has launched its own Web-based tool designed to help fund companies comply with the Securities and Exchange Commission's Rule 22c-2.
In an interview, Christine Gill
, vice president and senior director of PFPC Global Product Management, said the solution provides direct access to more than 50 million broker-dealer and 43 million retirement subaccounts, setting it apart from the other 22c-2 offerings in the market.
The direct access, coupled with other product capabilities including an analytics engine, contract management and data warehousing, helps lower the costs tied to obtaining intermediary data, company officials said.
Gill said PFPC's expertise in subaccounting services places the Wilmington, Delaware-based firm in a good position to create a solution for monitoring market timing.
PFPC has tapped the SunGard Transaction Network to provide the technology underpinnings of the service via PFPC's Web-based portal. With this combination, the tool will establish an integrated connection to thousands of financial intermediaries and fund companies.
Rule 22c-2, which was adopted by SEC in March 2005 and will become effective on October 16, 2006, seeks to curb short-term trading and market timing by requiring mutual fund firms to enter into agreements with their intermediaries obligating them to provide funds with shareholder trading information.
PFPC is already in implementation talks with many fund firms, Gill said. PFPC will begin testing the tool with clients in August.
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