The Bank of New York Introduces CCOaccess To Facilitate Mutual Fund Compliance with New SEC Rules

Business Wire, Sept 23, 2004

NEW YORK -- The Bank of New York, a global leader in securities servicing, has developed a web-based product designed to help mutual funds comply with new SEC regulations that require all funds to designate a chief compliance officer and to strengthen compliance programs.

The new service, called CCOaccess(SM), provides chief compliance officers with high level reporting on functional areas, including post-trade compliance, market timing surveillance, and fair valuation. Reports are delivered electronically through INFORM, the Company's Internet-based information delivery and transaction platform for institutional and corporate clients.

In addition to the monitoring functionality, CCOaccess(SM) offers a reference data repository as an effective solution to the stringent documentation retention requirements applicable to mutual funds. Clients determine what documents the bank should maintain, as well as the format for the files, which are stored and organized in CCOaccess(SM). CCOaccess(SM) also offers hyperlinks to laws relevant to compliance officers, as well as key industry and regulatory web sites.

Tim Overzat, managing director of The Bank of New York's Mutual Fund Accounting and Administrative Services Division, said, "This initiative reflects our strategic focus on anticipating clients' needs and developing solutions that help them comply with today's complex regulatory requirements. CCOaccess(SM) provides mutual funds and their chief compliance officers with a powerful tool to monitor and manage critical data through the bank's Internet platform, while centralizing recordkeeping and management of essential documentation."

The Bank of New York Company, Inc. (NYSE:BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.