Mutual fund clients of the back-office specializing Boston Financial and computer software firm DST Systems will be able to easily adhere to SEC Rule 38a-1 with the companies Compliance+ system, an "enterprise-wide compliance program" that helps firms meet the rules strict and specific requirements.
The rule forces companies to forge written compliance rules that cater to the securities laws and come under subject of review each year, as well as hire a chief compliance officer. Firms must come into compliance with the rule by October 5, 2004.
The three-pronged Compliance+ interface will allow CCOs to understand which securities rules apply to specific procedures, and allows for the reporting of compliance information to clients. "Compliance+ addresses the requirements of this new rule from a holistic compliance infrastructure," said Jeff Cook, director of regulatory compliance for DST Systems. "It will supplement the efforts of those clients who have been working on their programs for awhile."