ISYS has enhanced its portfolio of regulatory services with a new service aimed at helping broker-dealers and investment companies monitor their compliance with breakpoint sales regulations.
The service was spurred by recent findings of regulatory examinations jointly conducted by the SEC, NASD, and NYSE to determine if firms selling front-end load fund shares were properly applying breakpoint discounts for eligible customers, according to a company release.
BISYS can now assist firms in assessing their compliance with all mutual fund-related regulatory requirements. BISYS' regulatory consultants will review written policies and procedures for the supervision of mutual fund sales practices; trade processing methodology, operating systems, transfer agent, and third-party service providers; and customer transactions, as required by the NASD.
"BISYS now offers a proactive solution that assists firms in assessing the adequacy of their written supervisory procedures and compliance programs, including whether they are providing the appropriate discounts to their customers," said John Pinto
, managing director of BISYS Regulatory Services. "BISYS also provides guidance on resolving any deficiencies."
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