Canada’s major investment industry infrastructure firm says its systems will be ready later this year to support new investment cost and performance disclosure requirements that are being introduced as part of Phase 2 of the Client Relationship Model (CRM2).

Toronto-based FundSERV Inc. announced today that network upgrades are on schedule to be completed this spring, which will support the industry’s implementation of CRM2. These upgrades include features that will enable fund managers to report trailer fees and commissions at the investor account level and provide dealers with the information to prepare and test the new cost and performance reports that are required under CRM2.

The added functionality is now in the final test phase, according to FundSERV, and will become mandatory for fund manufacturers by June 2015. That will give dealers time to prepare for new cost and performance reports with a yearend in 2016, the firm says.

“FundSERV’s timely completion of these upgrades is vital to the industry`s ability to deliver reliable reports to investors under CRM,” said Joanne De Laurentiis, president and CEO of the Investment Funds Institute of Canada. “Our dealer members are working equally hard with their technology providers to ensure a smooth interface between their systems and FundSERV’s upgraded technology.”

Additionally, FundSERV announced that it has enhanced its network to facilitate the transfer of information under the Foreign Account Tax Compliance Act (FATCA). It says the information on reportable accounts may be transferred from dealers to fund managers through FundSERV, so that fund managers can report the information to the Canada Revenue Agency. Fund managers can determine which dealers have signed the dealer/client name agreement, so those fund managers do not need to collect multiple dealer signatures on their own. Additional changes for FATCA are expected in November 2015.

“FundSERV’s mission is to provide reliable and resilient value-added services to the Canadian investment industry,” said Robert Smuk, president and CEO of FundSERV.