QUINCY, Mass., Sept. 11, 2013 /PRNewswire/ -- Boston Financial Data Services, Inc. (Boston Financial), a joint venture of State Street Corporation (NYSE: STT) and DST Systems, Inc. (NYSE: DST) announced today that it is expanding its compliance solutions by entering the Blue Sky Administration business. The new offering helps asset management firms manage their Blue Sky requirements and includes preparation, filing and exemption processing; as well as customized online reporting and sales registration data.
Blue Sky laws are state securities laws that regulate the sale of securities to protect investors from fraud. With omnibus recordkeeping becoming more prevalent, compliance with Blue Sky laws has become more cumbersome, increasing the likelihood of penalties and expense for asset management firms. Since Boston Financial is a transfer agent, the company has direct access to the sales data, helping ensure clients' compliance with state registrations as well as their eligibility for exemptions, which can reduce registration costs.
Craig Hollis, AML Officer and a Managing Director for Boston Financial, will lead the business. Hollis, who brings 28 years of mutual fund experience and previously managed a Blue Sky Administration business, commented: "Blue Sky Administration service has always been a critical need for clients in helping them comply with Blue Sky laws, but today clients are also seeking a more integrated offering.
"Our all-inclusive service, combined with our direct access to the sales data and experience in the compliance and intermediary space provides the scale and expertise necessary to help clients meet their Blue Sky needs. Our offering enables clients to achieve greater efficiency, oversight, and integration, allowing them to focus on their core business."Blue Sky Administration aligns with other state mandated and intermediary services that Boston Financial provides today. The business, which Boston Financial transitioned from State Street, combines Boston Financial's compliance team and State Street's Blue Sky team providing for an integrated service solution.