The Association of Global Custodians' Committees and Mission Statements:


Americas Focus Committee

The Americas Focus Committee will operate as an overarching full committee to address all AGC matters involving regulatory/market structure issues arising in North or Latin America.

Asia Focus Committee

The Asia Focus Committee looks to maintain an agenda that elevates and coordinates AGC oversight and attention on key issues of regulatory or infrastructure change in Asia, and it works to leverage the breadth of the AGC membership to represent and advocate on matters of common interest.

Corporate Action Task Force

The Corporate Action Task Force was formed to identify consultative opportunities, make recommendations to the Association of Global Custodians’ voting representatives, and work with the global markets and industry associations to implement solutions that bring efficiencies to, and reduce risks encountered in, the processing of corporate events.

Depository Information-Gathering Project

Under Investment Company Act Rule 17f-7, global custodians perform a risk evaluation of global depositories and provide this evaluation to their mutual fund clients. The Depository Information-Gathering Project Committee was formed to assist Association members in carrying out these assessments. The collaborative approach to obtaining pertinent information on global depositories supports each member bank's independent evaluation of the risks incurred by funds in safekeeping assets with these depositories. The Committee considers effective ways to leverage the data gathering methods used in the DIGP with respect to other AGC industry initiatives.

European Focus Committee

The European Focus Committee addresses European regulatory and market structure issues of common interest to the Members. The Committee encourages harmonization efforts within the clearing and settlement environment that enhance operational efficiencies, reduce costs and mitigate risks associated with the cross-border activities of institutional investors. The Committee also seeks to ensure that such efforts afford meaningful representation opportunities to participants in the European market, and at the same time do not introduce unwarranted regulatory burdens or distort the competitive environment under which intermediaries provide services within the chain of custody. Committee engagements include participation in various industry consultative processes, direct dialog with European regulators and infrastructure providers, and, as appropriate, collaboration with other industry associations.

Liaison Committee

The Liaison Committee, which is comprised of interested Liaison Representatives and other member bank attorneys, was formed to consider legal issues of particular concern to global custodians. Issues under recent consideration include those raised by Basle II's capital relief requirements and the implications of the requirements of the Markets in Financial Instruments Directive. The Committee convenes on an ad hoc basis as and when particular legal issues merit attention.

Offshore Funds Committee

The Offshore Funds Processing Committee seeks clarification and in some cases, modification, of local statutes, regulations or interpretations in various jurisdictions, currently Luxembourg, Ireland, and Germany, with respect to custodial and administrative responsibilities arising in connection with funds of funds, funds of hedge funds, hedge funds and real estate funds. The Committee works from time to time with the Association of Foreign Banks in Germany to develop and deliver comments to regulators relating to the German Investment Funds regulation, which recently included revised regulations pertinent to real estate funds. The Committee similarly encourages individual members participating in local industry associations in Luxembourg and Ireland to advocate the Association's suggested regulatory clarifications as expressed to those associations.

Tax Issues Committee

The Tax Issues Committee identifies issues relating to the implementation of, or changes in, tax statutes, regulations, interpretations and procedures in various jurisdictions where such issues adversely affect Association members or their clients. The Committee then works to resolve tax issues by approaching local subcustodians or relevant tax authorities, explaining the issues of concern, and proposing solutions or alternatives thereto.

 

 

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