11/20/03
NEW YORK, N.Y., November 20, 2003 - The Bank of New York today announced that it has launched a new compliance and investor validation module on its proprietary web-based platform which provides comprehensive accounting, administration and investor services for hedge fund managers.
The compliance and investor validation module is a tool designed to assist hedge fund managers in complying with regulatory requirements by providing over 50 business and regulatory compliance tests and validations relating to investor eligibility and qualification. The module offers summary and detailed compliance testing and reporting to allow for the monitoring of key investor thresholds. In addition to anti-money laundering and "Know Your Customer" screening for investor subscriptions and redemptions, the module gives users the ability, on a real-time basis, to confirm that this activity adheres to regulatory guidelines. The system covers not only U.S. regulations (SEC, NASD, IRS, ERISA, CFTC), but also those of Bermuda, British Virgin Islands, Cayman Islands and Ireland.
John Buscema, head of alternative investment services and managing director of The Bank of New York, said, "This new module provides our clients and their investors with an unparalleled tool to monitor investor eligibility and qualifications in a rapidly changing regulatory and business environment. We have engineered our technology to offer fully automated reporting and a flexible architecture that ensures the ability to quickly modify key thresholds and enable fund managers to test their compliance status at any time."
The Bank of New York provides services for hedge fund managers, including U.S. and offshore administration, investor services, corporate secretarial and fund creation services. The Bank’s proprietary technology provides unparalleled levels of service to investment advisors, as well as investors and their respective service providers, and can support all investment vehicles regardless of structure, domicile or investment strategy. Service is provided by The Bank of New York and affiliates in Bermuda, California, Cayman, Dublin, Jersey, London, Luxembourg and New York.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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