According to a BISYS press release, in addition
to its previously announced automated and flexible
redemption fee and trade blocking capabilities which adhere
to fund family frequent trading policies and a
shareholder information and transaction report consistent
with the NSCC Standardized Data Reporting Format (See
BISYS Releases Rule 22c-2 Compliance
), the total solution now includes a Shareholder
Information Services Agreement based on the ICI Model
Agreement to aid in getting intermediary agreements in
place by April 16, 2007.
The SEC gave its final blessing in late September to the amended rule, which requires that most mutual funds execute shareholder information agreements with intermediaries, such as broker-dealers, that hold shares on behalf of other investors. Those funds will now have access to the identity of the customers involved in such transactions – including omnibus accounts – and will require fund board of directors to consider whether a redemption fee policy suits their fund (See SEC Gives Final Passage to 22c-2 Changes ).
The Charles Schwab Trust Company released its own answer to 22c-2 in July (See Schwab Prepared for Rule 22c-2 ) and The Depository Trust & Clearing Corporation (DTCC) did the same in August (See DTCC Puts Out 22c-2 Product ).
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