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The New Partnership Between Women in Asset Servicing and Embark Group

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The New Partnership Between Women in Asset Servicing and Embark Group The primary source of global asset servicing news and analysis ISSUE 263 14 April 2021 The new partnership between Women in Asset Servicing and Embark Group Securities Operations and Custody Guernsey Funds Rather than being the bête noire of an The evolution of Guernsey’s funds industry operation, asset servicing needs constant in recent years shows encouraging trends of care and attention, says FIS’ George Harris innovation and adaptability THE RAINBOW BRIDGE BETWEEN USA & CANADA AT NIAGARA FALLS Canada’s Leader in Sub-custody With more than 1,600 professionals exclusively focused on servicing Canadian investors and global investors into Canada, CIBC Mellon can deliver on-the-ground execution, expertise and insights to help clients navigate the Canadian market. Leveraging the technology and scale of BNY Mellon, a global leader in investment servicing, and the local presence of CIBC, one of Canada’s leading financial institutions, CIBC Mellon has the experience and the capabilities to help you succeed in Canada. Canadian custody and sub-custody Brokerage1 Canadian correspondent banking1 Investment fund services Broker-dealer clearing MIS (NEXENSM, STP scorecard, trade match report card) Securities lending2 Data analytics2 1 Provided by CIBC 2 Provided by BNY Mellon Learn more, contact: Richard Anton at +1 416 643 5240 Abdul Sheikh at +1 905 755 7118 Lloyd Sebastian at +1 416 643 5437 www.cibcmellon.com ©2020 CIBC Mellon. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies. Lead News 3 W: www.assetservicingtimes.com T: @ASTimes_ Editor: Becky Bellamy [email protected] +44 (0)208 075 0927 Reporter: Maddie Saghir [email protected] +44 (0)208 075 0925 SRD II still in early stages of ‘full and Contributor: Maria Ward-Brennan [email protected] seamless adoption’, says Broadridge Designer: Becky Bellamy The European Commission’s updated Shareholder In terms of market structure challenges, the [email protected] Rights Directive (SRD II) is still very much in the report suggests the delayed timeline for regu- +44 (0)208 075 0927 early stages of a full and seamless adoption across latory transposition in many countries caused a European regulated markets, according to a new knock-on impact to CSD adoption of the required Associate Publisher: John Savage report by Broadridge. ISO 20022 messaging for issuer communication in [email protected] those countries. +44 (0) 208 075 0931 SRD II went live in September 2020 and is global in its scope, impacting any financial intermedi- The area of shareholder disclosure has been a Publisher: Justin Lawson ary that holds or services European equities, irre- little easier to handle than other message [email protected] spective of where the intermediary firm is located. types related to areas such as general meetings +44 (0)208 075 0929 It applies to all types of financial intermediaries, because of the lack of existing coverage by ISO Published by Black Knight Media Ltd including banks and brokers, wealth managers 15022 messaging, according to the author of Copyright © 2021 All rights reserved and central securities depositories (CSDs). the Broadridge whitepaper, Demi Derem gen- www.assetservicingtimes.com Lead News 4 eral manager, bank broker-dealer investor com- increase in the number of class actions taken by “Our advice for these firms is to allocate budget and munication solutions. Mapping has not been shareholders in the future of the voting proce- resources to navigate through the challenges that necessary between the two message types by dure isn’t deemed by shareholders to be compli- lay ahead,” says Derem. intermediaries for shareholder disclosure as ant with the directive. five entirely new messages and market prac- Meanwhile, those looking for outside assistance tices were created for requests and cancellations, Derem notes that this has meant issuers in the are reminded to consider their options carefully. explains Derem. region are keen to see greater intermediary com- It is noted that the reputational and compliance pliance with SRD II and they are communicating consequences for SRD II non-compliance can be The paper also explores the lessons learned by directly with their national authorities and the very high. asset managers. It stipulates that the introduction European Commission to ensure late implement- of shorter deadlines of no more than three busi- ers are monitored and, if necessary, appropriate “Thus talk to firms that can offer deep domain ness days for any shareholder action has put pres- action is taken. knowledge, scale, financial stability, the highest sure on firms to reduce previously manual pro- digital data security and complete market cov- cesses where possible. Based on the complexity of the task at hand, erage. This will help your business to meet both and with the backdrop of a tragic global pan- its EU