A Share Waiver Remediation

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For broker dealers, FINRA has declared that if a retirement plan qualifies for a Class A sales charge waiver and purchases that share class, the investor will not pay a front end sales load. It’s incumbent on the selling broker dealer to ensure that clients entitled to sales load waivers do indeed receive them. FINRA wants your firm to look back seven years, so the number of transactions you will have to review can easily run into the millions.

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Delta Data is uniquely positioned to support the broker dealer community in both remediation efforts as well as establishing on ongoing supervisory system.
Delta Data will utilize our unique industry knowledge, superior SaaS solutions and finely-honed historic industry data to deliver an option specific to your needs regarding the sweep.

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We can take in your historical trade files of A shares and look for trades charged a load that should have had the load waived.
We can take in your historical trades of B and C shares and calculate the differential when a waived load A share was available
We can do the calculation of the load amount and/or differential amount and then calculate the interest owed per IRC reg 6621

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For firms that need data to supplement their post trade compliance systems:

We can provide you with our Waiver list of all A shares that allow a waiver for retirement plans, broken down by retirement plan social code.
We can provide you with the daily NAVs for extending your share certain trades to determine trade amounts
We can provide you with our Series ID file that provides all the various share classes a fund provides for any fund offering

For firms that want Delta Data to monitor post trade compliance for A share Waivers:

We can also take in your executed daily trade file and monitor for A share trades charged a load when a waiver was available.

Our robust post trade compliance system has a proven track record of helping our clients “Stay Ahead of the Change” for regulatory needs for mutual fund trade compliance. So whether you’re just getting started, already into a remediation solution or planning now for an ongoing monitoring solution, Delta Data has the know-how to complement your process to best ease your load.

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Remediation
FINRA
B and C shares
FINRA sweep
Fee waivers
Loads waived

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*Personal information collected will only be used for the above intended purposes.

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