Press Release Summary:
Helping mutual fund companies comply with SEC's Summary Prospectus rule, eProspectusDirect utilizes Digital Press Technology inkjet printers as well as mailing services for annual prospectus delivery. Software lets companies combine prospectus with confirmation and provides electronic delivery/Internet hosting and presentment of all compliance documents. Consent management supports print/electronic delivery preferences as well as those of summary vs. statutory document delivery.
Original Press Release:
DST Output Supports Financial Services Market with New Summary Prospectus Solution
Print and electronic offering helps fund companies comply with new SEC ruling
EL DORADO HILLS, Calif., Feb. 17 / / - DST Output, provider of customer communication output solutions to many of the country's largest financial services companies, today announced eProspectusDirect, a summary prospectus delivery solution that enables mutual fund companies to establish compliance with the SEC's new Summary Prospectus rule (www.sec.gov/rules/final/2009/33-8998.pdf), which goes into effect March 31, 2009. While participation this year is voluntary, fund companies must comply with the new disclosure requirements beginning January 2010.
"Our long-standing presence in the financial services market and our proven technology in both print and electronic services come together for fund companies to take advantage of the delivery options within the new SEC rule," says Dana Johnston, vice president of DST Output's eSolutions Sales and eBusiness Development.
A Summary Prospectus is a three- to four-page "plain English" summary of the lengthier statutory prospectus to assist investors with making educated investment decisions and to support environmental initiatives. Funds must provide investors with the ability to access the Summary Prospectus, Statutory Prospectus, Supplements, Statement of Additional Information (SAI), and other required documents online, and to download, retain, and print the information in a readable format.
DST Output services 33 of the top 50 fund complexes and supports 120 million shareholder accounts. eProspectusDirect will be a fully integrated, single-vendor solution, offering:
- Print and Mail - utilizes DST Output's proprietary Digital Press
Technology inkjet printers and advanced mailing services for annual
- First-dollar Fulfillment - enables fund companies to combine the
prospectus with the confirmation in a single envelope for material and
- Presentment - provides electronic delivery and Internet hosting and
presentment of all compliance documents. Additional option includes
encrypted and password-protected CD/DVDs of requested and required
- Consent Management - supports print and/or electronic delivery
preferences, as well as summary versus statutory document delivery
While investor education, waste reduction, and environmental considerations are at center, the new SEC rule also provides fund companies with better control of document-related processing, materials, and postage costs. DST Output has been awarded multiple patents and industry awards for its production-process innovations, which are key components of the eProspectusDirect offering.
About DST Output
DST Output, a subsidiary of DST Systems Inc., provides integrated print and electronic statement and billing output solutions to many of the country's largest financial services, communications, insurance, healthcare, and utilities companies. In 2008, DST Output and its affiliates produced more than 2.3 billion customer communications, delivered throughout the United States, Canada and the U.K. via postal service, express delivery and over the Internet.
We are the largest third-party First-Class(TM) mailer in the United States and the world's largest inkjet systems printer. For more information, visit www.dstoutput.com.
Source: DST Output
CONTACT: Dave Saavedra, Corporate Communications Manager of DST,
Web Site: www.dstoutput.com/