Document processing systems and methods for regulatory certifications

• US 20080133295A1
• Filed: 10/02/2007
• Published: 06/05/2008
• Est. Priority Date: 12/01/2006
• Status: Active Grant

• Current Assignee: Acupay System LLC
• Original Assignee: Acupay System LLC
• Inventors: Apfel, Robert C., Cappel, Benjamin R.
• Granted Patent: US 8,577,773 B2
• Time in Patent Office: Days
• US Class Current: 705/7
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 50/18 Legal services
• CPC Class Codes: G06Q 50/26 Government or public services business processes related to the transportation industry G06Q50/40

Abstract

A processing system is provided for regulatory or tax status certification of investors. Certificates are generated and synchronized with data. The certificates are indicative of entitlements to own or receive income on securities in accord with various governmental, tax or contractually determined constraints. Interest or dividend income can be paid to eligible investors free (or at reduced rates) of withholding tax once a valid certificate is obtained. Certificates can also be provided to permit a certified entity to purchase investments that are otherwise restricted from sale. Investors or investor banking representatives can introduce investor details into the system for use in generating certificates. Such certificates are sent out for execution (e.g., signature), and electronically transmitted back into the system. Tracking elements are provided to allow the certificates to be automatically matched to electronically stored investor data, thus forming the basis of an executed certification.

Claims

1. A computer system for obtaining and maintaining executed documents linked to information stored on the system, comprising:

a system processor;

a database accessible to the system processor, said database being adapted to store information to be incorporated into a document;

a tracking element generator associated with said system processor;

a document generator associated with said system processor;

a communications module associated with said system processor;

said system processor and document generator being adapted to incorporate data from said database into a document;

said system processor and tracking element generator being adapted to incorporate a tracking element into said document;

said system processor and communications module being adapted to forward said document for execution and receive said document after execution for electronic storage as an executed document;

wherein said tracking element remains associated with the executed document and links the executed document to information stored in said database.

2. The system of claim 1, wherein said document comprises a tax certification certificate.

3. The system of claim 1, wherein said document comprises at least one of:

an exchange election for an investment;

an extension election for an investment;

a statement of eligibility of an investor;

a statement of exemption from restrictions or regulations.

4. The system of claim 1, wherein said document relates to an investment and said tracking element facilitates proper association of the document with investor information.

5. The system of claim 1, wherein the tracking element comprises a barcode.

6. The system of claim 5, wherein the barcode comprises a two-dimensional array of squares.

7. The system of claim 5, wherein the system automatically reads the barcode directly from an electronic image of the executed document.

8. The system of claim 1, wherein said signed document is maintained by the system in an electronic library together with metadata about the document.

9. The system of claim 1, wherein the system operates as a securities processing nexus for financial institutions and other intermediaries to effect, review, archive and manage a plurality of transactions requiring executed documents.

10. A method for obtaining and maintaining executed documents linked to information stored on a computer system, comprising the steps of:

storing information in a database;

generating a document with information from said database incorporated therein;

embedding a tracking element into said document;

forwarding said document to an authorized entity for execution;

receiving said document back from said authorized entity after execution; and

storing the executed document in electronic form;

wherein said tracking element remains associated with the executed document and links the executed document to information stored in said database.

11. The method of claim 10, wherein said generating step produces a tax certification certificate.

12. The method of claim 10, wherein said generating step produces a document that comprises at least one of:

an exchange election for an investment;

an extension election for an investment;

a statement of eligibility of an investor;

a statement of exemption from restrictions or regulations.

13. The method of claim 10, wherein said generating step produces a document that relates to an investment and said tracking element facilitates proper association of the document with investor information.

14. The method of claim 10, wherein the tracking element comprises a barcode.

15. The method of claim 10, wherein said storing step stores the executed document in an electronic library together with metadata about the document.

16. A compliance document comprising:

information identifying an investor;

a document reference number;

compliance text;

an execution space; and

at least one machine-readable tracking element linking said document to data stored in a computer system.

17. A document in accordance with claim 16, wherein said document is a tax certification certificate.

18. A document in accordance with claim 16, wherein said execution space contains a signature.

19. A document in accordance with claim 16, wherein said tracking element comprises a bar code.

20. A document in accordance with claim 16, wherein said document is embodied in an electronic data file.

21. A document in accordance with claim 16, wherein a plurality of identical tracking elements are provided on the document for redundancy, each of said tracking elements alone linking said document to the same data stored in a computer system.

22. A system for controlling the provision of benefits to investors, comprising:

a system processor;

a library of electronically stored government certificates;

said system processor being adapted to interrogate said library to determine if a government certificate is present in the library for an investor seeking a benefit requiring such a certificate;

said system processor allowing said benefit to be obtained by said investor if the required government certificate is present in the library; and

said system processor denying said benefit to said investor if the required government certificate is not present in the library.

23. A system in accordance with claim 22, further comprising:

a unique tracking element associated with each of said electronically stored government certificates, said tracking element linking the certificate with data relating to a particular investor.

24. A system in accordance with claim 23, wherein said tracking element comprises a barcode provided on a coverpage associated with said certificate.

25. A system in accordance with claim 22, wherein said system processor is adapted to generate an application for a government certificate in the event no such certificate is already present in the library for said investor.