wsp-amendment-protocol/), [FINRA Rule 3110](https://options.greeks.live/area/finra-rule-3110/), [Registered Principal](https://options.greeks.live/area/registered-principal/)	

## Discover More

- 
### [What Are the Most Common Challenges in a Crm and Rfp Integration?](https://options.greeks.live/question/what-are-the-most-common-challenges-in-a-crm-and-rfp-integration/)
![A sleek, multi-component device with a prominent lens, embodying a sophisticated RFQ workflow engine. Its modular design signifies integrated liquidity pools and dynamic price discovery for institutional digital asset derivatives. This system facilitates high-fidelity execution, real-time risk aggregation, and optimized capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-2.jpg)

A unified CRM and RFP system transforms disparate data points into a cohesive, actionable client narrative, driving proposal success.

- 
### [How Will the SEC’s Proposals Affect the Business Models of High-Frequency Trading Firms?](https://options.greeks.live/question/how-will-the-secs-proposals-affect-the-business-models-of-high-frequency-trading-firms/)
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

The SEC's proposals will reshape HFT business models by aligning their market function with dealer regulations, increasing operational costs.

- 
### [How Can an Organization Foster Better Collaboration between Sales and Rfp Teams?](https://options.greeks.live/question/how-can-an-organization-foster-better-collaboration-between-sales-and-rfp-teams/)
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

An organization fosters collaboration by reengineering its sales-to-proposal workflow into a single, integrated system.

- 
### [How Does User Adoption and Team Sentiment Factor into the Overall Evaluation of an Ai Rfp System?](https://options.greeks.live/question/how-does-user-adoption-and-team-sentiment-factor-into-the-overall-evaluation-of-an-ai-rfp-system/)
![A futuristic, dark grey institutional platform with a glowing spherical core, embodying an intelligence layer for advanced price discovery. This Prime RFQ enables high-fidelity execution through RFQ protocols, optimizing market microstructure for institutional digital asset derivatives and managing liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-intelligence-layer.jpg)

User adoption and team sentiment are the primary determinants of an AI RFP system's value, acting as lead indicators of its operational success.

- 
### [What Are the Supervisory Responsibilities for Firms Using Third Party Cat Reporting Vendors?](https://options.greeks.live/question/what-are-the-supervisory-responsibilities-for-firms-using-third-party-cat-reporting-vendors/)
![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

A firm's duty is to build and execute a robust supervisory system to verify the accuracy of its vendor's CAT reporting.

- 
### [Can a Broker Dealer Use a Third Party Vendor for Its Pre-Trade Risk Checks and Still Comply with the Rule?](https://options.greeks.live/question/can-a-broker-dealer-use-a-third-party-vendor-for-its-pre-trade-risk-checks-and-still-comply-with-the-rule/)
![A translucent institutional-grade platform reveals its RFQ execution engine with radiating intelligence layer pathways. Central price discovery mechanisms and liquidity pool access points are flanked by pre-trade analytics modules for digital asset derivatives and multi-leg spreads, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-platform.jpg)

A broker-dealer can use a third-party vendor for pre-trade risk checks by embedding the vendor's tools within its own robust supervisory system.

- 
### [How Can Firms Differentiate between Legitimate and Manipulative Trading in an Omnibus Account?](https://options.greeks.live/question/how-can-firms-differentiate-between-legitimate-and-manipulative-trading-in-an-omnibus-account/)
![A central toroidal structure and intricate core are bisected by two blades: one algorithmic with circuits, the other solid. This symbolizes an institutional digital asset derivatives platform, leveraging RFQ protocols for high-fidelity execution and price discovery. It optimizes market microstructure for capital efficiency, managing multi-leg spreads and latent liquidity within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-hub-integrating-algorithmic-intelligence-for-high-fidelity-price-discovery-and-liquidity-aggregation.jpg)

Firms differentiate trading in omnibus accounts by deploying systemic surveillance that detects anomalous patterns and coordinated behaviors inconsistent with rational, independent investment activity.

- 
### [What Are the Regulatory Implications of a Kill Switch Failure under SEC Rule 15c3-5?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-a-kill-switch-failure-under-sec-rule-15c3-5/)
![A textured, dark sphere precisely splits, revealing an intricate internal RFQ protocol engine. A vibrant green component, indicative of algorithmic execution and smart order routing, interfaces with a lighter counterparty liquidity element. This visual metaphor illuminates market microstructure for institutional digital asset derivatives, enabling high-fidelity execution of multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

A kill switch failure under SEC Rule 15c3-5 triggers severe regulatory action, as it proves a firm's loss of control over market access.

- 
### [What Are the Primary Risks in an Erp and Rfp Platform Integration Project?](https://options.greeks.live/question/what-are-the-primary-risks-in-an-erp-and-rfp-platform-integration-project/)
![A central concentric ring structure, representing a Prime RFQ hub, processes RFQ protocols. Radiating translucent geometric shapes, symbolizing block trades and multi-leg spreads, illustrate liquidity aggregation for digital asset derivatives. Sharp angular elements highlight high-fidelity execution and price discovery in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-4.jpg)

The primary risks in an ERP and RFP platform integration project stem from the complex interplay of technology, people, and processes.

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            "acceptedAnswer": {
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                "text": "A dynamic governance structure provides the command and control for the WSP update strategy. It defines roles, responsibilities, and escalation paths. A well-defined governance model ensures that there is no ambiguity about who does what, preventing critical updates from falling through the cracks. This is often codified in a RACI chart."
            }
        },
        {
            "@type": "Question",
            "name": "How Should A Firm Document WSP Changes?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Thorough documentation is the bedrock of a defensible WSP update process. Regulators will not only examine the content of the WSPs but also the process by which they are maintained. A detailed amendment log is a critical piece of evidence."
            }
        }
    ]
}
```


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**Original URL:** https://options.greeks.live/question/how-often-should-a-broker-dealer-update-its-wsps-in-response-to-new-regulations/
