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The Association of Global Custodians' Committees and Mission Statements:
Asia Issues
Committee
The Asia Issues Committee (AIC) 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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