Mutual Fund Profile Service

Mutual Fund Profile Service II (MFPS II) is a multi-dimensional repository of three databases that allows funds, broker/dealers and other distribution firms to automate and streamline the exchange of accurate and timely information on securities, participants and distributions.

ABOUT

The Security Issue Database, a central data source of comprehensive fund prospectus and operational rules, is a recognized industry standard for dynamic access to information critical to the management of mutual funds in the third-party market, as well as adherence with Department of Labor disclosure regulations.

The Participant Database contains information regarding NSCC processing capabilities of both fund and firm members.

The Distribution Database provides distribution data, such as record, reinvestment and payable dates, for dividend, capital gains, and commission payments.

Members are able to update their information in a format supported by DTCC WebDirect, a Web interface, allowing users direct access over the Internet to services provided by DTCC's subsidiaries. Profile is also accessible via mainframe through DTCC’s SMART connection.

WHO CAN USE THE SERVICE

Any interested financial organization that meets NSCC qualifications can use the service.

BENEFITS

  • Allows asset managers to communicate information to their distribution channels through a single source.
  • Gives distributors ready access to a broad range of the most current and accurate mutual fund rules-based information.
  • Provides funds with web based technology to input, validate and correct data.
  • Streamlines data entry by providing front-end edits and access to “help” tools and a standard data dictionary.
  • Automates the process of information exchange in a standardized format.
  • Reduces overhead costs associated with manual processing.
  • Decreases errors, delays and processing inefficiencies.
  • Simplifies the process of maintaining proprietary databases through version control.
  • Transmits time-sensitive data

SECURITY ISSUE DATABASE

The Security Issue database introduces a comparison tool for mutual funds to disseminate a broad range of reference information about fund securities, increase transparency of information, and strengthens auditing and regulatory management to their distribution partners. This information includes investment objectives, fee schedules, contingent-deferred sales charges, blue-sky details, commission data, breakpoint schedules and linkage rules and much more.

A hierarchical structure streamlines information input by funds, automatically populating other applicable levels, eliminating repetitive entries.

The database’s Profile Security Data Comparison Tool, a web interface, receives data points associated with mutual funds (as retrieved by a third party vendor) from the SEC’s EDGAR system. The tool compares the mutual fund data points filed in the EDGAR system to existing Profile information to help ensure accuracy.

Profile Security Data Comparison Tool: Highlights

  • Data points from source documents filed by the funds are available via a web-based interface, allowing Funds to compare their existing Profile data
  • Variances between the data in Profile Security and the filing are identified, allowing funds to edit and approve the data while alerting Firms to exceptions via annotations
  • Operational information generally not found in source document filings is also available and is denoted as such in the system for funds to complete.
  • Firms can review annotations and send an email message directly from within the tool to the fund for more information

Profile Security Data Comparison Tool: Benefits for Firms

  • Offers a comprehensive centralized and automated database.
  • Brings consistency of data and simplified web access to the Statutory prospectus, SAI and Supplement document language
  • Assures greater confidence in the validation process and data accuracy
  • Delivers timely updates to firms
  • Provides the most current data

Profile Security Data Comparison Tool: Benefits for Funds

  • Simplifies data updates via a new Filings dashboard
  • Reduces data entry, decreasing the amount of manual work
  • Affords more automation of the data review and approval process
  • Sends automated alerts to Funds via daily emails of any differences in Profile as compared to source documents
  • Enables product distribution and processing
  • Supports regulatory adherence and reporting

PARTICIPANT DATABASE: BOTH FUNDS AND FIRMS CAN PROVIDE:

  • Contact names and types, addresses and phone numbers for the firm or fund member
  • Processing capabilities detailing NSCC services and subcategories used, as well as any restrictions or requirements

DISTRIBUTION DATABASE: FUNDS MAY PROVIDE THE FOLLOWING INFORMATION:

  • Projected or actual distributions
  • Capital gains and dividend amounts, record date, ex date, reinvest date, payable date, etc.
  • Commission information (12b-1 sales charge rates)

For More Information

Please contact your Relationship Manager or the Account Management Team at (212) 855-8877.

 

MFPS II is a service offering of National Securities Clearing Corporation (NSCC), a wholly-owned DTCC subsidiary. The Service is governed by applicable Rules, Procedures, and Service Guides of NSCC, which contain the full terms, conditions, and limitations applicable to this Service. The Service description herein is for informational purposes only, and NSCC reserves the right to make modifications.

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