Pirum releases new reporting for SEC rule 17a-13 06 June 2011London Reporter: Ben Wilkie
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Pirum has released new reporting to facilitate compliance with SEC rule 17A-13, which requires borrowers to regularly confirm their on-loan positions with their lenders. This will benefit market participants looking to reduce the risk and burden of manual compliance with this requirement.
Pirum’s solution automates the secure delivery of monthly, quarterly and year-end position reports to counterparties. Pirum's new reports automatically highlight any positional differences between a pair of market participants and are in a format ready for ready for sign-off by an authorised individual, eliminating the need to manually identify any discrepancies.
Rupert Perry, chief executive of Pirum explained: "We have developed this new reporting functionality following a number of requests from our customers to help them provide these control reports in compliance with SEC rules. Our customers tell us that these new reports will enable them to fully satisfy the SEC requirements with much less manual effort than is required today."
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