Breakthrough Therapeutics has licensed peptides associated with the BCR-ABL breakpoint
(including those used in VAX100) from Memorial Sloan Kettering Cancer Center (MSKCC).
The information in today's Investor Alert, along with disclosure information from the fund company and the new fund expense analyzer tool, will help investors understand when they should be receiving a breakpoint
discount," said Mary L.
NASD is leading an industry task force to explore and recommend ways that the mutual fund and broker-dealer industries can prevent breakpoint
problems and eliminate errors in sales load calculations in the future.
Special codes and indicators added to Fund/SERV, such as social security and taxpayer identification numbers, to better track breakpoint
eligibility at the transaction level;
discounts right is an important investor protection issue," said Robert R.
Financial intermediaries using Vision will be able to quickly access breakpoint
information for their customers while they complete online transactions," said Kyle Mallot, client services officer in charge of Vision.
reduce the need for code instrumentation.
The assessments showed that most firms did not uniformly deliver appropriate breakpoint
discounts to customers.
In July, the Report of the Joint NASD/Industry Task Force on Breakpoints
recommended a number of reforms to ensure that investors purchasing mutual fund shares with front-end loads receive the discounts to which they are entitled.
The NASD and Commission orders further state that broker-dealers that sell mutual fund shares to retail customers must disclose applicable breakpoint
discount information to their customers and must have procedures reasonably designed to ascertain information necessary to determine the availability and appropriate level of breakpoints
Class A-shares also offer investment breakpoints
where commissions are reduced for larger investment amounts (Refer to the chart below for the investment breakpoints
Common definitional standards associated with breakpoint
discounts, developed by the industry with DTCC's participation, will be incorporated into the Security database.