Initiatives

Global Fund Services (GFS) aims to support the Asset Servicing industry and facilitate positive change to enhance operational efficiencies. Our objectives and initiatives are dedicated to achieving this goal.

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KEY OBJECTIVES

  • Support and influence change where operational efficiencies can be improved across the Asset Servicing industry;
  • Maintain and enhance the reputation and standing of the TA industry; and
  • Provide a centre of excellence for the development of knowledge and understanding of the TA industry.

INITIATIVES

In order that our objectives are achieved, a number of initiatives have been identified and are captured under the following six categories:  

  • Technology
  • AML/KYC
  • Operational/Technical
  • Regulatory
  • Cyber & Data
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KYC/AML

The KYC/AML Working Group, comprised of participants from Global Fund Services member firms, aim to standardise and share best practices on KYC/AML policies across multiple jurisdictions with a view to creating a more harmonised investor journey.

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KEY INITIATIVES

KEY INITIATIVES

Establish and document best practices and challenge existing practices, focusing initially on the following topics:

1)

Expand existing UK AML docs to incorporate other jurisdictions

2)

 Define what would be possible from a data and document sharing possibility between TAs

3)

 Adoption of Global Standards re: Digital ID for AML

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AML/KYC Guidance Documents

Please click on the title below to access the document:

5AMLD Summary

5AMLD – Post Implementation Review

Bridging the gap between AML policy and desktop procedures

Investor Bank Account Validation

Investor Risk Ratings Guidance Note

Registration of Trusts on TA Systems

Three Lines Model

AML Blocking Reasons

Politically Exposed Persons – Best Practice Guide

Investor Risk Ratings Guidance 

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.

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KEY INITIATIVES

Establish and document best practices 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 are in place.

4)

Operational resilience requirements

5)

Preparing for T+2

6)

 Implement Direct To Funds Settlement

7)

  Review the impacts of semi-liquid products on the current Operational Processes

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Operational Guidance Documents

Please click on the title below to access the document:

How to use Single Leg Transfers to automate transfers of European ISINs for UK Distributors 

REGULATORY

The Regulatory Working Group, comprised of participants from Global Fund Services member firms, aims to develop best and standard practice guidelines on regulatory developments across multiple jurisdictions with the aim of representing the views of the Transfer Agency industry and clients.

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KEY INITIATIVES

Establish and document best practices and challenge existing practices, focusing initially on the following topics:

1)

Alignment of approach and production of guidance document to key regulations in cross-border markets

2)

Liquidity Management Tools

3)

MMIF Reporting Changes & DIFR Daily Investment Fund Return

4)

Consumer Duty

5)

EU Savings and Investment Account Scheme

6)

Input into the work of the Tech Sub group on DORA & Operational Resilience

Please find attached the Regulatory Working Groups Terms of Reference

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Regulatory Guidance Documents

Please click on the title below to access the document:

DAC7 Lux Law

Lux NAV Errors Circular 24/856

Technology

The Technology Working Group, comprised of participants from Global Fund Services member firms, aims to develop best and standard practice guidelines and look at areas of innovation within the industry.

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KEY INITIATIVES

Establish and document best practice and challenge existing practices, focusing initially on the following topics:

1)

Asset digitisation and composability

2)

Expand existing Blockchain docs to incorporate other jurisdictions/member views

3)

Review of existing processes that can be automated (for instance Deceased accounts using Govt API)

4)

 How can Technology aid in shortened settlement cycles  

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Technology Guidance Documents

Please click on the title below to access the document:

Blockchain & DLT Solutions: Benefits for Transfer Agency
Soft-Lock Mechanisms in Omnibus Accounts

Data & Cyber Security

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KEY INITIATIVES

Establish and document best practices and challenge existing practices, focusing initially on the following topics:

1)

Open Finance Data Sharing

2)

Regulatory data initiatives (DORA, DIFR, MMIF & Consumer Duty) – in conjunction with Regulatory W Group

3)

TACIG – New Cyber Security senior representative required to attend TACIG

4)

Adoption of a single approach

5)

Fund Data Standards (GAMS) initiative to present at next meeting and assess TA adoption

6)

Co-manufacturer classification

7)

 Create new GFS  DATA  webpage contents

8)

Industry Guidance for Cyber Risk

Help shape industry standards and solve shared challenges across AML, operations, regulation and technology

Collaborate with peers to turn complex requirements into clear, workable practices that deliver consistent results.

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