P235

Formal title: Aligning BSC requirements with the calculation of reconciliation interest performed by the Funds Administration Agent

Current Status

Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented

Summary

We had identified that the BSC requirements for calculating the interest on Reconciliation Charges were inconsistent with those used by the Funds Administration Agent (FAA) systems. The Panel raised P235 to align the Code requirements with the methodology used by the FAA systems. The Alternative Modification retrospectively aligned the Code with the FAA systems from 27 March 2001 (NETA Go-Live).

Progression

The BSC Panel raised P235 on 9 April 2009. The Alternative Modification was approved by the Authority on 2 July 2009. The Authority’s decision was in line with the unanimous recommendation of the Modification Group, the BSC Panel, and industry consultation respondents.

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