PFPC launches mutual funds solution
BOSTON – PFPC, a subsidiary of The PNC Financial Services Group, has launched an integrated solution to monitor market timing for mutual fund companies that have to comply with rule 22c-2 under the Investment Company Act .
Rule 22c-2 requires, among other things, that mutual fund companies enter into agreements with their intermediaries, such as broker-dealers, that hold shares on behalf of other investors in so-called 'omnibus accounts'.
These agreements must provide mutual funds with access to information about transactions in omnibus accounts to enable the funds to enforce restrictions on market timing and similar abusive transactions.
The PFPC solution is a web-based monitoring tool with access to over 50
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