A BISYS news release said that the new product, available to fund clients who employ BISYS as a transfer agent and distributor, offers:
- shareholder information agreement negotiations and execution,
- tracking and monitoring technology,
- trade compliance,
- ongoing analysis of account-level transaction data,
- reports tailored to the needs of the fund, boards, and CCOs, and
- management of trade exceptions.
The product is also being timed to help boards meet the anticipated compliance deadline of October 16, 2006, BISYS said.
“22c-2 represents the most challenging and potentially cost-draining compliance requirement for fund companies that we’ve seen in recent years,” said Fred Naddaff, president, BISYS Fund Services, in the news release. “Though technology is a major component, it doesn’t solve a mutual fund’s total 22c-2 compliance obligation.”