Funds require further transparency into advisory programs, platforms, distribution channels, retirement programs and servicing relationships of trust-networked accounts, intermediary accounts not held in omnibus, and in certain instances omnibus accounts where the information is not being provided through the Omni/SERV Activity and Position files. This information is necessary for intermediary oversight, fee reconciliation, and internal reporting. The process to obtain the information is a highly manual and fragmented process.
The ICI Broker/Dealer Advisory Committee, in conjunction with the ICI New Account/Account Maintenance Working Group (Working Group), identified enhancements to the NSCC Fund/SERV® and Networking services to allow intermediaries to provide Funds the necessary transparency in a streamlined, automated, and more timely manner. These enhancements are consistent with how similar information is provided today for omnibus subaccounts through the Omni/SERV Activity and Position files.
This guide provides best practices for using the enhancements made to the NSCC Fund/SERV® and Networking services that allow intermediaries to provide Funds with the necessary transparency for intermediary oversight, fee reconciliation, and internal reporting.