Firms 'Unprepared' for Regulatory Reporting Program

NEW YORK - Corporate actions data vendors have raised concerns that firms lack awareness of how responsibilities will change once the cost basis reporting law is implemented in January 2011, Inside Reference Data has learned.

The law, passed in November 2008 as part of the Emergency Economic Stabilization Act in the Troubled Asset Relief Program released in 2008, aims to ensure compliance with reporting gains and losses from securities and stock sales as well as other taxable corporate actions.

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