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 is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation.
Wealth management and institutional firms outsource to us for trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights, and business consulting.
Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.
Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Albridge Solutions, Inc. and Lockwood Advisors, Inc., 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 LinkedIn or 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 and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 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.