Broadridge Financial Solutions Profile
Broadridge Financial Solutions, Inc. (Broadridge) operates as a global financial technology leader providing investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers, public companies, investors, and mutual funds.
The company provides integrated solutions and an important infrastructure that powers the financial services industry. Its solutions enable better financial lives by powering investing, governance and communications; and help reduce the need for its clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities.
Segments
The company operates through two segments, Investor Communication Solutions; and Global Technology and Operations.
Investor Communication Solutions segment
This segment provides the following services and solutions:
Regulatory Solutions
The company handles the entire proxy materials distribution and voting process for its bank, broker-dealer and fund clients. The company offers traditional hard copy and electronic services for the delivery of proxy materials to investors and collection of consents; maintenance of a rules engine and database that contains the delivery method preferences of its clients’ customers; posting of documents on their websites; e-mail notification to investors notifying them that proxy materials are available; and proxy voting via web or mobile app. The company also has the ability to combine stockholder communications for multiple stockholders residing at the same address, which it accomplishes by having ascertained the delivery preferences of investors. The company also offers proxy vote solicitation services for the registered clients of fund companies, efficiently managing the entire proxy campaign. In addition, the company provides a complete outsourced solution for the processing of all international institutional and retail proxies, including shareholder disclosure management.
A majority of publicly-traded shares are not registered in companies’ records in the names of their ultimate beneficial owners. Instead, a substantial majority of all public companies’ shares are held in ‘street name’, meaning that they are held of record by broker-dealers or banks through their depositories. Most street name shares are registered in the name ‘Cede & Co.’, the name used by The Depository Trust and Clearing Corporation (DTCC), which holds shares on behalf of its participant broker-dealers and banks. These participant broker-dealers and banks (which are known as ‘Nominees’ because they hold securities in name only) in turn hold the shares on behalf of their customers, the individual beneficial owners. Nominees, upon request, are required to provide companies with the information of beneficial owners who do not object to having their names, addresses, and shareholdings supplied to companies, so called ‘non-objecting beneficial owners’ (NOBOs). Objecting beneficial owners (OBOs) may be contacted directly only by the broker-dealer or bank. As DTCC’s role is only as the custodian, a number of mechanisms have been developed in order to pass the legal rights it holds as the record owner (such as the right to vote) to the beneficial owners. The first step in passing voting rights down the chain is the ‘omnibus proxy’, which DTCC executes to transfer its voting rights to its participant Nominees. Under applicable rules, Nominees must deliver proxy materials to beneficial owners and request voting instructions.
Given the large number of Nominees involved in the beneficial proxy process resulting from the large number of beneficial shareholders, the company plays a unique, central and integral role in ensuring that the beneficial proxy process occurs without issue for Nominees, companies and investors. A large number of Nominees have contracted out the processes of distributing proxy materials and tabulating voting instructions to the company. Nominees accomplish this by entering into agreements with Broadridge and transferring to the company via powers of attorney the authority to execute a proxy, which authority the Nominee receives from the DTCC via an omnibus proxy. Through the company’s agreements with Nominees for the provision of beneficial proxy services, the company takes on the responsibility of ensuring that the account holders of Nominees receive proxy materials on a timely basis digitally or in print, which their voting instructions are conveyed to the companies and funds conducting solicitations and that these services are fulfilled in accordance with the requirements of their particular solicitation. In order for the company to provide the beneficial proxy services effectively, the company interfaces and coordinates directly with each company and/or fund to ensure that the services are performed in an accurate and timely manner. As it would increase the costs for companies and funds to work with all of the Nominees through which their shares are held beneficially, companies and funds work with the company for the performance of all the tasks and processes necessary to ensure that proxy materials are distributed on a timely basis to all beneficial owners and that their votes are accurately reported.
