Recent News
Softext recently met with representatives of the MFDA to demonstrate the functionality of 1-Stop and discuss MFDA requirements for KYC record-keeping. As a result of these discussions we are making some minor modifications to this area of the system including a change to the 10-point Risk Rating system we have used for several years.
We will be modifying our scale to 7-points to have consistency with the fund volatility ranking system which has been adopted by many fund companies. We will be issuing a utility which update the existing ratings you may have assigned to both products and plans to convert data to the new scale. Changes are also being made to the data import modules for PalTrak and other fund survey programs to adapt to the new 7-point scale. Existing reports such as the Risk Warning which calculates the average volatility of a plan will also be updated.
We support the MFDA approach to familiarizing themselves with the software systems used by member companies. It is hoped that clear standards for KYC record-keeping and compliance are developed in the coming year.
For more information on these new options contact us at admin@softextpublishing.com.