Bonaire Software Solutions, LLC, a leading provider of financial services software solutions to asset managers announced it has exclusive functionality and reporting available to its clients who are using the REVPORTâ¢ Revenue Management and Fee Billing software suite.
In a move similar to their European Commission counterparts (RDR - Customer Agreed Remuneration) the Securities and Exchange Commission voted unanimously, on July 21st 2010, to propose new rules to replace those currently governing mutual fund distribution and marketing fees, including fees commonly known as 12b-1 fees. The new rules are also intended to improve the disclosure of these fees to investors.
It is proposed that both the ongoing sales charges and the marketing and services fees be disclosed in shareholder reports and on individual sales confirmations.
The proposed rules would also allow funds to establish a share class that could be offered through broker-dealers who would be able to set their own commission and sales charge based on the level of services provided and then charge this fee directly to investors.
âWith the increasing oversight and mandates of global regulators, our clients expect Bonaire to stay ahead of the curve and be responsive to their needs and, as an industry leader, that is exactly what we seek to achieve. Having worked with a number of our European customers to ensure that REVPORT is ready to meet the needs arising from the ECâs Retail Distribution Review, we can now announce new, exclusive functionality and regulatory reporting that complies with the pending changes in 12b-1 fees, commissions and investor fee disclosure proposed by the SEC.
Our Commissions module and REVPORT fee calculation engine allows our clients to calculate any of the fee types contemplated by the SEC proposal. For regulatory and compliance reporting and fee detail worksheets, our EMPOWER BI management information and reporting module will further address the SECâs disclosure rules. This unique functionality will address the current and future needs of our mutual fund, wealth management, broker/dealer and RIA clients,â said John Bosley, COO of Bonaire.