The Bank of New York said on Thursday it has developed new a software platform designed to vastly improve the companys compliance program to meet the requirements of the Securities and Exchange Commissions new compliance rule.
The new software, CCOaccess, will provide chief compliance officers information on post-trade compliance, market-timing surveillance and fair valuation. The reports are generated through INFORM, the companys Web-based information system for both institutional and corporate clients.
CCOacess will also serve as a repository for reference data to cope with new recordkeeping requirements for mutual funds. It will also feature hyperlinks to laws that impact chief compliance officers, as well as key industry and regulatory Web sites.
"This initiative reflects our strategic focus on anticipating clients needs and developing solutions that help them comply with todays complex regulatory requirements," said Tim Overzat, BoNYs managing director of mutual fund accounting and administrative services
The SEC requires all mutual fund companies to have a chief compliance officer, effective Oct. 5, 2004.