BISYS Releases Rule 22c-2 Compliance Product

May 3, 2006 ( - BISYS has unveiled the BISYS 22c-2 Solution, which it said is designed to help mutual fund operators comply with Securities and Exchange Commission Rule 22c2 mutual fund transaction disclosures.

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.”