AFME POST TRADE DUE DILIGENCE QUESTIONNAIRE
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1 AFME POST TRADE DUE DILIGENCE QUESTIONNAIRE SAVE TIME AND MONEY ALAN CAMERON SECURITIES SERVICES London, 18/05/2017
2 Update on AFME Due Diligence Questionnaire (DDQ) DDQs are increasingly burdensome AFME Post Trade Board set-up a task force to investigate AFME DDQ designed to make process more efficient AFME DDQ is comprehensive We need widespread adoption
3 Due Diligence Questionnaires (DDQs) are increasingly burdensome Increasing numbers Unclear scope Complicated by more complex service delivery models Haphazard format and order Poor and late responses Outcry of anguish at NeMa 2015 We cannot continue managing DDQs as we do today
4 AFME Post Trade Board set-up a task force to investigate Major global custodians, investment banks and sub-custodians all joined Objective to create an industry standard DDQ for local market custodians for 2017 (in English) now looking to address ICSDs and Global Custodians Constructive engagement from Thomas Murray Met throughout winter 2015 to end of 2016 Aiming for 80/20 December 2016 final version available on AFME website
5 AFME DDQ designed to make process more efficient Freely available to all as word document - supported by Thomas Murray and MYRIAD It is market specific not client specific Not about service levels, legal agreements, commercial terms Y/N plus format some matrices Focus on changes Will be reviewed September 2017 Please use but do not amend or reorder instead add supplementary questions
6 AFME DDQ is comprehensive Credentials all about the respondent s group Asset safety and custody (a) regulations, laws and market practices (b) accounts CSDS (c) control and reconciliation (d) physical holdings Risk mitigation (a) controls and audit (b) IT, DR, cyber security (c) BCP (d) financial crime (e) data Systems (a) reporting (b) plans (c) protection Core services (a) settlements (b) asset servicing and taxation (c) SLAB (d) client services Initial feedback is that 80/20 has been surpassed
7 We need widespread adoption We cannot continue managing DDQs as we do today December 2016 final version available on AFME website Please use but do not amend or reorder instead add supplementary questions Initial feedback is that 80/20 has been surpassed Please review, use and provide feedback
8 Disclaimer The inf ormation contained within this document ( inf ormation ) is believ ed to be reliable but BNP Paribas Securities Serv ices does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Serv ices judgment and are subject to change without notice. BNP Paribas Securities Serv ices and its subsidiaries shall not be liable f or any errors, omissions or opinions contained within this document. This material is not intended as an of f er or solicitation f or the purchase or sale of any f inancial instrument. For the av oidance of doubt, any inf ormation contained within this document will not f orm an agreement between parties. Additional inf ormation is av ailable on request. BNP Paribas Securities Serv ices is incorporated in France as a Partnership Limited by Shares and is authorised and superv ised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution ) and the AMF (Autorité des Marchés Financiers). BNP Paribas Securities Serv ices, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are av ailable f rom us on request. BNP Paribas Securities Serv ices, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Serv ices), incorporated in the UK is authorised and regulated by the Financial Conduct Authority. In the U.S., BNP Paribas Securities Serv ices is a business line of BNP Paribas which is incorporated in France with limited liability. Serv ices prov ided under this business line, including the serv ices described in this document, if of f ered in the U.S., are of f ered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York Department of Financial Serv ices); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority ; or if a f utures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association. Outsourcing for banks and brokers 01/02/2017 8
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