Broadridge Financial Solutions, Inc. (NYSE:BR) and Compliance Technologies International, LLP (CTI) jointly announce that they have entered into a partnership that integrates Broadridge's Tax Managed Services (TMS) with CTI's Tax Withholding software. This alliance offers broker-dealers comprehensive tax reporting and compliance capabilities designed to meet the increasingly complex tax processing and withholding needs of financial services firms.
Through the alliance, Broadridge will expand its end-to-end tax outsourcing solution to include NRA (non-resident alien) reporting, withholding, document tracking and compliance tools. This enhanced functionality supported by CTI promotes compliance with the Foreign Account Tax Compliance Act (FATCA) and aims to consolidate and streamline a number of labor-intensive back-office functions related to Foreign Financial Intermediaries (FFIs) and complex NRA withholding requirements.
"Just as firms are working through the initial phases of cost-basis regulation, they will then be hit with yet another round of new regulatory requirements relating to FATCA legislation," said Geoff de Lesseps, Senior Vice President, Investor Communication Solutions, Broadridge. "Broadridge and CTI plan to be there to help lessen the burden of FATCA, which will be just as monumental a change in requirements as in cost-basis reporting, but is currently flying under the radar as a result of firms being inundated with meeting current regulatory requirements."
"Broadridge and CTI have developed industry standard solutions that define the tax reporting and compliance field," said Cyrus Daftary, Executive Director and co-founder of CTI. "Given the increasing compliance demands in the tax information withholding and reporting area, coupled with FATCA requirements, the synergies created by our relationship will be very beneficial to firms. Through the alliance, firms will benefit from the confidence in partnering with two proven industry leaders."
In 2010, Broadridge announced a strategic alliance with Convey Compliance Systems to provide broker-dealers with real-time tax reporting via a more flexible, customizable platform through Tax Managed Services. The addition of CTI's intermediary processing and tax-withholding software complements an already powerful combination of tax data, processing, cost-basis and investor communications tools available in TMS, the latest offering in Broadridge's suite of Tax Information Reporting Services (TIRS). TMS can be used across any back-office platform, front-end system and technology. Broadridge has offered tax reporting solutions to the brokerage industry for more than 25 years.
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