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Friday, December 09, 2011

DTCC Tool Will Track Cost Basis for Mutual Fund Assets

News summary by MFWire's editors

The Cost Basis Reporting Service by the Depository Trust & Clearing Corporation will now provide cost basis information on mutual fund assets, reports David Janowski of Investment News.

The Emergency Economic Stabilization Act of 2008 requires financial intermediaries to report cost basis of mutual fund holdings to the IRS starting in the new year.

The DTCC's CBRS tool acts as a secure hub for asset transfers between various custody platforms, allowing them to exchange information used to track cost basis.

DTCC managing director and general manager for Clearing Services Murray Pozmanter, explained that the tool is designed to "further mitigate risk, support standardization and improve processing efficiencies." He adds that "legislation surrounding cost basis reporting presents a new challenge to financial intermediaries and CBRS aims to help the industry comply with the regulation that continues to roll out in various market segments."

As per charges, each original asset record submitted will cost $0.01 and every original record received will be charged $0.09, stated Lydia Midwood, director of DTCC Clearance and Settlement area. 

Edited by: HFD

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