SunGard to introduce compliance services for SEC rule STN 22c-2

Source: SunGard

SunGard today announced it will provide OmniPlus customers with an automated solution for complying with SEC Rule 22c-2 in advance of the SEC deadline.

The SunGard Transaction Network 22c-2 Services, in conjunction with the OmniTrade Standardized Data Reporting (SDR) product, provides a fully integrated process for responding to fund company requests for historical, detailed trade activity. This solution for Rule 22c-2 compliance will be available to SunGard customers, including those that do not currently use OmniTrade or STN for trading purposes.

The SEC adopted Rule 22c-2 in May of 2005, allowing fund companies to request historical participant level trade activity from recordkeeping intermediaries that produce omnibus trades to research potential market timing violations. The rule goes into effect October 2006. A best practices task force, which was comprised of leading industry associations and committees such as the Investment Company Institute and The Depository Trust and Clearing Corporation, produced the guidelines, "Standardized Data Reporting" for complying with Rule 22c-2. SunGard was an active participant on this task force and has developed a full-service, ASP solution - STN 22c-2 Services - that will be integrated with a number of trading systems, including OmniTrade.

Leveraging its network connectivity model, STN 22c-2 Services can help Omni customers achieve a seamless, straight-through processing environment for complying with fund company requests for trade details. 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 single, 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."

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