BusinessEdge says it can assist mutual funds and financial intermediaries in timely implementation of Rule 22c-2, which goes into effect on October 16, 2007. The rule is designed to curb abuses associated with short-term trading of mutual fund shares
BusinessEdge says it has experience assisting both mutual fund and financial intermediaries in selection and implementation of 22c-2 applications.
Mutual fund Rule 22c-2’s compliance deadline has previously been extended by the SEC, and BusinessEdge says the market does not anticipate it to be extended again.
“With over 500 mutual funds and 6,500 financial intermediaries, this ruling has an impact across every spectrum of the financial services industry,” says Sanjay Bery, Asset Management Solution Partner at BusinessEdge Solutions Inc.
“Surprisingly, many companies impacted have just started the planning for 22c-2 and the deadline is just 7 months away. To implement a 22c-2 quickly and cost effectively requires planning, understanding of the vendor landscape and coordination with all stakeholders.”
“22c-2 deadlines are approaching and action must be taken,” says Dick Whitney, Compliance Solution Partner at BusinessEdge Financial Services. “Plugging in the wrong solution is not the answer – each mutual fund and financial intermediary company must take an overall view of it’s current situation and determine the best solution to solving the 22c-2 issue.”