Mutual Fund Services Membership
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NSCC Ltd US Fund Member - Broker Dealer Onboarding
The DTCC Prequalification Wizard is designed for clients to provide DTCC with basic information relative to their business needs so that DTCC can determine whether our products and services fit their needs.
The Prequalification Wizard can be located on DTCC’s website dtcc.com under the Customer Center>Membership Service (top) menu option.
Assuming all relevant information is readily available to you, the Prequalification Wizard will take approximately 5 minutes to complete.
Step 1: Asks for basic information about yourself and your company (this includes full legal name of your company).
Step 2: Asks what country in which your company operates.
Step 3: Asks what memberships and services you would like for your company. (Since you're reading this you're want to apply for NSCC Broker/Dealer US Fund Ltd membership!)
Step 4: Outlines the capital and regulatory requirements for NSCC membership.
Step 5: Reports some preliminary qualification results based on the answers you've provided.
Note: Completing the wizard begins the process of alerting DTCC that you are interested in membership and ensures an Onboarding Specialist will contact you regarding that interest. Any information you enter in the 'Wizard carries over to an application, if one is submitted. Please review our Information Privacy Policies & Procedures.
If you are already a DTCC Member you do not have to complete the 'Wizard; instead, please call Customer Service at 888-382-2721.
Once you have completed the 'Wizard, an Onboarding Specialist receives and reviews the information you have provided. If they determine that your firm meets the preliminary requirements for membership, they will contact you and conduct a Needs Assessment for candidates interested in membership. (You may be contacted prior to the Needs Assessment and asked to verify or provide additional information depending on the completeness of your submission - this is not to be confused with the Needs Assessment.) The results of the Needs Assesment is what determines whether or not you are eligible to begin the "Official Onboarding Process."
The NSCC Limited Fund Membership Needs Assessment is a verbal inquiry that expands on the questions and answers candidates provide via the Prequalification Wizard. During this one-on-one dialog (initiated by an Onboarding Specialist from the business line about which a candidate expresses interest) such things are discussed as:
- what Legal Entity suits your current business needs,
- what Connectivity and Activation protocols most closely match your needs,
- what other products and services DTCC can offer,
among other things. Here we provide you with a sample of the sorts of questions you may be asked by your Onboarding Specialist:
DTCC does not accept applications from individuals. Applicants must be duly formed legal entities.
May I still apply for the business I want to engage in even if I do not have approval from my Primary Regulator?
DTCC highly encourages companies to have regulatory approval, before engaging our organization. However, although other factors are relevant, our organization is willing to review an application, on a case by case basis, as long as regulatory approval is imminent. This is subject to the applicant meeting any other conditions our organization deems necessary.
Nothing! DTCC does not charge any membership fee
Yes. Legal Entities must have approval from their Primary Regulator, like FINRA, to apply for NSCC Limited Fund Membership. However, on a case-by-case basis, DTCC can explore how far along the applicant is in the Regulator's approval process and make a determination.
It is used to establish their Fund Deposit Requirement.
There is no clearing fund requirement for this membership.
Yes, the NSCC Limited Fund Membership requires a full application because it is a separate and distinct membership. You may contact your relationship manager to begin the process.
The NSCC Limited Fund Membership application process can take up to 3 months to be completed and approved - once the applicant has supplied all required membership documentation - in good form. There are additional factors involved in the membership approval process and they can vary for each candidate. Additional factors include legal entity ownership information, financial and capital requirements, and legal opinion reviews.
There is a chance you will not need a new login but it depends on how the company is configured in our system. This is determined by our Registration Support Group.
Candidates who qualify receive multiple emails from the Registration Support Group. These emails provide:
- User (Login) ID
- A temporary password
- Instructions for accessing the Membership Online Portal for the first time.
Existing DTCC Portal users will receive a notification that the Membership Application has been added to their existing profile in the Portal.
Once you receive your login credentials for the Membership Online Portal and begin completing the General Membership Questionnaire, you may make connectivity inquiries of your Onboarding Specialist. Additionally, you should also expect to be contacted directly by our Connectivity Support Group to start the connectivity process.
Connectivity into DTCC refers to how a participant sends and receives data associated with the mutual fund services they sign up for once they become a member. Connectivity options are typically discussed during the initial onboarding phase of the membership process to determine whether the applicant will need to establish a new direct connection or leverage an existing connection through a service provider or transfer agent.
Connectivity into DTCC provides members with an efficient, automated and streamlined method for communicating with their mutual fund trading partners. Connectivity allows members to submit mutual fund trades, transmit or receive daily mutual fund prices, account positions and activity, and pay or receive commissions related to mutual fund transactions.
Connectivity options can vary based on the product and membership type. The most common type of connectivity with DTCC utilizes the SMART Network which includes:
- Dedicated Circuit
- DTCC Web Direct Portal
There are costs associated with certain connectivity options depending on the setup and hardware required. You can discuss these options with your Onboarding Specialist and the Connectivity Group.
Selecting an activation date – the activation date should be at least 5 business days from date of activation letter.
The membership activation date should be selected based on when the applicant will be ready to begin using mutual fund services since the fee associated with each service selected will begin on the day the membership is activated.
Completing and submitting the membership activation letter.
A membership activation letter template is provided to the applicant to complete, sign and submit into NSCC to activate the membership. This letter includes the membership activation date, mutual fund product selection(s), settling bank instructions and relevant contact information; and it must be signed by an authorized signer of the newly approved applicant.
The activation process can take up 10 business days to coordinate the receipt of the necessary paperwork that needs to be completed and processed to ensure that the participant is ready to begin using mutual fund services on the activation date. Your Onboarding Specialist will assist you through this process.
The activation date is also considered the 'First Trade Date' of your NSCC Limited Fund Membership. As an active NSCC member, you are now ready to begin using mutual fund services.