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5877-1
Welcome toAccount
Administration
Welcome toAccount
Administration
Anthony Anthony Pietanza, Pietanza, Director – Director – Customer Customer Service Service GroupGroup
October 9, October 9, 2007 2007
5877-2
Account Administration“On-Boarding”
Account Administration“On-Boarding”
DTCC “On-boarding” is defined as the time from application to activation.
DTC NSCC FICC
GSD MBSD
DTCC subsidiaries
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Membership RequirementsMembership Requirements
Applicants receive similar membership package requirements
Membership Requirements Sheet (“MRS”)
Questionnaire Legal Agreements AML Requirements Foreign Entities require
enhance due diligenceVarious factors affecting type of applicant requirements:
DTCC subsidiary applying for (DTC, NSCC, FICC)
Type of Legal Entity Services requested
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Membership Requirements - Foreign
Membership Requirements - Foreign
DTCC’s Office of Corporate & Regulatory Compliance (“OCRC”) performs due diligence to ensure compliance with Anti-Money Laundering requirements
Financials must be in US GAAP
Documentation submitted must be in English
Applicant must obtain written approval from regulator
Must make Tax Withholding Arrangements
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Preliminary ApplicationReceipt
Preliminary ApplicationReceipt
Account Administration reviews package
It is assigned to an Account Administration Representative who will work with the applicant regarding the completion of the application, legal documents and forms
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Preliminary ApplicationRegulatory RequirementsPreliminary ApplicationRegulatory Requirements
Is the applicant a duly organized entity?
Is the applicant approved to do the business it is applying for?
Does the applicant have any restrictions?
Does the applicant meet the minimum regulatory requirements (e.g. excess net capital)
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Preliminary ApplicationFinancial RequirementsPreliminary ApplicationFinancial Requirements
Each applicant must meet the requirements for the type of service they are applying for. Examples include:
FOCUS Reports Annual Audited
Financials CALL Reports Blue Books (Financial
Statements)
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Legal Documentation and Forms
Legal Documentation and Forms
Applicants are required to execute a number of agreements and forms
Member’s Agreement Legal Opinion Special Undertakings
Agreement (foreign) Corporate Resolution
and Certificate of Incumbency
Settling Bank Tri-Party Agreement
Tax Forms
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Risk DepartmentReview and ApprovalRisk Department
Review and Approval
An in-depth review is conducted by Credit & Market Risk
Once approved Credit Risk notifies the applicant, the Relationship Manager and Account Administration in writing
Approval letter states: Fund deposit
requirement Services approved for Any restrictions
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ActivationActivation
Prior to activation the following steps must be complete
Approval Properly executed
legal documents and forms
Clearing Fund Connectivity Training
MARS
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On-BoardingSummary
On-BoardingSummary
Preliminary Application ReviewLegal Agreements and FormsRisk/Credit ReviewApprovalActivation
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Existing MembersExisting Members
Reconsideration of Membership (expansion of business)
Mergers, Acquisitions and Organizational Changes (MAOCs)
If an existing member is changing their form of organization, ownership structure or proposes changes to their business, the member may be required to complete an application for membership
Notification Of Material Changes Is Required
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Account Administration – “Day to Day” Account Administration – “Day to Day”
Account Administration generates reports and provides daily administrative support to internal departments on existing services.
Important NoticesInternal NoticesAllocation Report/Account ListingOn-Boarding Reports/Monthly New Business Meeting
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Members Activating Additional Services
“Service Add”
Members Activating Additional Services
“Service Add”
Full Service Members can utilize all services
Limited MembersLimited to those services as specified by Rules Approval Agreement Fund Requirement
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Additional Number RequestsAdditional Number Requests
Additional Number Request Additional Number Request
Form “Info Sheet”Form “Info Sheet”
•Limited to those services the parent account is approved for
•Settlement Settlement
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Member On-line Tracking SystemMember On-line Tracking System
MOTS is a fully automated Web application for tracking and reporting
On-BoardingAll new members across all subsidiaries of DTCC
“Events” Member related activity such as:
New ApplicationSettling Bank
ChangesAdditional AccountsRetirement
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MOTSMOTS
MOTS facilitates the coordination of the on-boarding process by providing tools to improve communication Notifications - emailMilestones – from receipt to approval
MOTS provides the ability to cross reference multiple membership events Linking MAOC Processing Report Filter