Blue Sky Solution™
Blue Sky Solution™
Let’s face it—Meeting your blue sky filing responsibilities can be one of the most
expensive, time-consuming and frustrating parts of your entire compliance program.
With all of the complex regulations and rules, managing your blue sky compliance program can present significant staffing,
training and operational challenges for your firm:
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Cost: Blue sky filing fees can be
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Risk: Failure to effectively manage required
filings can delay selling shares of a mutual
fund or hedge fund, and may result in fines
or sanctions
Inefficiency: Compliance administration
requires resources that could be better
utilized elsewhere
overwhelming and staffing and training a
compliance team can be expensive
••
Complicated requirements: Blue sky
legislation changes rapidly, and requires
constant vigilance to stay up to date
To address these challenges, you need a total solution from the best resource available. NRS can help your firm easily
manage its blue sky filing requirements giving you more time to focus on your core competency. Enjoy the confidence
of working with the most knowledgeable, detail-oriented professionals in the industry who are experts in securities
regulations for every state.
“
“
We could not manage the 2,000+ permits that we have without Blue Sky Solution. From
day one we have received expert training and guidance from NRS—the best resource in the
industry. We rarely have client contact in regards to state registration matters. This speaks
directly to the accuracy and efficiency of Blue Sky Solution. Ultimus made an excellent
choice when selecting this valuable solution for our business.
Robert G. Dorsey
Managing Director
Ultimus Fund Solutions, LLC
Outsource Your Compliance with Confidence
NRS’s Blue Sky compliance team provides an all-inclusive service to clients choosing
to outsource their blue sky function.
While you cannot avoid blue sky compliance, you can reduce this business expense when you outsource your day-to-day
blue sky compliance responsibilities. Using Blue Sky Solution as the backbone of our operation, our staff will make sure you
meet every filing deadline, keep your notice filings current, reduce potential liabilities and more effectively manage offering
amounts and filing fees.
Benefit From the Experience of Our Blue Sky Solution Staff and Technology
Let us do your heavy lifting when we:
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Import your data to Blue Sky Solution
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Establish relationships and data transfers between
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Prepare, review, sign and file all notice filings
for your funds
your transfer agent, omnibus data providers and NRS
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Audit all of your blue sky data and files and assist
with corrective filings
Provide full accounting and expense reporting of
your blue sky fees
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Deliver easy-to-use Web-based reports that offer
Monitor daily sales activity and highlight
real-time access to your filing information
large sales transactions to assist in the
exemption process
Regulation D Rule 506 Offerings
Blue Sky Solution offers private funds and hedge funds pursuant to Rule 506 a full service solution. Let us help you prepare
and file your Form D on the SEC’s EDGAR system. We’ll obtain your filer credentials and work with you to prepare and submit
your Form D as required by the SEC. In addition we’ll help you monitor investments into your funds and comply with state
notice filing requirements, prepare your forms and determine your filing fees, so that you can do what you do best—you focus
on managing the funds and we’ll focus on managing the compliance.
Outsource
Innovative Technology Made Simple
Blue Sky Solution System is a state-of-the-art application designed to streamline
the blue sky filing and compliance monitoring process. Developed with three primary
objectives—efficiency, accuracy and electronic filing—Blue Sky Solution System is the
industry’s premier blue sky compliance application. As a result of its user-friendly
interface, accuracy, high productivity rates and low staffing requirements, it is the
system of choice for some of the largest mutual fund companies and third-party
administrators in the country.
Blue Sky Solution knows when filings are due, creates
all initial and maintenance filings, monitors daily sales
and facilitates sales trend analysis. The system generates
complete filings with minimal data entry and employs an
online customized workflow and approval process that
reduces paper waste.
With the click of the mouse the solution will:
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Calculate fees
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Schedule renewals
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Generate reports
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Track filing progress and more
Blue Sky Solution System’s fully-populated and readyto-use law module includes the information for all state
filing requirements and is able to calculate each state’s
notice fees for initial filings, renewals, increase filings,
over-sales, name changes, FYE changes, reorganizations,
terminations and other required amendments. The
module is frequently updated to reflect changes in state
filing requirements so that, as state rules change, your
system is always current.