market and global compliance obligations,” “Asset managers with large numbers of custodi- demic, Broadridge believes the industry has Derem suggests. ans have been especially challenged to keep up done a remarkable job to embrace SRD II imple- with the requirements because of the expected mentation, despite the fact that some align- SRD II is a key part of the Capital Markets Union increase in the number of notifications that must ment challenges remain across the markets agenda and remains a high-profile, mandatory be processed on a daily basis for their underlying and participants. requirement subject to deep scrutiny over the com- clients,” says Derem. ing years, including a formal review of the direc- Over the next 12 months, Broadridge hopes tive’s effectiveness by the European Commission. These firms, according to the report, have also many of the current operational challenges will faced challenges in tracking down data for ben- be resolved but expects an ongoing high focus Broadridge’s latest industry whitepaper on SRD eficial owners where gaps have been identified, in this area, especially for global intermediaries. II extracts learnings from over 350 SRD II client and this will be a significant data maintenance implementations, which should serve as a val- task going forward. Broadridge also predicts investor and regula- uable resource for firms that have yet to imple- tor environmental, social and governance (ESG) ment their SRD II solution, as well as those Elsewhere it is explained that a significant impact themes and concerns will continue to drive fur- who met the deadline but continue to refine from the issuer perspective of SRD II could be an ther change. their processes. Consulting Services Software Solutions ✓ Strategic Consulting ▶ C-One Securities Finance ✓ Project & Program Management In-house/Platform Hybrid Solution ✓ Business Analysis & Consulting ▶ C-One Connectivity Your Specialists in ✓ Technical & Infrastructure Consulting Standard Market Interfaces Securities Finance ✓ Product Architecture & Design ▶ C-One RegReporting Solutions ✓ Software Development SFTR | CSDR | MiFID ✓ Blockchain Development ▶ C-One Blockchain/DLT Platform Efficient. Innovative. Modular. | www.comyno.com | [email protected] www.assetservicingtimes.com Contents 5 News Focus 6 Sibos to remain 14 18 digital for 2021 News Focus 7 Krypton Fund Services expands into the US New Partnerships Guernsey Funds Kate Webber and Lisa Worley discuss The evolution of Guernsey’s funds News Focus the new partnership between Women in industry in recent years shows 8 Asset Servicing and Embark Group encouraging trends BNP Paribas gains asset servicing mandate from Provinzial Asset Management 22 28 News Focus 9 Sanne obtains specialised depositary services licence in Ireland Securities Operations Industry Appointments Rather than being the bête noire of an BNY Mellon appoints Karen Price as News in Brief 11 operation, asset servicing needs care global product development head for Euroclear to acquire and attention, says George Harris of FIS custody, based in New York MFEX Group www.assetservicingtimes.com News Focus 6 Sibos to remain digital for 2021 SWIFT has made the decision to keep Sibos, about the outlook for the virus and the evolu- “While we will miss being together in one of the largest banking and technol- tion of mobility and travel restrictions this year, Singapore, we will still keep a focus on con- ogy conferences in the world, a free and dig- says SWIFT. tent for the community in Asia, with plenty ital-only event for 2021 to ensure the safest of sessions available in local time zones,” and best possible experience for the global From 11 to 14 October 2021, SWIFT will build on SWIFT comments. Sibos community. the strength of its first all-digital event in 2020 to drive engagement on key and emerging issues Further news on the conference themes are set In April last year, the decision was also made to through diverse speakers and thought-leadership. to be announced in due course, and details of the cancel the physical event of SIBOS. registration timeline will follow. SWIFT says it will also spark connections through The pandemic continues to impact the way peo- new collaborative networking initiatives and pro- SWIFT plans for next year’s Sibos confer- ple live and work, and while progress is being vide more of the insight and inspiration that is ence to go ahead in Amsterdam from 10 to 13 made toward recovery, much uncertainty remains unique to Sibos. October 2022. www.assetservicingtimes.com images by bnenin/stock.adobe.com News Focus 7 Krypton Fund Services expands into the US Krypton Fund Services, an independent fund experience in fund administration and has previ- team and look forward to building our brand and administrator to alternative investment manag- ously held senior positions with such firms as Apex bringing these services to managers across the ers, has expanded its global business platform Group, Equinoxe Alternative Investment Services, US,” Wende says.
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