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EU’s New Shareholder Rights Directive: What Standards?

June 11, 2020 By Chris Kentouris Leave a Comment

With Europe’s second incarnation of the Shareholder Rights Directive (SRD II) less than four months away, the securities industry can easily rely on automated communication channels to ease the compliance burden, but using disparate message standards to transmit data and various methodologies for calculating fees will still make the administrative work challenging. The European Commission […]

Filed Under: Corporate Actions, Custody, Investments, Investors Tagged With: Compliance, Fund Operations, Investment Operations, Investors, Regulators

Fund Managers Find COVID-19 Makes Best Ex Best Effort

June 4, 2020 By Chris Kentouris Leave a Comment

Complying with “best execution” requirements is nothing new for fund managers, but some could easily end up failing to meet their fiduciary obligations this year due to circumstances beyond their control — the unprecedented market volatility and remote working generated by the COVID-19 pandemic. About a dozen operations managers at US fund management firms who […]

Filed Under: Analytics, Compliance, Data, Investments, Reporting Tagged With: Compliance, Data, Fund Ops, Investment Ops, SEC

Coronavirus :The Corporate Actions Side Effect

May 11, 2020 By Chris Kentouris Leave a Comment

Corporate actions analysts and operations managers working remotely during the coronavirus pandemic could unintentionally end up leaving money on the table as they scramble to deal with companies either postponing some events or changing the terms of others. That’s what Jonny Ruck, chief executive officer at London- headquartered corporate actions analytics technology firm Scorpeo is […]

Filed Under: Compliance, Corporate Actions, Investments, Investors Tagged With: Compliance, Corporate Actions, Investment Ops, Investors, Regulators

Coronavirus: Survival Tips for Middle Office Fund Ops

March 26, 2020 By Chris Kentouris Leave a Comment

The coronavirus pandemic is frazzling even the best trained middle-office operations managers of US fund management shops who are working in the trenches of a battlezone. The war isn’t about setting up remote access to IT systems for employees having to work from home or deciding who should do which task and when. Following a […]

Filed Under: Compliance, Funds, Investments, Ops Risk, Outsourcing Tagged With: Fund Ops, Hedge Funds, Investment Ops, Post-Trade, Valuation

BNY Mellon Gives Fund Managers New NAV Agent

February 13, 2020 By Chris Kentouris Leave a Comment

Fund managers no longer have to rely on their fund administrator’s backup plan or their own when striking or validating a net asset value. BNY Mellon, the world’s largest custodian bank, says it can save the day by doing all the operational work using Milestone Group’s pControl platform which also allows for accurate backup NAVs […]

Filed Under: Compliance, Data, Funds, Investments, Outsourcing, Reporting Tagged With: Compliance, Data, Fund Ops, Middle Office Ops, Outsourcing, Reconciliation, Reporting, SEC, Valuation

SEC’s Proxy Voting Guidance: What About Corporate Actions?

September 13, 2019 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s recent guidance on proxy voting may have unintentionally raised the issue of whether fund managers are meeting their fiduciary obligations when they vote in one-off voluntary corporate action events. Compliance managers at several US fund management firms tell FinOps Report that following the publication of the SEC’s publication of […]

Filed Under: Compliance, Corporate Actions, Investments, Investors Tagged With: Compliance, Corporate Actions, Investment Ops, Regulators, SEC

State Street’s US$88M Fine Highlights Deceptive “Pass-Along” Custody Fees

July 30, 2019 By Chris Kentouris Leave a Comment

How can a global custodian bank convince clients for almost two decades that a twenty-five cent cost to transmit a message through the SWIFT network transmission is really worth a $5 “pass-along” fee? Easily, when fund managers aren’t paying attention and no one at the custodian bank is minding the shop. That’s no longer the […]

Filed Under: Compliance, Funds, Investments, Regulators Tagged With: Compliance, Custodians, Fund Ops, Investment Ops, Regulators

IRS: Get Your Data Right on FATCA and QI Certifications (Or Else)

June 27, 2019 By Chris Kentouris Leave a Comment

The US Internal Revenue Service is turning tax operations and compliance departments into data and paperwork geeks when it comes to meeting their requirements for FATCA and QI. Did your tax operations department withhold the correct amount of tax for the right account and file the form correctly by deadline? That’s what an IRS auditor […]

Filed Under: Compliance, Data, Investments, Regulations, Reporting Tagged With: Compliance, FATCA, Regulators, Reporting

Hedge Funds: Proactive Operational Risk, Finally

April 15, 2019 By Chris Kentouris Leave a Comment

  Failed trade settlements, bad valuations, bad reconciliations, shoddy vendor management and simple forgetfulness. These glitches aren’t new for hedge fund managers. What is new is that they are turning to management and technology consultants for help.  As regulators, such as  the US Securities and Exchange Commission, look under the hood during exams and investors become […]

Filed Under: Funds, Investments, Ops Risk, Outsourcing Tagged With: Fund Ops, Hedge Funds, Investment Ops, Post Trade

US Withholding Agents Face the FATCA Music

November 6, 2018 By Chris Kentouris Leave a Comment

The US Internal Revenue Service is spreading its love for the Foreign Tax Compliance Act (FATCA) to US shores. US tax operations and corporate tax directors at US banks and broker-dealers serving as US withholding agents must now deal with the IRS’ request for more information on their compliance with FATCA. If they haven’t done […]

Filed Under: Compliance, Data, Investments, Regulations, Reporting Tagged With: Compliance, FATCA, Regulators, Reporting

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