ICI Webinar on DTCC’s New Mutual Fund Account Transfer Enhancements to ACATS-Fund/SERV
On Tuesday, June 23, 2009, ICI hosted a webinar on the Depository Trust & Clearing Corporation’s new capability to transfer mutual fund shares more efficiently between fund companies, brokerage firms, banks, and other distribution firms through its enhanced ACATS-Fund/SERV service. The collaborative initiative of ICI’s Broker/Dealer Advisory Committee and DTCC’s Wealth Management Services was the first of three phases to allow for more efficient and standardized transfer activity processing between fund families and firms. The webinar was designed for operations, compliance, and legal professionals.
MATERIALS
HIGHLIGHTS
The discussion included DTTC’s three-part approach to implementing this automated service:
- how the Phase I implementation will allow firm-initiated transfers in-kind/re-registrations of shareholder positions to occur between funds and firms;
- an overview of industry best practices;
- frequently asked questions; and
- the impact of NSCC rule changes for the new service.
Participants also took part in a discussion of how this enhanced capability will allow for more efficient transfer activity processing as well as improvements in customer service.
SPEAKERS
- Kathy Joaquin, Investment Company Institute
- Barbara Browne, Boston Financial Data Services
- Louis Lepore and Barbara Simon, DTCC
- Paula King and Mary Kay Lewis, Vanguard
- Robert Linville, Broadridge Financial Solutions
- Jeff Naylor, SunGard
- Nino Palermo and Gloria White, American Funds
