Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has developed a web-based product designed to help mutual funds comply with new SEC regulations that require all funds to designate a chief compliance officer and to strengthen compliance programs.
The new service, called CCOaccess(SM), provides chief compliance officers with high level reporting on functional areas, including post-trade compliance, market timing surveillance, and fair valuation. Reports are delivered electronically through INFORM, the Company's Internet-based information delivery and transaction platform for institutional and corporate clients.
In addition to the monitoring functionality, CCOaccess(SM) offers a reference data repository as an effective solution to the stringent documentation retention requirements applicable to mutual funds. Clients determine what documents the bank should maintain, as well as the format for the files, which are stored and organized in CCOaccess(SM). CCOaccess(SM) also offers hyperlinks to laws relevant to compliance officers, as well as key industry and regulatory web sites.
Tim Overzat, managing director of The Bank of New York's Mutual Fund Accounting and Administrative Services Division, said, "This initiative reflects our strategic focus on anticipating clients' needs and developing solutions that help them comply with today's complex regulatory requirements. CCOaccess(SM) provides mutual funds and their chief compliance officers with a powerful tool to monitor and manage critical data through the bank's Internet platform, while centralizing recordkeeping and management of essential documentation."
Separately, Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York, will provide its nearly 1,100 customers and their investment professionals with access to NaviPlan Extended®, a powerful financial planning tool developed by Emerging Information Systems Inc.
NaviPlan Extended builds upon the capabilities of NaviPlan Standard, which has been available to Pershing's customers for the past year. It is designed to meet the needs of investment professionals who support high- and ultra-high-net-worth investors and offers several enhanced features, including the efficient calculation of the Alternative Minimum Tax at the federal level, and the ability to easily perform detailed federal and state income tax calculations, allowing for itemized deductions, standard deductions, and bracketed tax rates.
In addition, NaviPlan Extended provides investment professionals with the ability to quickly perform detailed estate analysis, including gifting assets to heirs, creating charitable trusts, and family limited partnerships. A small business planning component is also included that assesses the impact of C-Corporations and flow-through entities, including limited liability companies, partnerships, and S-Corporations, on an individual's financial plan.
Brian T. Shea, chief operating officer of Pershing, said, "Achieving success in today's investing environment requires access to wealth management tools that support high-net-worth customers. NaviPlan Extended offers a best-of-breed solution that will help streamline the planning process for investment professionals and enable them to focus even more of their energy on building client relationships."