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ICI Webinar on Implementing Cost Basis Reporting for Mutual Funds

On January 5, 2011, ICI hosted a webinar on implementing cost basis reporting for mutual funds, with a focus on the final rule and open issues for funds and reporting brokers that must begin to provide basis information to their investors and the Internal Revenue Service beginning January 1, 2012. The webinar was designed for operations, tax, legal, and compliance professionals at registered funds and their distribution partners and service providers.

MATERIALS

HIGHLIGHTS

Speakers:

  • Kathleen C. Joaquin (moderator), Director–Operations & Distribution, Investment Company Institute
  • Karen Gibian, Associate Counsel–Tax Law, Investment Company Institute
  • Charles Hawkins, Vice President/Senior Director, BNY Mellon Asset Servicing
  • Jeff Naylor, Vice President, Product Management and Industry Relations, SunGard–Asset Arena
  • Nino Palermo, Vice President, American Funds

Topics:

  • An overview of the final cost basis reporting requirements, including outstanding issues and questions for the IRS
  • Considerations for implementing cost basis reporting using average cost for bifurcated accounts and single account elections
  • Industry initiatives for automating proposed transfer reporting requirements between brokers
  • Shareholder servicing and communication challenges and issues