Asset Servicing Working Group

Scope

The Asset Servicing Working Group has identified the following four key topics as key to the securities services industry:

  • Data Sourcing: The WG will work with The Value Exchange on a data sourcing survey for Corporate Action events. The results will enable the WG to provide guidance on the use of a golden copy for key events
  • Withholding Tax: One area of concern highlighted as a result of the pandemic is the area of withholding tax processing. The WG will review the current issues and look at how these could potentially be addressed for both tax reclaims and relief at source
  • Proxy Voting: The WG plans to analyze and document Proxy Voting market practises
  • Complex Corporate Action Events: The WG will identify issues around processing complex corporate action events and aim to provide best practise guidance

During 2021, the Working Group will focus on the initial two topics.

Working Group Co-Chairs

Stephen Ridley, Broadridge Financial Solutions Ltd.
Daniel Thieke, DTCC

Milestones

  • Data Sourcing Subgroup
    • Collaborate with The Value Exchange and other partners to prepare, distribute and collate a Corporate Action data survey
    • Take the key survey findings and use this as the basis for a paper outlining best practise guidance in the data sourcing space
  • WHT Process Subgroup
    • Prepare a paper outlining the key challenges with current WHT processes
    • Analyze the issues and provide a document giving recommendations for a way forward

Reports

  • Report on Current Practices for Beneficial Owner Disclosure (07/2020) > PDF 580 kB
  • Digitization at Source of Corporate Action event data (12/2015) > PDF 918 kB
  • Progress report on the implementation of ISSA’s Global Principles for Corporate Actions and Proxy Voting (09/2013) > PDF 391 kB
  • Final Report on Global Principles for Corporate Actions Processing and Proxy Voting (06/2012) > PDF 797 kB
  • Annex to the Final Report (05/2010) > PDF 344 kB
  • Overview on Global Principles for Corporate Actions Processing and Proxy Voting (06/2012) > PDF 104 kB
  • Issuer Outreach 2012 (06/2012) > PDF 182 kB
  • Market Survey Reports of Interim Report on Corporate Actions (05/2010):
    • Market Survey – Europe (06/2010) > PDF 305 kB
    • Market Survey – Middle East & Africa (06/2010) > PDF 360 kB
    • Market Survey – Asia (06/2010) > PDF 622 kB
    • Market Survey – Americas (06/2010) > PDF 272 kB

Institutions Represented by Experts in the Working Group

  • Acupay System
  • Bank Julius Baer
  • BNY Mellon
  • Broadridge Financial Solutions
  • Caja de Valores, Argentina
  • Clearstream
  • Computershare
  • DTCC
  • Euroclear
  • Fidelity Corporate Actions Solutions
  • FIS Global
  • Hong Kong Exchanges and Clearing
  • HSBC Securities Services
  • IHS Markit
  • ISSA
  • JP Morgan
  • NSDL India
  • NSD Russia
  • Proxymity
  • SIX Group
  • SLIB
  • Standard Chartered Bank
  • Strate
  • SWIFT
  • Tegra118
  • Tata Consultancy Services
  • Unicredit
  • WTax