Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:What's Your 22c-2 Status? Not Rated 3.3 Email Routing List Email & Route  Print Print
Friday, July 6, 2007

What's Your 22c-2 Status?

Reported by Erin Kello

The deadline for compliance with the last phase of SEC's Rule 22c-2 is looming, so what is the industry doing to get ready?

The rule requires that fund companies have individual account level data in order to be able to catch market-timers. The deadline for the final provision of data sharing is October 16.

Recently, the Coalition of Mutual Fund Investors released a study entitled, "An evaluation of Mutual Fund Redemption Fees and other Market-Timing Policies," that found that for mutual funds, identifying market timers in accounts maintained by intermediaries is still difficult to say the least.

"The problem is as much with the intermediaries as with the fund companies," said Todd Moyer, SVP at STN Sungard, a company that provides funds with an account level data sharing tool, in an interview.

SunGard's system allows fund companies to turn to them as a third party provider to access account level data, thus eliminating the need for them to reach out to hundreds of intermediaries.

"PFPC and STN's 22c-2 solution allows fund companies to obtain their data in one location from every intermediary, with the ability to run analytics against all data and utilize the numerous reports the system has to offer to provide to their compliance officers," Peter Rigopoulos, VP and senior director at PFPC, a partner of SunGard, told the MFWire.

"The biggest problem is in securing the data, which consists of investors' social security numbers," Moyer said.

According to Moyer, there are three levels on which the data must be secured, data level security, warehouse security, and pipe and transmission line security.

About 50 fund companies currently use SunGard's service.

There are two ways for a fund company to handle compliance with 22c-2: they can outsource the process to a company such as SunGard, or they can keep the process in house.

"Fund companies need to weigh the cost, resources, and security of data, among other items, when deciding between building their internal systems or outsourcing to companies like PFPC, which has already spent the time, resources and dollars to build a turnkey solution for both the fund company and intermediary industry," Rigopoulos said.

"Most companies I've seen so far have outsourced the process. Once fund boards reviewed these factors internally, many decided it made sense to outsource the work to an organization that already had the appropriate technology infrastructure and expertise in place," Rigopoulos added.

So how prepared is the fund industry in general for the October 16 deadline?

"I think most companies are pretty well prepared so far, but I'm sure there will be a push right before the deadline," Rigopoulos said.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.3
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. MFDF Director Discussion Series - Open Forum, July 9
  2. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  3. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  4. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  5. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  6. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  7. MFDF webinar - ETF Conversions, July 17
  8. MFDF Director Discussion Series - Open Forum (New York), July 22
  9. MFDF Ask Anything webinar - AI Edition, July 24
  10. MFDF webinar - Use of Derivatives by RICs, July 29
  11. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  12. Samfund Soiree Boston 2025, August 21
  13. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  14. ICI ETF Conference, Sep 8-10
  15. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  16. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  17. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  18. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  19. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  20. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  21. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  22. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  23. 10th annual Fuse Forum, October 8
  24. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  25. 2025 MMI Annual Conference, Oct 15-17
  26. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use