April 6, 2017
JERSEY CITY, N.J., April 6, 2017—In light of this week's announcement by the Department of Labor (DOL) to delay the Conflict of Interest Rule by 60 days, BNY Mellon’s Pershing has issued the below statement:
The following is a summary of solutions that BNY Mellon’s Pershing continues to invest in to support client efforts to implement the Rule.
Pershing’s managed investment solutions can aid financial professionals in navigating the Rule, allowing them to spend more time building relationships and less time performing administrative tasks. These solutions include:
Pershing’s operational solutions provide firms with the tools they need to achieve greater transparency and efficiencies while enhancing the client experience. Some of these solutions include:
Prohibited Transaction Exemption Compliance Solutions
Pershing has also built a robust suite of Prohibited Transaction Exemption (PTE) solutions to support clients’ strategies to meet certain aspects of the Rule’s requirements as currently outlined. These solutions include:
1. Account opening and maintenance
2. Process controls and transaction rules
3. Supervision and surveillance
For more information, please visit pershing.com/DOL.
About BNY Mellon's Pershing
BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage, managed account technology and operations and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2019, BNY Mellon had $35.8 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.