According to a release from the company, the revamped
BISYS product includes fully automated and flexible
redemption fee and trade blocking capabilities meant to
adhere to fund family frequent trading policies, and
produces a shareholder information and transaction report
consistent with the NSCC Standardized Data Reporting Format
BISYS Releases Rule 22c-2 Compliance
The regulator 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 ).
For more information about the BISYS product contact Robert Guillocheau, president of BISYS Retirement Services, at 215.648.4816.