ISSA REPORT ON CORPORATE ACTIONS Presented by: Monica Singer, Strate Ltd.
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Transcript of ISSA REPORT ON CORPORATE ACTIONS Presented by: Monica Singer, Strate Ltd.
Key Principles
Achieve Straight-Through Processing (STP) utilising ISO Standards
Issuer Sourced Information in structured fields
Unique identifiers
Timelines of Notification
Process harmonisation within and across markets
Publication of Event Rules
Protecting investors' rights
Objectives
To synthesize existing and emerging global industry initiatives on corporate
actions processing and thereby publish principles that would facilitate risk
reduction, efficiency, investor protection, and issuers’ ability to reach a broad
investor base, highlighting gaps in current practices and areas that would benefit
from concerted action.
To facilitate the alignment of efforts among the various industry groups and
advocate these principles globally to relevant stakeholders — the entire securities
investment industry, issuers and their agents, and regulators —and facilitate the
monitoring of issues and developments in key markets around the world, with
respect to the principles.
To highlight recommended practices being implemented or planned around
the world, and provide a one-stop reference point to relevant work being done by
industry groups globally, with links to their websites.
Global Issues and Participation
Key Principles and Objectives
Global Issues and Participation
Next Steps
Golden Copy
Global Issues and Participation
Provision of applicable information from Issuers in a standard format
Global market education including usage of common language
Different timelines across various instruments/markets
Fraction process handling
Tax processing
Active global participation is required in order to be successful
Achieving a Golden Copy transaction?
• “The ‘golden copy’ is the official, master version of a record.
• There can only be one golden copy of each record.
• A golden copy exists from the point of creation of a record, not just when the record is
no longer used. It is important to remember that the golden copy of a record exists for
all stages of its development.”
• In order to achieve a Golden copy, the information must be provided from the source
in a defined format.
Next Steps
Exchange/CSD’s to work with NMPG’s and Swift to create Issuer awareness
and adoption from source concept
Participate in SMPG working groups which are driving the same principles
Try to create the “Golden Copy” within your markets taking into consideration
multi listed companies
Standardise market event referencing via NMPG
Standardise event option usage – insert event data on the EIG grid
P.S. Refer to ISSA principles document for more information
Conclusion
We have a great opportunity to revolutionise the processing of
Asset Servicing globally.
Lets join forces and “be the change you want to see in the world.”
- Mahatma Gandhi