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Friday, September 27, 2002

States Adopting Blue Sky Tools

by: Sean Hanna, Editor in Chief

Automated Business Development (ABD) is offering its BlueExpress system free to state governments. The unit of PFPC said that to date, eight states and the District of Columbia have taken advantage of the offer.

It is highlighting the service as a way for state officials to streamline their oversight of mutual fund sales. It also promises that states will be able to reduce paperwork and collect fees from fund firms faster.

"As state governments search for ways to promote efficiency, BlueExpress can help cut costs while improving the accuracy and timeliness of securities filings," said Peter Lemay, ABD's founder and chief executive officer.

The BlueExpress system is a Web-enabled service that assists fund firms in filing their "Blue Sky" documents with states. It is an open-source platform, meaning that anyone can use the system.

The eight states using BlueExpress include: Arkansas, Colorado, Iowa, Massachusetts, Nebraska, North Dakota, New Jersey and Oklahoma. To date, more than 117,000 electronic filings have been submitted to these states using the service.

State governments can integrate BlueExpress into their regulatory databases to receive Form NF and Form U-2 filings from any fund company or administrator, according to ABD. The system also receives and tracks the associated Automated Clearing House (ACH) payments from investment companies for registration fees.  

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