The SEC’s rules require public companies to reimburse Nominees for the expense of distributing stockholder communications to beneficial owners of securities held in street name. The reimbursement rates are set forth in the rules of self-regulatory organizations (SROs), including the New York Stock Exchange (NYSE). The company bills public companies for the proxy services performed, collects the fees, and remits to the Nominee its portion of the fees. In addition, the NYSE rules establish fees for certain services provided by intermediaries, such as Broadridge in the proxy process. The preparation and delivery of NOBO information is subject to reimbursement by the corporate issuers requesting the information. The reimbursement rates are based on the number of NOBOs produced pursuant to NYSE or other SRO rules. The rules also determine the fees to be paid to third-party intermediaries, such as Broadridge, who compile the NOBO information on behalf of Nominees who need to respond to corporate issuer requests for NOBO information.
The company provides institutional investors with a suite of services to manage and track the entire proxy voting process, including meeting their reporting needs. ProxyEdge is the company’s innovative electronic proxy delivery and voting solution for institutional investors and financial advisors that integrates ballots for positions held across multiple custodians and presents them under a single proxy. Voting can be instructed for the entire position, by account vote group or on an individual account basis either manually or automatically based on the recommendations of participating governance research providers. ProxyEdge also provides for client reporting and regulatory reporting. ProxyEdge can be utilized for meetings of the U.S. and Canadian companies and for meetings in many non-North American countries based on the holdings of the company’s global custodian clients. ProxyEdge is offered in several languages and there are over 7,000 ProxyEdge users worldwide.
In addition to the company’s proxy services, it provides regulatory communications services, including prospectus delivery services. The company’s proprietary extraction, normalization and presentment capabilities from the SEC’s EDGAR database have enabled the company to provide its clients with an on-demand solution for prospectus post-sale fulfillment. This process provides efficiency for its clients as it reduces their reliance on offset print and fund delivered inventory. The company provides portfolio-specific solutions for the retirement and annuity markets. The company has integrated this functionality into additional capabilities to offer an efficient fulfillment model for regulatory and compliance distributions.
Additionally, the company offers a complete reorganization communications solution to notify investors of the U.S. reorganizations or corporate action events, such as tender offers, mergers and acquisitions, bankruptcies, and class action lawsuits. The company also provides global class action services handling the identification, filing and recovery of class actions and collective redress proceedings involving securities and other financial products. Class actions and collective redress proceedings continue to grow in volume and complexity and global recovery options vary by country, resulting in a complex patchwork of participation and filing requirements.
The company also offers its Mailbox products - Advisor Mailbox and Investor Mailbox - which support and complement any investor communication strategy. The company’s Investor Mailbox solution provides the electronic delivery of investor communications to its clients’ websites or mobile apps, enabling investor access to regulatory delivery notices, day-to-day account and investment information and convenient response tools. The company’s Advisor Mailbox is an electronic communications platform for financial advisors that delivers immediate electronic access to the communications and documents sent to such advisors’ customers. Advisor Mailbox streamlines multiple communication paths for all investor-related documents into a single-visit portal that is integrated onto an advisor’s platform.
In addition, the company provides international corporate governance solutions addressing clients’ needs within Europe, the Middle East and Africa (EMEA); and the Asia-Pacific (APAC) region. The company’s offerings help clients address evolving requirements for stronger governance, greater transparency and improved insights derived from data analytics. These solutions are a direct extension of its U.S. and Canadian businesses and in many cases serve the same client base. The company’s international solutions help clients sharpen focus on their core businesses while helping them maintain regulatory compliance, improve efficiency and gain data insights.
As part of the company’s international corporate governance solutions, its Global Proxy solution includes services similar to those provided by its U.S. and Canadian proxy businesses. In 2021, with the effectiveness of the European Union Shareholder Rights Directive II (SRD II), the company implemented an SRD II component to its Global Proxy solution. SRD II requires banks and broker-dealers that invest in European securities to provide all investors, retail and institutional, the ability to vote, disclose shareholder information upon request and distribute meeting or corporate action notices to all customers. The company’s SRD II solution helps its clients meet their SRD II compliance obligations and provides a seamless proxy voting platform for its clients’ retail and institutional customers.
