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TORONTO, ONTARIO, Jan. 13, 2014 – Broadridge Financial Solutions, Inc. (NYSE:BR), a leading provider of technology-driven solutions for financial firms and corporate issuers globally, announced today that it has received regulatory approval to deliver Fund Facts documents to Investment Industry Regulatory Organization of Canada (IIROC) dealer firms.
With this approval, Broadridge can deliver 100% of Fund Facts documents either electronically or by print on behalf of dealers well in advance of the June 13, 2014, Canadian Securities Administrators’ deadline for Stage 2 of the Point of Sale (POS) regulation (National Instrument 81-101 Mutual Fund Prospectus Disclosure). Broadridge had previously developed the functionality and assisted interested clients in transitioning to Fund Facts under the original early relief rules granted in August 2011. Now with this Early Delivery Approval, every client can take advantage of this without the burden of dealer/fund company acknowledgement letters in order to streamline the process of delivering Fund Facts documents.
“Gaining early approval for Fund Facts delivery is the most recent initiative we’ve undertaken as part of our long-term commitment to provide efficient, reliable and cost-effective solutions to our clients to help foster investor engagement and transparency within the industry,” said Donna Bristow, Vice President, Client Management and Strategic Product Development, Investor Communication Solutions, Canada, Broadridge.
“We understand the often costly challenges that this rapidly-changing regulatory landscape can pose, and as a result have focused, with great success, on delivering continued cost efficiencies and savings benefits to our dealer clients. We’ve been able to establish our position as market leader not only by anticipating and acting on those changes, but by serving as a trusted advisor throughout the process,” continued Ms. Bristow.
Broadridge has been the industry-leading provider since 2004 when it introduced Smart Prospectus, which resulted in millions of dollars in savings for a wide range of dealers. It was also the first firm to obtain regulatory relief to develop an innovative solution for Simplified Prospectus delivery, and provided further savings when it introduced e-delivery in 2010. In addition to the recent launch of digital delivery, Broadridge is now focusing on further integration of Smart Advisor to address POS Stage 3 requirements.