Mutual Fund Compliance Program Launched
Mutual fund clients of technology provider DST Systems and third-party transfer agent Boston Financial now have access to Compliance+, an enterprise-wide compliance program that allows companies to comply with SEC Rule 38a-1.
According to the rule, Chief Compliance Officers of all U.S. mutual fund companies are expected to have written policies and procedures that ensure compliance with certain federal securities laws in place by Oct. 5, 2004. Those policies and procedures must also be reviewed by an independent third party within 18 months of implementation. "For those who are in the early stages of drafting their policies and procedures, and those who have yet to start, Compliance+ can be the template from which to model and document their own procedures and process flows," said Jeff Cook, director of regulatory compliance for DST Systems, in the release.