MoneyMate Expands Solution to Help Canadian Firms Comply with Regulation

MoneyMate, a provider of investment data quality management solutions, has expanded the capabilities of its flagship solution, DataManager, in order to help Canadian clients comply with pending regulation surrounding ‘Point of Sale Disclosure’ for mutual funds. DataManager is a hosted solution that provides global asset managers with a centralised platform to oversee and control the quality, accuracy and timeliness of their investment product data.

By July 2011, mutual funds in Canada must be fully compliant with the regulations set forth by Point of Sale Disclosure, which requires mutual fund companies to file a ‘Fund Facts’ document for each share class or series of funds for investors. The document itself must be deemed ‘easy-to-read’ and include specific information such as a description of the fund, the performance and the risks, as well as any charges associated with the fund.

“The reform to Point of Sale Disclosure in Canada is putting intense pressure on firms to make sure they are able to generate accurate Fund Facts documents in a timely manner,” said Ronan Brennan, chief technology officer (CTO) of MoneyMate. “The real challenge is not in producing the actual documents but in producing the volume of data required in an accurate and timely manner. Canadian firms must acknowledge the pending deadline and begin to invest in implementing a solution to address the issue.”


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