The Bank of New York said on Thursday it has developed new a software platform designed to vastly improve the company’s compliance program to meet the requirements of the Securities and Exchange Commission’s 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 company’s 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 today’s complex regulatory requirements," said Tim Overzat, BoNY’s 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.

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