Press Releases
SunGard's Omni and STN Ready Customers for SEC Rule 22c-2 Compliance
April 25, 2006 — Birmingham, AL
SunGard today announced it will provide OmniPlus customers with an automated solution for complying with SEC Rule 22c-2 in advance of the SEC deadline. The SunGard Transaction Network 22c-2 Services, in conjunction with the OmniTrade Standardized Data Reporting (SDR) product, provides a fully integrated process for responding to fund company requests for historical, detailed trade activity. This solution for Rule 22c-2 compliance will be available to SunGard customers, including those that do not currently use OmniTrade or STN for trading purposes.
The SEC adopted Rule 22c-2 in May of 2005, allowing fund companies to request historical participant level trade activity from recordkeeping intermediaries that produce omnibus trades to research potential market timing violations. The rule goes into effect October 2006. A best practices task force, which was comprised of leading industry associations and committees such as the Investment Company Institute and The Depository Trust and Clearing Corporation, produced the guidelines, "Standardized Data Reporting" for complying with Rule 22c-2. SunGard was an active participant on this task force and has developed a full-service, ASP solution - STN 22c-2 Services - that will be integrated with a number of trading systems, including OmniTrade.
Leveraging its network connectivity model, STN 22c-2 Services can help Omni customers achieve a seamless, straight-through processing environment for complying with fund company requests for trade details. STN 22c-2 Services include secure data storage of participant-level trading activity, advanced analytics, automated communication with fund companies and administrative tools over a single, Web-based interface.
OmniTrade SDR formats OmniPlus activity and transmits encrypted 22c-2 information to STN. Customers also have the ability to store participant level trading activity on-site and transmit an interface file to STN in response to fund company requests.
"The SEC rule creates the potential for significant data transmissions to occur between fund companies and our customers' recordkeeping operations," says Don Mackanos, president of SunGard's Omni business unit. "The combination of new Omni functionality and STN 22c-2 Services will help our customers handle the intricacies of these new demands by storing, tracking, processing and reporting on detailed trade information."
About Omni
An integrated suite of products providing solutions for retirement plan administration, Omni encompasses: OmniPlus, a recordkeeping system that supports the administration of a variety of contributory pension plans in the U.S. and worldwide; OmniPay, a checkwriting and benefit disbursement system; OmniDBEN, a recordkeeping system for defined benefit and cash balance plan administration; OmniTrade, a trading and reconciliation system for company stocks and mutual funds; and OmniOnline, a browser-based solution that integrates all of these applications for plan sponsors, plan participants, call center representatives and third party administrators. Organizations worldwide process more than 30 million retirement plan accounts using OmniPlus.
About STN
A trade automation and connectivity solution, the SunGard Transaction Network (STN) links institutions throughout the financial services value chain, facilitating the purchase and sale of many security types, including U.S. and foreign, fixed income, mutual funds, money market funds, certificates of deposit and commercial paper. Integrated directly with SunGard systems and with third-party systems, STN helps automate the entire transaction lifecycle. Some 1,800 asset managers, 600 issuers and 210 broker/dealers are connected to STN.
About SunGard
With annual revenue of $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com.
Brokerage products and services offered by STN are provided by SunGard Institutional Brokerage Inc., member NASD/SIPC.
Trademark Information: SunGard, the SunGard logo, Omni and STN are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
Contact:
SunGard
Shannon Raley, 205-437-7797
Fax: 205-437-7991
Shannon.Raley@SunGard.com
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