- BISYS' ComplianceEDGE(TM) Program Honored -
NEW YORK, June 29 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector, was
named Vendor of the Year by Compliance Reporter, an Institutional Investor
publication. The publication's Second Annual Achievement in Regulatory
Compliance Awards were published in its May 24, 2004 issue.
The publication's editorial staff and readers selected BISYS to receive
the award based on its development of the ComplianceEDGE program, a
comprehensive offering that provides mutual fund companies with the policies,
procedures, testing, reporting, and recordkeeping required for compliance with
the new SEC Rule 38a-1. The customizable program also offers fund companies
the option to outsource the key chief compliance officer (CCO) function to
BISYS.
BISYS was credited for being "innovative and helpful, and for coming up
with an outsourcing solution for one of the most significant new requirements
for investment management firms."
According to Fred Naddaff, president of BISYS Fund Services, "We are very
proud of the ComplianceEDGE program, which is a natural extension of our
legal, compliance, and regulatory services, and of BISYS' public recognition
as Vendor of the Year by this respected publication. BISYS' mutual fund
clients benefit from our robust compliance resources and the more than 70
professionals who support our new ComplianceEDGE offering. This award affirms
that our legal, regulatory, and compliance offering, including the
ComplianceEDGE program, has significant relevance in today's dynamic
marketplace."
BISYS' ComplianceEDGE program is strategically designed to assist fund
companies in establishing a culture of compliance throughout their service
organizations, and to facilitate mandatory compliance with the federal
securities law established by the new SEC Rule 38a-1 of the Investment Company
Act of 1940, which goes into effect October 5, 2004. Initial and ongoing
compliance with Rule 38a-1 requires investment companies to develop,
implement, and maintain comprehensive compliance programs, including written
policies and procedures that address compliance with applicable federal
securities laws by their funds and their service providers. Rule 38a-1 also
requires fund Boards to designate a chief compliance officer that reports
directly to the Board, and is responsible for the implementation and
maintenance of compliance programs. Fund CCOs also must conduct annual
reviews of their compliance programs and present the results to fund Boards.
Lisa Hurley, executive vice president and general counsel for BISYS Fund
Services, said, "The initial success of our ComplianceEDGE program, the
growing interest from our clients and prospective clients, and the industry
recognition we are receiving for this innovative offering are extremely
rewarding. We believe the ComplianceEDGE program ideally demonstrates our
commitment to providing the solutions that enable our clients to proactively,
effectively, and efficiently respond to evolving regulatory requirements."
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $735 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance and Education Services
group, BISYS is the nation's largest independent distributor of life insurance
and the premier provider of the support services required to sell traditional
and variable life, long-term care, disability, and annuity products. BISYS is
also the nation's second largest independent wholesale distributor of
commercial property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
350 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process.
BISYS' Information Services group supports approximately 1,450 banks,
insurance companies, and corporations with industry-leading information
processing and imaging solutions, turnkey asset retention solutions, and
specialized corporate banking solutions. Additional information is available
at http://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 subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Fred Naddaff, President, BISYS Fund Services,
+1-614-470-8100; or Daniel Briggs, Vice President, Finance and
Investor Relations, The BISYS Group, Inc., +1-212-907-6134
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