SEC Updates Filing Fee Disclosure and Payment Methods



In other news, Bradesco looks to SS&C, BNY is increasing its FX game, MAS is tackling money laundering, and FundGuard is hiring at State Street.

SEC modernizes fee payment

US regulator of financial markets, the SEC is revising “most forms, schedules and related fee-paying rules” and requires companies and funds to “include all information required for the calculation of filing fees in a structured format,” announced officials.

The regulator has “passed changes to modernize filing fee disclosure and payment methods” that will take effect Jan.31, 2022, with more start dates throughout next year, according to an official statement. “Operating companies and investment companies (funds) pay an application fee when they engage in certain transactions, including offers of registered securities, take-over bids, and mergers and acquisitions. “

The SEC notes that the changes also create options for automated clearing house (ACH) and debit and credit card payment deposit fees and “eliminate infrequently used options for paying deposit fees via checks. paper and money orders, ”officials say. “The changes aim to improve filing fee preparation and payment processing by facilitating both improved validation through structuring deposit fees and lower cost and easily routable payments through the ACH payment option. “

The SEC will publish the text of all changes in the publication known as the Federal Register.

“The changes that will add the options for paying deposit fees through ACH and debit and credit cards and eliminate the option of paying deposit fees by paper checks and money orders will come into effect on May 31, 2022,” according to the SEC, which provides for an extended transition period to “give filers more time to comply with Inline XBRL structuring requirements for filing fee information.”

“These updates, which will be phased in over the next few years, will make the filing process faster, cheaper and more efficient for SEC staff and market participants,” said the chairman of the SEC, Gary Gensler, in a prepared statement.

The full 432 pages of the changes can be found here:

Bradesco Securities chooses SS&C WHO

SS&C Technologies Holdings, Inc. reports that Bradesco Securities, the institutional brokerage arm of Brazilian firm Bradesco BBI, will use SS&C’s MarketTrader (OMS) order management system for its trading operations.

MarketTrader “will serve as Bradesco’s sell-side order management system, supporting multi-asset trading, FIX connectivity, IOI / trade advertising and commission management,” SS&C said in a statement. “In addition, MarketTrader will help Bradesco meet CAT and MiFID II reporting requirements. Fully integrated with SS&C FIXLink, the solution supports global access to brokers and institutions.

Bradesco Securities, Inc. operates as an institutional brokerage firm, notes the SS&C statement.

SS&C, based in Windsor, Connecticut, founded in 1986, is a “service and software provider to the financial services and healthcare industries.” … Some 18,000 healthcare and financial services organizations, from the world’s largest companies to small and medium-sized businesses, trust SS&C for expertise, scale and technology, ”according to the vendor. – L.Ch

BNY Mellon Strengthens Custody FX Capabilities

BNY Mellon reports that it is expanding its Custody FX offering by adding trading capabilities and “moving from a primarily custodial-oriented service model to a transparent open architecture that can be leveraged by a variety of client types for their clients. end-to-end rules. -the needs of the final transaction, ”officials say.

“Indeed, immediately, clients of our FX trading programs can customize the way they trade currencies through BNY Mellon, among other new enhancements to the company’s Custody FX programs to increase transparency and provide participants with more flexibility. “, According to an official statement.

In fact, clients of the FX trading program can improve the execution of large orders through access to algorithmic execution methods for orders over a certain size, officials said.

Incorporating these new features will help users design elements of their standing orders and deliver further enhancements such as:

  • Improved transparency: “Improved transaction micro-timestamping facilitates enhanced transaction cost analysis (TCA) for customers, providing visibility into how their instructions are executed and executed”; “
  • Extensive portfolio customization: “Clients have more customizable rule-based options to tailor their currency strategies; “
  • Improved execution capacities in Asia: BNY Mellon has enhanced its “offering in the APAC markets, including adding expanded benchmark execution providing clients with greater transparency while expanding the client coverage team across the region.”

MAS unveils digital platform to fight money laundering

The Monetary Authority of Singapore (MAS) reports that it will introduce a digital platform and regulatory framework enabling financial institutions (FIs) to “share relevant customer and transaction information with each other in order to prevent money laundering. money (ML), terrorist financing (FT). ) and proliferation financing.

A MAS statement points out that a “common challenge facing FIs in most jurisdictions is that they are unable to alert each other to unusual activity in client accounts. This loophole is frequently exploited by financial criminals to conduct illicit transactions through a network of entities with accounts in different FIs, so that each FI alone does not have sufficient information to detect these transactions in a timely manner.

The Monetary Authority of Singapore’s new digital platform has been dubbed COSMIC, an acronym for “Collaborative Sharing of Information and ML / FT Cases”.

The COSMIC platform is intended to “enable FIs to securely share customer or transaction information when they cross significant risk thresholds. Such information sharing will help FIs identify and disrupt illicit networks, thereby helping to protect Singapore’s financial center. “

The platform was co-created by MAS and six commercial banks in Singapore, according to the statement, and is expected to launch in the first half of 2023.

The six banks are DBS Bank Ltd, Oversea-Chinese Banking Corporation, United Overseas Bank Limited, Standard Chartered Bank, Citibank and HSBC. – L.Ch

FundGuard appeals to State Street for new chairman

John lehner

FundGuard, a cloud-based investment management and asset services platform, has appointed John lehner as its new president.

Lehner’s mandate is to “drive the company’s go-to-market strategy and direct-to-customer activities, including broader global expansion, onboarding and serving new customers. , building new relationships with customers and working closely with product teams to develop and deploy product strategy and marketing, ”the vendor said in a statement.

Lehner has over 30 years of experience in the “investment management technology industry and asset services across technology, data and services, successfully building and transforming global businesses,” the statement said. .

He comes from State Street where he was most recently global head of the asset management and insurance segments, investment management services and a member of the management committee, the FundGuard statement said. – L.Ch



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