Data-Driven Fund Solutions
The company provides a full range of data-driven solutions that help its asset management and retirement service provider clients grow revenue, operate efficiently, and maintain compliance. The company’s communications solutions enable global asset managers to communicate with large audiences of investors efficiently and reliably by centralizing all investor communications through one resource. The company provides composition, printing, filing, and distribution services for regulatory reports, prospectuses and proxy materials, as well as proxy solicitation services. The company manages the entire communications process with both registered and beneficial stockholders. The company’s marketing and transactional communications solutions provide a content management and omni-channel distribution platform for marketing and sales communications for asset managers and retirement service providers. In addition, the company’s data and analytics solutions provide investment product distribution data, analytical tools, and insights and research to enable asset managers to optimize product distribution across retail and institutional channels globally.
The company also provides mutual fund and exchange-traded funds trade processing services for retirement service providers, third-party administrators, financial advisors, banks and wealth management professionals through Matrix Financial Solutions, Inc. (Matrix). Matrix’s operational, trust, custody, trading and mutual fund and exchange-traded funds settlement services are integrated into the company’s product suite thereby strengthening Broadridge’s role as a provider of insight, technology and business process outsourcing to the asset management and retirement industry.
The company, through its Fund Communication Solutions business, provides fund managers with a single, integrated provider to manage data, perform calculations, compose documents, manage regulatory compliance and disseminate information across multiple jurisdictions. The company’s solution helps fund managers increase distribution opportunities, comply with both the United Kingdom domestic and European Union regulations, such as Solvency II and MiFID II, and makes information easily accessible for investors in a digital format. The company also provides support to fund managers with document and data dissemination in the European market. This enables the receipt by distributors and investors of complete, accurate and timely information supporting fund sales.
Corporate Issuer Solutions
The company provides governance and communications services to corporate issuers. The company also offers disclosure solutions and transfer agency services providing corporate issuers a single source solution that spans the entire corporate disclosure and shareholder communications lifecycle.
The company’s governance and communications services include a full suite of annual meeting and shareholder engagement solutions:
Proxy Services – The company provides complete project management for the entire annual meeting process, including registered and beneficial proxy materials distribution, vote processing and tabulation through its ShareLink solution.
Virtual Shareholder Meeting – Electronic annual meetings on the Internet, either on a stand-alone basis, or in conjunction with in-person annual meetings, including shareholder validation and voting services and the ability for shareholders to ask questions and for management to respond during the meetings.
The company offers tools for corporate issuers to help them better engage with their shareholders and other stakeholders in connection with the annual meeting process, as well as on an ongoing basis throughout the year. These services provide aggregated shareholder data and analytics, shareholder delivery preferences and voting trends.
The company’s environmental, social and governance (ESG) services provide consulting in the support of issuers and their ESG journey. The services include peer ESG disclosure benchmarking, ESG strategy and policy development, greenhouse gas emission assessments, and ESG and sustainability report content development. The company also offers an ESG dashboard that provides ESG consensus ratings to allow corporate issuers to assess the progress of their ESG ratings and disclosure relative to their selection of peer companies.
The company’s disclosure solutions provide compliance reporting and transactional reporting services for public companies, including the following:
Annual SEC Filing Services: Proxy and annual report design and digitization, SEC filing, printing and web hosting services, as well as year-round SEC reporting, including document composition, EDGARization and eXtensible Business Reporting Language (XBRL) tagging.
Capital Markets Transactional Services – Typesetting, printing and SEC filing services for capital markets transactions, such as initial public offerings, spin-offs, acquisitions, and securities offerings. In addition, the company provides transaction support services, such as virtual deal rooms and translation services.
