SEC Concludes Investigation of BISYS(R) Fund Services
27 9월 2006 - 5:18AM
Business Wire
BISYS, a leading provider of outsourcing solutions for the
financial services sector, announced today that it has reached an
agreement with the Securities and Exchange Commission (SEC) to
settle an investigation into past marketing arrangements with
mutual fund advisers. The investigation, which began in 2004,
examined arrangements between BISYS Fund Services (BFS) and mutual
fund advisers in which portions of BFS� administration fees were
used to pay for marketing and distribution of the mutual funds.
BISYS was charged with aiding and abetting, and not with commission
of a direct fraud. In the settlement, the SEC acknowledges
cooperation from BFS, and BFS neither admits nor denies findings of
the order. �We are glad to have reached closure on this issue so
that we can move forward to build and strengthen our business,�
said Fred Naddaff, president of BISYS Fund Services. �We have
implemented industry-leading best practices to ensure compliance
with the highest legal and ethical standards.� Between June 1999
and July 2004, BFS maintained marketing arrangements with 27 mutual
fund advisers in which it set aside a portion of its administration
fees to use for marketing on behalf of mutual funds. Upon learning
of the practices under investigation, BFS� senior management team
and the BISYS board initiated the following actions: Employed
outside legal counsel to conduct an internal review of all
marketing arrangements Terminated all existing marketing
arrangements Disciplined and/or terminated employees involved with
the arrangements in question Implemented new compliance policies
and procedures that represent industry leading best practices Since
the investigation was initiated in early December 2004, BISYS has
cooperated with the SEC, providing information and documents and
making employees available for interviews and/or testimony. In
accordance with the settlement, BISYS has agreed to take the
following actions: Retain and fully cooperate with an independent
compliance consultant, who will conduct a comprehensive review of
BFS� policies and procedures and report to the BISYS board and SEC.
Retain and fully cooperate with an independent distribution
consultant to oversee the distribution of approximately $21.4
million that BISYS will pay for the benefit of affected mutual
funds. These amounts have been previously disclosed and reserved
for by BISYS. Provide full cooperation with a follow-up review
conducted by the independent compliance consultant to ensure
implementation of any recommendations contained in the consultant�s
report. �BISYS Fund Services has emerged a stronger organization
today than it was two years ago and has continued to attract new
business and maintain client loyalty,� said Naddaff. �We�ve
developed and implemented a system of associate training to instill
a culture of compliance, created new procedures that represent the
industry�s leading best practices, and adopted a more rigorous
approach to risk management. We believe there is a positive net
effect that will serve to benefit our clients and their
shareholders.� About BISYS Fund Services BISYS Fund Services is an
industry-leading provider of outsourcing solutions for mutual
funds, separately managed accounts (SMAs), and other investment
programs, worldwide. BISYS administers more than $400 billion in
assets for approximately 2,000 portfolios. BISYS Fund Services is a
division of The BISYS Group, Inc.�s Investment Services group.
About BISYS The BISYS Group, Inc. (NYSE: BSG) provides outsourcing
solutions that enable investment firms and insurance companies to
more efficiently serve their customers, grow their businesses, and
respond to evolving regulatory requirements. Its Investment
Services group provides administration and distribution services
for mutual funds, hedge funds, private equity funds, retirement
plans and other investment products. Through its Insurance Services
group, BISYS is the nation�s largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. Except for the historical information
contained herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS� business, including,
without limitation, the ongoing government investigations and
litigations involving the company. More detailed information about
risk factors that could cause actual results to differ materially
are noted in BISYS� periodic filings with the Securities and
Exchange Commission. These documents can be accessed on BISYS�
website at www.bisys.com under the �Investor Relations� tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise. BISYS, a
leading provider of outsourcing solutions for the financial
services sector, announced today that it has reached an agreement
with the Securities and Exchange Commission (SEC) to settle an
investigation into past marketing arrangements with mutual fund
advisers. The investigation, which began in 2004, examined
arrangements between BISYS Fund Services (BFS) and mutual fund
advisers in which portions of BFS' administration fees were used to
pay for marketing and distribution of the mutual funds. BISYS was
charged with aiding and abetting, and not with commission of a
direct fraud. In the settlement, the SEC acknowledges cooperation
from BFS, and BFS neither admits nor denies findings of the order.
"We are glad to have reached closure on this issue so that we can
move forward to build and strengthen our business," said Fred
Naddaff, president of BISYS Fund Services. "We have implemented
industry-leading best practices to ensure compliance with the
highest legal and ethical standards." Between June 1999 and July
2004, BFS maintained marketing arrangements with 27 mutual fund
advisers in which it set aside a portion of its administration fees
to use for marketing on behalf of mutual funds. Upon learning of
the practices under investigation, BFS' senior management team and
the BISYS board initiated the following actions: -- Employed
outside legal counsel to conduct an internal review of all
marketing arrangements -- Terminated all existing marketing
arrangements -- Disciplined and/or terminated employees involved
with the arrangements in question -- Implemented new compliance
policies and procedures that represent industry leading best
practices Since the investigation was initiated in early December
2004, BISYS has cooperated with the SEC, providing information and
documents and making employees available for interviews and/or
testimony. In accordance with the settlement, BISYS has agreed to
take the following actions: -- Retain and fully cooperate with an
independent compliance consultant, who will conduct a comprehensive
review of BFS' policies and procedures and report to the BISYS
board and SEC. -- Retain and fully cooperate with an independent
distribution consultant to oversee the distribution of
approximately $21.4 million that BISYS will pay for the benefit of
affected mutual funds. These amounts have been previously disclosed
and reserved for by BISYS. -- Provide full cooperation with a
follow-up review conducted by the independent compliance consultant
to ensure implementation of any recommendations contained in the
consultant's report. "BISYS Fund Services has emerged a stronger
organization today than it was two years ago and has continued to
attract new business and maintain client loyalty," said Naddaff.
"We've developed and implemented a system of associate training to
instill a culture of compliance, created new procedures that
represent the industry's leading best practices, and adopted a more
rigorous approach to risk management. We believe there is a
positive net effect that will serve to benefit our clients and
their shareholders." About BISYS Fund Services BISYS Fund Services
is an industry-leading provider of outsourcing solutions for mutual
funds, separately managed accounts (SMAs), and other investment
programs, worldwide. BISYS administers more than $400 billion in
assets for approximately 2,000 portfolios. BISYS Fund Services is a
division of The BISYS Group, Inc.'s Investment Services group.
About BISYS The BISYS Group, Inc. (NYSE: BSG) provides outsourcing
solutions that enable investment firms and insurance companies to
more efficiently serve their customers, grow their businesses, and
respond to evolving regulatory requirements. Its Investment
Services group provides administration and distribution services
for mutual funds, hedge funds, private equity funds, retirement
plans and other investment products. Through its Insurance Services
group, BISYS is the nation's largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. Except for the historical information
contained herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the ongoing government investigations and
litigations involving the company. More detailed information about
risk factors that could cause actual results to differ materially
are noted in BISYS' periodic filings with the Securities and
Exchange Commission. These documents can be accessed on BISYS'
website at www.bisys.com under the "Investor Relations" tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
Bisys (NYSE:BSG)
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