SunGard Unveils SEC Rule 22c2 Information System

April 25, 2006 ( - SunGard says it will provide OmniPlus customers with an automated system for complying with the Securities and Exchange Commission (SEC) Rule 22c-2 regarding the provision of historical participant trade activity.

According to a SunGard news release, its SunGard Transaction Network 22c-2 Services, in conjunction with the OmniTrade Standardized Data Reporting (SDR) product, provides an integrated process for responding to fund company requests for the data.

Leveraging its network connectivity model, STN 22c-2 Services can help Omni customers achieve a straight-through processing environment for complying with fund company requests for trade details, the company asserted. STN 22c-2 Services include secure data storage of participant-level trading activity, advanced analytics, automated communication with fund companies and administrative tools over a Web-based interface.

OmniTrade SDR formats OmniPlus activity and transmits encrypted 22c-2 information to STN. Customers also have the ability to store participant level trading activity on-site and transmit an interface file to STN in response to fund company requests.

“The SEC rule creates the potential for significant data transmissions to occur between fund companies and our customers’ recordkeeping operations,” says Don Mackanos, president of SunGard’s Omni business unit. “The combination of new Omni functionality and STN 22c-2 Services will help our customers handle the intricacies of these new demands by storing, tracking, processing and reporting on detailed trade information.”

The SEC adopted Rule 22c-2 in May 2005, allowing fund companies to request historical participant level trade activity from recordkeeping intermediaries that produce omnibus trades to research potential market timing violations (See  Recordkeepers React to Expenses Associated With SEC Redemption Fee Rules ). The rule goes into effect October 2006.