The company also provides registrar, stock transfer and record-keeping services through its transfer agency services. The company’s transfer agency services address the needs public companies have for more efficient and reliable stockholder record maintenance and communication services. In addition, the company provides corporate actions services, including acting as the exchange agent, paying agent, or tender agent in the support of acquisitions, initial public offerings, and other significant corporate transactions. The company also provides abandoned property compliance and reporting services.
Customer Communications Solutions
The company supports financial services, healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries with their omni-channel customer communications management strategies for transactional communications, such as statements and bills, marketing communications, such as personalized microsites and campaigns, and regulatory communications, such as trade confirmations and explanation of benefits.
The Broadridge Communications Cloud platform (the ‘Communications Cloud’) provides the company’s clients the flexibility to implement only the modules and delivery channels needed to address their specific communication needs. The platform’s open application programming interfaces and self-servicing tools help the company’s clients improve their communications systems’ efficiency and productivity. Through the Communications Cloud, the company’s clients can leverage flexible and scalable self-service and managed service composition tools to create relevant content that drives customer action; manage and consolidate customer profiles, preferences and consents; transform digital and print communications through the optimization of content across channels to accelerate delivery, reduce costs, and help the company’s clients meet regulatory requirements and quality controls; store and retrieve communications with security to manage risk; deliver personalized communications across channels, including interactive microsites, email, short message service, presentment, online banking and payments, print and mail; and gain comprehensive reporting and analytics to improve communications and increase engagement based on customer behaviors.
Global Technology and Operations segment
This segment provides solutions that automate the front-to-back transaction lifecycle of equity, mutual fund, fixed income, foreign exchange and exchange-traded derivatives, from order capture and execution through trade confirmation, margin, cash management, clearing and settlement, reference data management, reconciliations, securities financing and collateral management, asset servicing, compliance and regulatory reporting, portfolio accounting and custody-related services. The company’s solutions provide automated straight through processing and enable buy- and sell-side financial institutions to consolidate their books and records, gather and service assets under management, focus on their core businesses, and manage risk. With the company’s multi-market, multi-asset class, multi-entity and multi-currency capabilities, the company provides front-to-back processing on a global basis. In addition, the company provides business process outsourcing services for the company’s buy- and sell-side clients’ businesses. These services combine the company’s technology with its operations expertise to support the entire trade lifecycle, including securities clearing and settlement, reconciliations, record-keeping, wealth management asset servicing, and custody-related functions.
Capital Markets Solutions
The company provides a set of multi-asset, multi-entity and multi-currency post-trade and trading and connectivity solutions that support processing of securities transactions in equities, options, fixed income securities, foreign exchange, exchange-traded derivatives and mutual funds. Largely provided on a software as a service (SaaS) basis within large user communities, Broadridge’s technology is a global solution, processing trades, clearance and settlement in over 100 countries. The company’s solutions enable global capital markets firms to access market liquidity, drive more effective market making and efficient front-to-back trade processing.
The company’s global trade processing platforms are largely provided on a SaaS basis and handle the entire securities processing cycle. These services include reference data management, securities financing, securities-based lending, collateral management, trade and transaction reporting, reconciliations, financial messaging and asset servicing. The company’s solutions can be deployed as a complete solution, as well as discrete components supporting financial institutions.
In addition, the company provides comprehensive fixed income transaction processing capabilities to support clearance, settlement, custody, P&L reporting and regulatory reporting for domestic and foreign fixed income instruments. The company’s solution includes extensive support for mortgage-backed securities and other structured products. It is a multi-currency, multi-entity solution that provides position and balance information, in addition to detailed accounting, financing, collateral management, and repurchase agreement functionality. The solution offers straight through processing capabilities, enterprise-wide integration and a robust technology infrastructure - all focused on supporting firms specializing in the fixed income marketplace.
