04_it-retail-cross-border-fund-model-.doc

Correspondent bank custodian safekeeps securities and

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pays proceeds from unit redemptions. Correspondent Bank Custodian Safekeeps securities and manages cash for the fund. Custodian verifies NAV calculation, but it could be appointed by Fund Company also to calculate it. In this case it is legally responsible of this task. Custodian is in charge to verify that all transactions done by Fund Company are compliant with regulation and fund rules. Foreign Custodian bank Transfer agent It is appointed by the fund company. Its task is to update the Investor’s accounts to reflect the daily subscriptions, redemptions, switches and transfers transactions. It ensures prompt settlement of orders and is able to provide tax information to the investor and its intermediaries. It can calculate, receive and set off commissions. It prepares and sends order confirmations and the resulting cash account statements to the investor or its intermediary. Correspondent bank is in charge of tax calculation Correspondent Bank (at local level), Central Transfer Agent (Cross Border) Registrar It is appointed by the fund company and keeps the investor registers. It keeps the records of investor securities accounts. These records represent the fund's liabilities. It prepares the account statements (securities holdings and cash) for the investor and/or its intermediary and makes them available on a periodic or ad hoc basis. It can provide tax information to the investor or its intermediary. It can be appointed "corporate secretary" for exercising voting rights. It reports to the regulator and the unit holder and can appoint a sub-registrar. Correspondent Bank (nominee structure) Central Transfer Agent or Foreign fund provider (nominative structure) Intermediary It is an agent between the Investors (its clients) and the Local Transfer Agent. It provides all the information about Investors’ orders and the related amounts. It can provide fund information to potential investors, accept orders on behalf of a fund and implement order transfer as well as flow of information between the fund and the Investors. It is remunerated in the form of commissions paid by the fund or the Investors.
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  • Summer '17
  • allen dasu
  • ........., custodian bank

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