19 March 2018

SEI adjusts compliance toolkit to meet new regulatory demands

04 October 2010  |  2236 views  |  0 Source: SEI Investments

SEI (Nasdaq:SEIC) today announced that it has enhanced its ComplianceAdvantage program to help investment managers ease the burden of increasing regulatory complexity due to recent SEC rule changes.

Specifically, SEI has added regulatory filing support and expanded its portfolio compliance monitoring tools to help managers meet the new money market fund requirements. The enhancements demonstrate SEI's commitment to providing clients with ongoing compliance expertise and resources amid heightened regulatory scrutiny.

SEI's ComplianceAdvantage solution provides compliance support and a range of services aimed at assisting the efforts of clients' Chief Compliance Officers. The recent enhancements to the program are in direct response to amendments that have tightened the risk-limiting conditions of Rule 2a-7, the SEC rule that governs money market funds. The rule requires increased transparency in the portfolio review process. To address the changes, SEI's new regulatory filing support service will help managers complete the filing of Form N-MFP required under new disclosure rules going into effect Nov. 30, 2010. SEI will facilitate completion of the form, which requires answers to 84 different items each month, 38 of which must be completed for each individual security.

SEI also expanded its portfolio compliance monitoring tools to include monitoring and reporting of portfolio liquidity, credit ratings, and maturity limitations to address portions of the rule that went into effect in May. In addition to its standard daily testing, SEI performed extensive pre-testing against the new requirements to ensure all of its clients were in compliance prior to the May 28 deadline.

"The goal of enhancements to our ComplianceAdvantage program is to help managers navigate the complexity of the new rules and meet the necessary requirements in a cost-effective and efficient manner," said Jim Volk, Chief Compliance Officer for SEI's Investment Manager Services division. "With the benefit of having well-developed relationships with our managers and understanding their specific compliance needs, we have the expertise and capabilities to perform these additional services ourselves, applying best industry practices and leveraging our knowledge across our client base. We want to make compliance economical and easier for our clients so they can focus on managing their assets and their client relationships, knowing that their compliance and regulatory needs are being addressed."

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