BISYS Unveils Revamped 22c-2 Compliance Tool

October 23, 2006 ( - The retirement services unit of BISYS announced Monday the release of its 22c-2 compliance suite, designed to help companies comply with the Securities and Exchange Commission's (SEC) rule meant to prevent market timing.

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 (See BISYS Releases Rule 22c-2 Compliance Product ).

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.