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State Street Rolls Out Compliance Assistance

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State Street has developed a suite of services to assist clients with compliance testing and reporting requirements for the US Commodity Futures Trading Commission’s (CFTC) rule amendments announced last year.

The new service offerings will help investment companies comply with new CFTC rules impacting funds that invest in certain derivatives. The amendments to the CFTC rules require investment advisers that are considered to be a commodity pool operator (CPO) to register with the CFTC unless the CPO qualifies for one of the exemptions outlined by the CFTC.

"With increased industry-wide focus on transparency coupled with a complex market environment, we are focused on working with our clients to help them comply with the evolving regulatory landscape," says Keith Slattery, SVP at State Street. "Our experienced compliance and fund administration team offers the scale and expertise necessary to assist clients in meeting complex regulatory requirements in a timely manner so they can focus on their core business."

State Street's CFTC services include initial diagnostic testing to help clients determine if they qualify for de minimus exemptions from the CFTC's required registration as a CPO. The new offering also provides clients with daily compliance testing and filing of annual notices for those clients claiming an exemption; monthly or quarterly financial statements, enhanced prospectus financial data and provision of data for Form CPO-PQR reporting for those clients whose advisers are designated as a CPO.

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