With the 2021 acquisition of Itiviti Holding AB (Itiviti) (doing business as Broadridge Trading and Connectivity Solutions), a leading provider of trading and connectivity technology to the capital markets industry, the company offers a set of global front-office trade order and execution management systems, connectivity and network offerings. The acquisition adds a complementary set of solutions to the company’s existing post-trade product suite and other capital markets capabilities. The combination enables the company’s clients to streamline their front-to-back technology platforms and operations and increase straight-through-processing efficiencies, across equities, fixed income, exchange-traded derivatives, and other asset classes.
Wealth and Investment Management Solutions
The company delivers business critical data, technology solutions and marketing services to enable full-service, regional and independent broker-dealers and investment advisors to better engage with customers to help grow their business. The company offers an integrated open-architecture wealth management platform through which the company provides enhanced data-centric capabilities to improve the overall client experience across the entire wealth management lifecycle, including advisor, investor and operational workflows. This comprehensive wealth management platform streamlines all aspects of the service model, allowing the company’s clients to digitally onboard customers, manage advisor compensation for multiple products and service models, and seamlessly transfer and service accounts.
In addition, the company provides data-driven, digital solutions to broker-dealers, financial advisors, insurers and other firms with large, distributed salesforces. The company’s data aggregation solution helps financial advisors manage and build client relationships by providing customer account data aggregation, performance reporting, household grouping, automated report creation, document storage, and integration with popular financial planning and productivity applications. The company’s marketing operations and automation platform enables firms to manage marketing activities efficiently across field offices and branch locations using consistent standards. The platform provides unique data and analytical capabilities designed to enhance marketing, educate investors and increase sales effectiveness.
The company’s digital marketing and content capabilities leverage analytics and machine-learning to enable financial advisors and wealth management firms to grow their businesses and deepen relationships with their customers. Financial advisors and wealth management firms can tap into the company’s digital tools and library of omni-channel content to personalize touchpoints to engage their customers and prospects across digital channels, including websites, social media, e-mail and mobile.
The company services the global investment management industry with a range of buy-side technology solutions. The company’s asset management solutions are portfolio management, compliance, fee billing and operational support solutions, such as order management, data warehousing, reporting, reference data management, and risk management and portfolio accounting for hedge funds, family offices, alternative asset managers, traditional asset managers and the providers that service this space, including prime brokers, fund administrators, and custodians. The client base for these services includes institutional asset managers, public funds, start-up or emerging managers through some of the largest global hedge fund complexes and global fund administrators.
Strategy
The company’s strategy addresses critical industry needs by utilizing its leading platform capabilities. Specifically, the company’s growth strategy is focused on four key themes: extending its strong and growing governance business; driving further growth in its capital markets business; building next generation wealth and investment management businesses; and strengthening its international business.
The company delivers multi-client technology and business process outsourcing services primarily through a common SaaS based operations platforms. The company increasingly creates layers of value by driving network benefits to its clients, providing deep data and analytics solutions, and offering a suite of digital capabilities on a single platform. The company’s SaaS offerings allow its clients to mutualize key functions. All of this translates into the company’s core value proposition to be a trusted provider of technology and services across a range of analytical, operational and reporting functions.
The company’s technology and associates power the critical infrastructure and services behind investing, investment governance and investor communications. Broadridge makes the company’s clients stronger, and through them, the company enables better financial lives for investors around the globe.
Governance: The company provides a strong network through its governance platform that links broker-dealers, public companies, mutual funds, shareholders, and regulators. The company continues to grow its governance solutions by continuing to transform content and delivery and improve product capabilities to drive higher investor engagement. The company aims to be an integral partner to asset managers and retirement service providers by offering data-driven solutions that help them grow revenue and maintain compliance. The company is also expanding its capabilities to better serve the needs of issuers and is driving the next generation of digital communications while optimizing print and mail services through advanced technology.
