Thu, Mar 28, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Broadridge launches fund and broker solution for SEC Rule 30e-3

Monday, November 26, 2018
Opalesque Industry Update - To help fund companies and broker-dealers effectively implement SEC Rule 30e-3, Broadridge Financial Solutions, Inc., a global Fintech leader, announced an industry solution to drive down costs of fund report delivery.

SEC Rule 30e-3 will permit fund companies to mail notices of the internet availability of shareholder reports, instead of mailing complete reports. The SEC estimates potential cost savings of over $230 million annually on paper, printing and postage.

Under the terms of the new rule, funds can start to use the new delivery option on January 1, 2021, as long as they notify shareholders beginning on January 1, 2019. Fund companies and broker-dealers must also soon provide shareholders with a means through which to opt out of the notice delivery method.

Broadridge is providing a universal solution to capture and manage shareholder preferences during the two year notification period. On the behalf of its 1,100+ broker-dealer clients, Broadridge's solution will provide a centralized website to help firms manage delivery preferences, which shareholders can access for all funds through unique identification numbers tied to their accounts. Launching on January 1, 2019, www.FundReports.com will also provide shareholders with an easy way to enroll in electronic delivery, thereby saving fund companies the costs of mailing the new notice.

"SEC Rule 30e-3 is a logical next step to reduce costs of paper, printing, and postage. Under the rule, fund companies and broker-dealers are also permitted to include key information from the reports along with the notice. This can make the notice more user-friendly, more informative, and more engaging - thus leading to more e-delivery. Enhancing the notice also provides a better branding experience for funds and brokers," said Michael Liberatore, head of Broadridge's Mutual Funds and Retirement Solutions business. "It can be a 'win win' for shareholders and the industry alike."

"Broadridge is actively working with funds and broker-dealers to ensure readiness, and our role at the center of the industry is enabling a very efficient and consistent approach for firms implementing the notice delivery method," added Liberatore.

Industry participants interested in finding out more about the 30e-3 Rule can join the following upcoming webinars.

On November 26, 2018 at 12pm EST, Broadridge will host a special briefing on its Rule 30e-3 solution for funds and broker-dealers. To participate or watch on demand after the event, visit this site to register.

On November 28, 2018 at 2pm EST, a Broadridge expert will be among the speakers in a NICSA webinar on key aspects and required action items related to the 30e-3 ruling. Details and registration can be accessed via this link.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1