Blue Sky Solution Conversion is as Easy as 1-2-3
1
Transfer Fund Permits and Convert Historical Sales Data
You authorize your current vendor to release your data and files to NRS
Then We:
2
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Manage the data analysis and conversion
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Report any data inconsistencies and
potential compliance issues to you
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Work with you toward resolutions to remedy
state issues
You can rest assured that your compliance data
is sound.
Set Up Your Sales Data Providers with Data Interfaces
You authorize your current data providers to release your fund sales data to NRS
Then We:
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Implement sales processing and custom
data interfaces with each one
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Provide you with audit reports of all fund
mappings including any data inconsistencies
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3
The Result:
The Result:
You can enjoy the peace of mind that comes
with knowing your fund sales activity is closely
monitored, tightly managed and accurately
reported.
Work with you and your data providers to
implement automated exemption processing
wherever possible
Process Payments and Manage Accounting Practices
You provide NRS with your requirements for expense reporting and invoicing
Then We:
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Develop reports and processes to support
your fund accounting policies and procedures
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Provide detailed invoices and fund
allocation reports for accurate and efficient
fund expense reporting
The Result:
You have the assurance that risk management
and preservation of shareholder value are our
top priorities.
Nothing Could Be Easier than Blue Sky
Solution from NRS
Every step of the way, NRS’s Blue Sky Solution provides a platform that supports the
growth of your business as it releases your firm from the burdens of managing your
Blue Sky requirements.
Pre-Loaded Fund and Filing Data
Minimizes Expenses and Control Costs
When NRS delivers our Blue Sky Solution to your
office, your fund information, fund-state permit data
and historical sales data, along with the state-by-state
filing requirements, are pre-loaded into the application
database. We audit your data, highlight any issues,
and repair or replace any required information before
installation, providing your firm with the ability to start
saving money and time from day one.
Blue Sky Solution stores the daily sales information at the
fund/state/data provider level. This level of detail enables
you to quickly and easily identify large daily sales that
might be eligible for certain transactional exemptions and
excluded from reporting and payment of the associated
sales fees. Tigher monitoring of daily sales activity and use
of available exemptions results in a significant reduction in
fund expenses.
Easy-to-Use Software
Expedite Effectiveness with Electronic Filing
Blue Sky Solution interfaces with your transfer agent,
broker-dealer and other record-keeping systems for
automated sales monitoring and reporting. Efficiency and
accuracy are the goals of the powerful database behind
the application. The system offers graphical and numerical
data and analysis tools that facilitate easy analysis of
sales trends and sales issues that could cost your funds if
left unchecked.
You no longer need to allow for long lead times to launch new
products because of delays in effecting state notice filings.
In fact, requests for new product filings can be addressed
within a matter of hours rather than days or weeks. Blue
Sky Solution enables filers to transmit notice filings
electronically to states offering an electronic filing program.
ACH payments are easy with the built-in export feature
that creates a payment file in NACHA compliant format to
upload to your bank’s payment Website.
Tighter Oversight and Transparency
An online review and approval process provides
management controls to promote accuracy and ensure
compliance with internal policies and procedures.
Exception and warning reports also facilitate timely
compliance with reporting and filing deadlines.
Don’t Just Take Our Word For it
See What Our Customers Are Saying
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Transfer Agency Control Manager
Atlantic Fund Administration, LLC
Bob Kern
Executive Vice President
U.S. Bank
“
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Nate Wagner
“
Since converting to the Blue Sky
Solution we have been able to take
on double the business without
adding additional resources.
“
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NRS provides exemplary service for
our clients’ blue sky needs. They have
made some suggestions that allow us
to consolidate state filings and thereby
reduce costs. Blue Sky Solution has
proven itself to be a better, more
accurate, less labor-intensive
solution for us.
Your agency is one of the best ones that
we deal with on a daily basis and it is
a pleasure to work with you.
Karen L. Harris
Arizona Corporation
Commission Securities Division
Effective
Solution
Take your first step today toward a clearly better blue sky compliance solution.
To learn more visit
www.NRS-inc.com/BlueSky
About NRS
NRS delivers a three-sided approach to compliance—comprehensive education, best-in-class technology and expert
consulting services. We understand the needs of compliance professionals, from the tools they use to the regulatory
requirements their firms must meet. For industry newcomers and seasoned CCOs alike, no one has more ways to help
you avoid risk and protect your firm’s reputation than NRS.
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