JPMorgan Worldwide Securities Services, a leading global provider of custody and investor related services, today announced the launch of two Web sites with information and tools to assist Chief Compliance Officers (CCOs) meet various mutual fund compliance requirements.
The U.S. Securities and Exchange Commission requires mutual funds to appoint CCOs and implement comprehensive policies and procedures to prevent fund companies and advisors from violating SEC regulations and securities laws.
JPMorgan Compliance Solutions supports the needs of CCOs and registered investment advisors in delivering coordinated services and provides the infrastructure and documentation needed to assist clients in documenting that fund policies and procedures are designed to prevent violation of federal securities laws.
The two new Web sites - a public and a client site - provide information about compliance and a variety of resources designed to support CCOs in meeting their responsibilities. For the public, JPMorgan has developed a Compliance Solutions page available via the bank's web site, jpmorgan.com/wss. The public Compliance Solutions page features an overview of the Compliance Solutions program and provides information about several of the products and services that JPMorgan offers to assist clients with their compliance needs.
Clients of JPMorgan Worldwide Securities Services also have 24-hour access to a client only, password-protected, extranet site that allows CCOs to retrieve relevant information and tools. These resources include the materials needed to help them meet their obligations under SEC Rules 38a-1 under the Investment Company Act of 1940 and 206(4)-7 under the Investment Advisers Act of 1940 with respect to services JPMorgan provides.
The JPMorgan Compliance Solutions client site includes:
- News & Communications - features an overview of our Compliance Solutions program, client communications, articles, press releases and program presentations.
- Policies/Procedures - includes a Procedure Matrix: an overview of JPMorgan policies, procedures & controls;
- SAS 70 Reports - enables users to view PDF files of Fund Accounting and Custody reports.
- References & Rules - links to the full text of the SEC Rules 38a-1 and 206(4)-7.
- JPMorgan ACCESS - ability to log into JPMorgan ACCESS(SM) and get direct admittance to the JPMorgan client portal. Here clients can access JPMorgan reporting systems to perform independent due diligence and testing or receive periodic reporting.
"In today's heightened regulatory environment, compliance and risk management have taken on new prominence in the marketplace," said Virginia Meany, head of Global Fund Administrative Services for JPMorgan Worldwide Securities Services. "Regulations are emerging from every direction, in every country around the world, so fund boards and asset managers need to ensure that they and their service providers have adopted comprehensive compliance programs."
Under Meany's watch, JPMorgan created the Compliance Solutions program to support the needs of CCOs to deliver coordinated services, infrastructure, documentation and tools to assist clients in documenting and monitoring the workings of compliance programs. The program offers a wide range of services from routine daily portfolio compliance monitoring and oversight to highly customized support services including Fund Regulatory Services, Investment Compliance Services, Plexus Group "Best Execution" Compliance Solutions, i-VAULT! Image Archiving Service, and the CCO Support Services with the password protected client-only Web site.