SunGard Provides Tax Lot Accounting Solution to Meet Cost Basis Reporting Requirements

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SunGard is offering a Cost Basis Reporting Engine, a tax lot accounting solution to help financial services institutions using any back-office system or combination of systems to meet new cost basis reporting requirements as part of the Emergency Economic Stabilization Act passed on October 10, 2008. The new legislation requires brokers and financial services providers to report cost basis for transactions involving publicly traded securities and fund investments phasing into effect from 2011 to 2013.

SunGard is offering a Cost Basis Reporting Engine, a tax lot accounting solution to help financial services institutions using any back-office system or combination of systems to meet new cost basis reporting requirements as part of the Emergency Economic Stabilization Act passed on October 10, 2008. The new legislation requires brokers and financial services providers to report cost basis for transactions involving publicly traded securities and fund investments phasing into effect from 2011 to 2013.

SunGard’s Cost Basis Reporting Engine allows for integration with multiple systems of record to provide a consolidated view of client tax lot data. The Cost Basis Reporting Engine integrates with SunGard solutions, including WealthStation, an integrated wealth management platform, Phase3, a real-time, order-to-settlement securities processing system, and Asset Arena Transfer Agency, a Web-based system for streamlining the management of investor accounts and transactions. Because the Cost Basis Reporting Engine is back-office agnostic, it can also be integrated with non-SunGard wealth management, accounting and brokerage systems, to meet cost basis reporting requirements, thereby helping customers avoid the time and cost of remediating their existing systems.

The Cost Basis Reporting Engine is also integrated with Compliance Plus, SunGard’s tax information reporting service, which provides tax reporting information for basis adjustments over time and also incorporates the Engine’s basis calculation into 1099-B reporting.

In addition, SunGard’s Global Plus, Charlotte, and AddVantage trust accounting solutions feature integrated cost basis reporting capabilities. When dealing with international accounts, SunGard’s Global Plus asset management and custody solution supports tax cost accounting in both local and base currencies.

Kevin Rafferty, president of SunGard’s wealth management business, said, “SunGard recognizes the need for a flexible and scalable cost basis reporting solution that will help firms comply with the Emergency Economic Stabilization Act. SunGard’s Cost Basis Reporting Engine helps firms to avoid costly development efforts to meet these requirements and provides automatic processing of cost basis information to help make the process seamless and efficient, regardless of the back-office systems the firm may be using.”

SunGard’s Cost Basis Reporting Engine supports tax lot sales methods and provides automatic processing of cost basis calculations including corporate actions, option assignment and exercises and wash sales. The solution provides cost basis updates, recalculation of mutual fund reclassifications, support for Automated Customer Account Transfers (ACATS), a utility for automatic generation of realized/unrealized gains and losses, calculations on average mutual fund cost, and tax lot relief in FIFO and specified lot processing.

About SunGard:
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.

SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at http://www.sungard.com.

*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com

Trademark Information: SunGard, the SunGard logo, AddVantage, Asset Arena, Charlotte, Compliance Plus, Global Plus, Phase3 and WealthStation are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

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