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U.S. Securities and Exchange Commission

Before the

Securities Exchange Act of 1934
Release No. 34-60011 / May 29, 2009

Administrative Proceeding File No. 3-12432

In the Matter of

BISYS Fund Services, Inc.




Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. §201.1103, that the Division of Enforcement has filed with the Commission the proposed plan ("Distribution Plan") for the distribution of monies in In the Matter of BISYS Fund Services, Inc. The Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order pursuant to Section 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940 as to BISYS Fund Services, Inc., Administrative Proceeding File No. 3-12432 on September 26, 2006 (the "Order").


Pursuant to this Notice, all interested parties are advised that they may obtain a copy of the Distribution Plan from the Commission's public website, http://www.sec.gov, or by submitting a written request to Lorraine B. Echavarria, Assistant Regional Director, United States Securities and Exchange Commission, 5670 Wilshire Blvd, 11th Floor, Los Angeles, CA 90036. Further, all persons desiring to comment on the Distribution Plan may submit their comments, in writing, no later than June 29, 2009:

  1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090;

  2. by using the Commission's Internet comment form (http://www.sec.gov/litigation/admin.shtml); or

  3. by sending an e-mail to rule-comments@sec.gov.

Comments submitted by email or via the Commission's website should include "Administrative File Number 3-12432" in the subject line. Comments received will be available to the public. Persons should only submit information that they wish to make publicly available.


The Distribution Plan provides for distribution of disgorgement in the amount of $9,698,835, prejudgment interest in the amount of $1,703,981.66, and penalty in the amount of $10,000,000, paid by BISYS Fund Services, Inc. ("BISYS"), plus any accumulated interest, less any federal, state, or local taxes on the interest. The proposed plan provides for distribution of the monies among the mutual funds that had marketing arrangements with BISYS that are the subject of the Order during the period from July 1, 1999 through June 30, 2004; or, in the case of mutual funds that have been merged into other mutual funds, to their successors in interest. The Fair Fund is to be allocated in proportion to (i) in the case of the disgorgement and prejudgment interest components of the Fair Fund, the portion (if any) of the disgorgement amount attributable to each Fund Family; and (ii) in the case of the penalty, the amount of administration fees paid by each Fund Family that were allocated to marketing during the Measurement Period (the period beginning on July 1, 1999 and ending on the earlier of (i) the date on which the Marketing Arrangement for that Fund Family was terminated, or (ii) June 30, 2004). Amounts allocated to each Fund Family are to be further allocated among the Funds in proportion to the Marketing Support Payments attributable to each Fund within each Fund Family from July 1, 1999 through June 30, 2004.

For the Commission, by its Secretary, pursuant to delegated authority.

Elizabeth M. Murphy

See also Proposed Distribution Plan


Modified: 05/29/2009