Capital Markets: As a leader in global trade management, the company is driving next-generation solutions that simplify its clients’ operations, improve performance and resiliency, evolve to global operating models, adapt to new technologies, and enable its clients to better manage their data. The company plans to continue building on its global platform capabilities, enabling its clients to simplify and improve their global operations across cash securities and other asset classes. The company’s 2021 acquisition of Itiviti, for example, allows the company to expand its services across the trade lifecycle for equities and exchange-traded derivatives and grow its international reach. The company continues to develop component solutions that meet the regulatory, risk, data, and analytics needs of its clients, while also helping to drive more efficient liquidity, price discovery, and improved execution for the firms the company serves.
Wealth and Investment Management: Wealth and investment management clients, including full-service, regional and independent broker-dealers, investment advisors, insurance companies and retirement solutions providers are all undergoing unprecedented change. These firms are in need of partners to help them navigate the demographic shift of advisors and investors and the aging of the client experience and operational technologies that are essential to their business. The company developed a holistic wealth management platform solution that provides seamless systems and data integration capabilities and enables firms to improve advisor productivity, investor experience and operational process efficiencies.
Broadridge is client-centric and has created and grown multi-entity infrastructures across a variety of functions with high client satisfaction. The company conducts a client satisfaction survey for each of its major business units annually, the results of which are a component of all its associates’ compensation because of the importance of client retention to the achievement of its revenue goals.
Clients
The company serves a large and diverse client base, including banks, broker-dealers, mutual funds, retirement service providers, corporate issuers, and wealth and asset management firms. The company’s clients in the financial services industry include retail and institutional brokerage firms, global banks, mutual funds, asset managers, insurance companies, annuity companies, institutional investors, specialty trading firms, clearing firms, third-party administrators, hedge funds, and financial advisors. The company’s corporate issuer clients are typically publicly held companies. In addition to financial services firms, the company services corporate clients in the healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries with their essential communications.
In the year ended June 30, 2022, the company processed over 700 million equity proxy positions in the performance of its U.S. proxy services; processed over 7 billion investor and customer communications through print and digital channels; processed on average over $9 trillion in equity and fixed income trades per day of the U.S. and Canadian securities; and provided fixed income trade processing services to 20 of the 25 primary dealers of fixed income securities in the U.S.
Intellectual Property
The company owns a portfolio of more than 130 U.S. and non-U.S. patents and patent applications. It also owns registered marks for its trade name and owns or has applied for trademark registrations for many of its services and products.
Regulation
SEC rules require public companies to reimburse banks and broker-dealers for the expense of distributing stockholder communications to beneficial owners of securities held in street name, and those reimbursement rates, as well as rates the company charges for its proxy services are set by the NYSE. The Department of Labor (DOL) enforces the Employee Retirement Income Security Act of 1974 (ERISA) regulations on fiduciaries and organizations that provide services to retirement plans. As a provider of services to financial institutions and issuers of securities, the company’s services, such as its proxy and shareholder report processing and distribution services, are provided in a manner to assist the company’s clients in complying with the laws and regulations to which they are subject. The company monitors legislative and rulemaking activity by the SEC, FINRA (the Financial Industry Regulatory Authority, Inc.), DOL, the stock exchanges and other regulatory bodies.
As a provider of technology services to financial institutions, certain aspects of the company’s U.S. operations are subject to regulatory oversight and examination by the Federal Financial Institutions Examination Council (FFIEC), an interagency body of the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration and the Consumer Financial Protection Bureau.
In addition, the company’s business process outsourcing, mutual fund processing and transfer agency solutions, as well as the entities providing those services, are subject to regulatory oversight. The company’s business process outsourcing and mutual fund processing services are performed by a broker-dealer, Broadridge Business Process Outsourcing, LLC (BBPO). BBPO is registered with the SEC, is a member of FINRA, and is required to participate in the Securities Investor Protection Corporation (SIPC).
