Princeton Financial Systems (PFS), a leading provider of accounting, investment compliance, data management, performance measurement and reporting solutions to the global investment industry, today announced that version 2.0 of its US 1940 Act LawCard has been released.
In addition to various other improvements, this LawCard update supports the US Securities and Exchange Commission's (SEC) June 2009 money market reform proposal for improving the liquidity, maturity and quality of the investments made by money market funds. The LawCard will provide clients with a more stringent set of guidelines to comply with, thus enabling them to better manage risk in various economic conditions.
LawCards are predefined rule sets for monitoring investment compliance for major investment jurisdictions using MIG21®, PFS' award-winning investment compliance solution. PFS' US-1940 Act LawCard addresses investment restrictions on mutual funds, including money market funds, as defined by the Investment Company Act of 1940 ("1940 Act"). It also incorporates certain restrictions that are defined in the Internal Revenue Code.
Peter Trabert, Head of Princeton Financial Systems' LawCard team, underlines: "As a best-of-breed provider, we have decided to move fast, to develop solutions for the regulatory changes underway for money market funds. Given the inherent flexibility of LawCards and MIG21, we are able to incorporate changes quickly and efficiently."
Jim Russo, CEO of Princeton Financial Systems adds: "We are pleased to continue our leadership in compliance technology through the early adoption of the new regulatory standards for money market funds. With our US 1940 Act LawCard 2.0 in conjunction with MIG21, PFS clients get a head start on the upcoming reforms. They will be able to set themselves apart from their competition by providing money market fund oversight that is far more rigorous in order to protect investors under adverse conditions."