©2006 Investment Company Institute. All rights reserved. Information may be abridged and therefore incomplete.
Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice.
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December 21, 2006
TO: TRANSFER AGENT ADVISORY COMMITTEE No. 79-06
OPERATIONS COMMITTEE No. 31-06
TECHNOLOGY ADVISORY COMMITTEE No. 23-06
RE: 2006 CUSTOMER AUTHENTICATION SURVEY - RESULTS
The Transfer Agent Advisory Committee (“TAAC”) established a Task Force1, chaired by
Michael Raddie of American Century, to develop a survey on customer authentication. The purpose of
the survey was to collect information on mutual fund transfer agents’ policies and procedures with
respect to authenticating the identity of mutual fund shareholders seeking information or requesting
execution of transactions. The survey was organized to collect data from respondents with respect to
authentication of retail customers and intermediaries when they contact the fund through an
interactive response system, a phone call to a customer representative and by accessing a fund
company’s website. The survey also gathered information on planned enhancements to current
customer authentication policies and procedures.
Twenty-seven fund companies completed the survey. The survey results are attached for your
review and include data collected in August of 2006.
The ICI solicited data from member complexes for informational purposes only. All survey
responses were aggregated and no individual complex data are presented or discussed in the final
document. The aggregate survey results will be discussed at future ICI Committee meetings. Institute
members should act independently in making any decisions based on the survey results. These survey
results are confidential and have been copyrighted by the Institute. They are for members’ internal use
only. No part of the survey document may be reproduced, stored in a retrieval system, or transmitted
in any form or by any means – electronic, mechanical, photocopying, recording, or otherwise – without
prior permission.
1 A list of the organizations represented on the Customer Authentication Task Force is included in Appendix 1 of the
report.
2
We would like to extend our thanks to Michael Raddie and the other TAAC members who
participated on the Customer Authentication Task Force. We would also like to thank those fund
complexes that participated in the survey. If you have any questions or comments, please contact Diane
Butler at 202-326-5850 or at butler@ici.org.
Mary Corcoran Diane Butler
Senior Vice President Director – Transfer Agency
AIM Investment Services, Inc. & International Operations
Chairperson – Transfer Agent Advisory Committee
Attachment (in .pdf format)