As a registered broker-dealer and member of FINRA, BBPO is subject to the Uniform Net Capital Rule 15c3-1 of the Securities Exchange Act of 1934, as amended, which requires BBPO to maintain a minimum net capital amount.
BBPO, as a ‘Managing Clearing Member’ of the Options Clearing Corporation (the ‘OCC’), is also subject to OCC Rule 309(b) with respect to the business process outsourcing services that it provides to other OCC ‘Managed Clearing Member’ broker-dealers. OCC Rule 309(b) requires that BBPO maintain a minimum net capital amount.
Matrix Trust Company (Matrix Trust) is a Colorado State chartered, non-depository trust company and National Securities Clearing Corporation trust member, whose primary business is to provide cash agent, custodial and directed trustee services to institutional customers, and investment management services to collective investment trust funds (CITs). As a result, Matrix Trust is subject to various regulatory capital requirements administered by the Colorado Division of Banking and the Arizona Department of Insurance and Financial Institutions, as well as the National Securities Clearing Corporation. Matrix Trust is also subject to regulation by the Colorado Division of Banking and the Arizona Department of Financial Institutions, which regulate CITs pursuant to guidance issued by the Office of the Comptroller of the Currency regulation.
The company’s transfer agency business, Broadridge Corporate Issuer Solutions, is subject to certain SEC rules and regulations, including annual reporting, examination, internal controls, proper safeguarding of issuer and shareholder funds and securities, maintaining a written Identity Theft Prevention Program, and obligations relating to its operations. The company’s transfer agency business is subject to certain NYSE requirements concerning operational standards as a transfer agent or registrar for NYSE-listed companies. Furthermore, it is also subject to the U.S. Internal Revenue Service (the ‘IRS’) regulations, as well as certain provisions of the Gramm-Leach-Bliley Act (GLBA) and the Federal Trade Commission’s (the ‘FTC’) regulations with respect to maintenance of information security safeguards. In addition, Broadridge Corporate Issuer Solutions complies with all applicable trade control laws and regulations, including country/territory-based sanctions and list-based sanctions maintained by the U.S. and other jurisdictions where the company does business. Finally, state laws govern certain services performed by the company’s transfer agency business.
In addition, the company is required to comply with anti-money laundering laws and regulations, such as in the U.S., the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001 (collectively, the ‘BSA’), and the BSA implementing regulations of the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. A variety of similar anti-money laundering requirements apply in other countries. The company is also subject to the relevant aspects of regulations and guidance published by FinCEN, which includes the Know Your Customer (KYC) requirements promulgated by FinCEN.
In the U.S., the company’s financial institution clients are required to comply with privacy regulations imposed under the GLBA, in addition to other regulations. As a processor of personal information in the company’s role as a provider of services to financial institutions, the company must comply with the FTC’s Safeguards Rule implementing certain provisions of GLBA with respect to maintenance of information security safeguards.
The company performs services for healthcare companies and is, therefore, subject to compliance with laws and regulations regarding healthcare information, including in the U.S., the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The company also performs credit-related services and agrees to comply with payment card standards, including the Payment Card Industry Data Security Standard. In addition, federal and state privacy and information security laws, and consumer protection laws, which apply to businesses that collect or process personal information, apply to the company’s businesses.
Regulations issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury place prohibitions and restrictions on all U.S. citizens and entities, including the company, with respect to transactions by the U.S. persons with specified countries and individuals and entities identified on OFAC's sanctions lists and Specially Designated Nationals and Blocked Persons List (a published list of individuals and companies owned or controlled by, or acting for or on behalf of, countries subject to certain economic and trade sanctions, as well as terrorists, terrorist organizations and narcotics traffickers identified by OFAC under programs that are not country specific).
The company’s policies are based on both the U.S. Occupational Safety and Health Administration standards and site-specific guidelines to ensure that associates work in a safe and healthy environment.
History
Broadridge Financial Solutions, Inc. was founded in 1962. The company was incorporated in 2007.
