Operational & Technical
The Operational & Technical Working Group, comprised of participants from Global Fund Services member firms, aims to develop best practice guidelines and support and influence change, with a view to improving operational efficiencies within the Transfer Agency industry.
Key objectives & initiatives
KEY OBJECTIVES
1. Understand the market norm as applied to Operational/Technical
2. Establish and document best practice and challenge existing practices.
3. Educate, inform and influence the wider industry, including responding to regulatory updates.
4. Review existing published documentation and ensure that it is current and complies with new legislation.
5. Jurisdictions covered by the subgroup are UK, Ireland, Luxembourg, Hong Kong, Taiwan & Singapore.
KEY initiatives
Establish and document best practice and challenge existing practices, focusing initially on the following topics:-
1) Bringing hedge and alternative features to traditional funds.
2) Automation & standardisation of payments (including netting & DD mandates).
3) Abolishment of faxes and ensuring alternative contingencies in place.
4) Create new GFS Ops webpage contents.
5) Adoption of Operational Global Standards.
6) Discuss existing challenges with TEX and conversions from platforms resulting in increase of complaints.
7) Fund suspension readiness – agree and define standard approach across different jurisdictions and product types.
7) Sanction program and process including screening requirements.
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