DTCC Develops Cost-Basis Solution To Meet New Federal Reporting Requirements
DTCC is developing a solution to help financial firms and other market participants comply with a new January 2011 mandate requiring the reporting of adjusted cost-basis information to investors and the federal government.
The new law, part of the Emergency Economic Stabilization Act signed in October 2008, will require firms to not only report accurate, adjusted cost-basis information to investors and the U.S. Internal Revenue Service, but to also pass cost-basis information between financial intermediaries when assets move from one firm to another.
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