New York-based
The web-based tool, to be made available through DTCC’s
Information about fund objectives, investment minimums and maximums, fees, breakpoint schedules and linkage rules, will be sorted according to four categories: management company, share class, fund portfolio and CUSIP, or security identifier.
“Having that information readily available and up to date will give broker/dealers and other fund distributors immediate access to the rules governing a fund and also help them with compliance issues—applying proper breakpoints to their customer’s accounts, for example, “ said Ann Bergin, managing director and general manager of DTCC.
Data that is entered at one category will immediately be linked to the other categories, eliminating the same data from having to be input four times for each of the four categories, and therefore reducing the risk of discrepancies and errors.
The database will include redesigned web-based screens that will allow users to search for any data included in a fund prospectus.
“The end result will provide a standard and a complete source of mutual fund security data, and move our industry further towards a model for efficient operations processing,” said Kathy Joaquin, director of operations and distribution for the
