Transfer agent for the investment sector

Transfer agent for the investment sector

ProService Finteco offers comprehensive operational support services to, inter alia, Open-End Investment Funds, Closed-End Investment Funds and Employee Pension Schemes. Compliant with the current regulations, our services are a guarantee of the best execution and complete customer satisfaction.

Transfer agent for Open-End Investment Funds

For nearly 25 years, we have been providing comprehensive transfer agent services for Open-End Investment Funds with regard to:

  • maintenance of the register of shareholders,
  • maintenance of records with data on distribution networks,
  • dispatch of transaction confirmations to shareholders,
  • provision of information on participation in a Fund over the phone to Investors, Shareholders, distributors and dealers,
  • explanation of defective orders or instructions or other discrepancies concerning financial and non-financial orders placed by Shareholders,
  • control and recording of data in compliance with the Act on Counteracting Money Laundering and Terrorism Financing of 16 November 2000 (consolidated text: Journal of Laws of 2010, No. 46, item 276, as amended),
  • explanation provided to written queries or complaints by Shareholders, distributors and dealers concerning participation in a Fund.
  • many other services supporting fund managers in conducting their activities.

We strive to provide a full range of Transfer Agent services.

Transfer agent for Closed-End Investment Funds

ProService Finteco offers its assistance in administrative support provided to Closed-End Investment Funds with regard to:

  • registration and allocation of certificates, including calculation of fees,
  • financial settlements and reporting,
  • redemption of certificates,
  • reduction of certificates,
  • support for issues of certificates with a price that is known and unknown,
  • settlement of taxes,
  • dispatch of share certificates,
  • support for calculation and disbursement of dividends,
  • reporting to the General Inspector of Financial Information (GIIF),
  • support for distribution networks (registration, calculation and payment of remuneration) with an application for distribution of certificates and support of issues.

Transfer agent for Alternative Investment Funds

Striving to meet the expectations of our Customers, ProService Finteco offers solutions supporting the activities of Alternative Investment Funds with respect to:

  • delivery and implementation of IT tools tailored for Alternative Investment Funds,
  • provision of accounting services,
  • provision of reporting services,
  • provision of asset valuation services,
  • and provision of other support services.

Distribution

Pursuant to a decision issued by the Polish Financial Supervision Authority [DFII/I/4031/100/20/16/17/U/AS] of 29 May 2017, ProService Finteco intermediates in the selling and repurchasing of units of Open-End Investment Funds and Specialist Open-End Investment Funds. Our company operates a Customer Service Point which provides customer services directly, as well as by telephone, fax and over the Internet.

For distributing funds via the Internet, we use our own solution – an STI Transactional Platform, a transactional and information module for investors. Currently, the module is used by several fund management companies.

In each case, the application has a unique graphic design to match the brand identity of a particular fund management company, which makes each implementation different. The platform offers support for all types of orders and instructions, including a MIFID test. A unique process (approved by PFSA) has also been designed whereby the conclusion of an agreement, opening of a register and submission of purchase instructions are all effected within a few minutes without the need for a face-to-face contact or for sending documents. The solution is also available as a native mobile transactional platform (STI mobile) facilitating provision of services to existing and new users. The application is mobile-friendly, with its view, functions and transactional features optimized for mobile devices.

Individual Retirement Account, Individual Pension Security Account

As an entity providing the professional services of a Transfer Agent, ProService Finteco has been offering an Individual Retirement Account (IKE) servicing product since the time it was first introduced in 2004. The product is supported by the main operating system of ProService Finteco, by a sales supporting system (Goniec OnLine Light) and by an online transactional system for Customers. We offer flexible solutions adapted to the requirements of Fund Management Companies, allowing them to develop and sell to their customers customised IKE products.

Employee Equity Schemes

ProService Finteco is actively participating in the consultation concerning the drafting of the Employee Equity Schemes Act. Drawing on the many years of experience in providing services to support all types of pension products, including Open Pension Funds, we will prepare our systems and services in such a way as to provide our Customers with comprehensive support with respect to Employee Equity Schemes.

Employee Pension Schemes

Currently our company provides support to over 200 Employee Pension Schemes, guaranteeing a broad range of parameters and functionalities, also with respect to the commission policy (multi-layer fees and commission discounts), thus allowing servicing of complex and unique products tailored to the needs of Management Companies and Employers.

The functionality that is offered facilitates the maintenance of Employee Pension Schemes by accumulating funds of a Shareholder that are allocated for disbursement on basic and additional registers.

The major benefits offered by Employee Pension Schemes include exemption from capital gains tax on income obtained under the schemes and no income tax imposed on future disbursements during the period of retirement.

In addition to facilitating operational processes, we offer active support for post-sale activities. We know that good relations with Shareholders and access to full and up-to-date product information are very important to our Customers. We offer professional communication-oriented solutions to support the development of good Shareholder relations.

  • Call Centre – we provide our Customers with a professional Call Centre service which may be addressed both to Shareholders and distributors. The range of services provided as part of the dedicated telephone service is adapted to the expectations of our Customers. Call Centre operators are regularly trained by fund management companies to ensure the highest quality of the services provided.
  • Interactive information services – we offer mechanisms which allow investors to receive direct information on the status of their investments, settled transactions, fund valuations, etc. The mechanisms provide 24/7 access to information via phone (IVR) or a website; they may also be used as applications for the submission of instructions and other declarations.
  • Complaints and inquiries as part of our services, we offer professional complaint and inquiry handling for investors and fund Shareholders. Complaints and inquiries are handled and answered in accordance with procedures agreed on with our Customers, thanks to which the services provided are top-quality.

Mailing

We take advantage of top-class tools to facilitate automatic mailing of correspondence. As part of the services rendered, Shareholders receive confirmation of transactions, other periodical statements and fund promotional materials. ProService Finteco’s systems supporting this service make it possible to personalize documents to meet Customer expectations.

KIID/PRIIPS

A KIID document is a primary source of knowledge about funds for investors. It is aimed at replacing an abbreviated version of a prospectus. For this reason, its preparation requires great diligence. The document is subject to continuous monitoring so that it can be updated and published at times required by regulations. Based on our in-depth knowledge of the investment fund market in Poland, long-term experience in the field of accounting for investment funds and preparation of systems and applications that support processes relating to investments, we have decided to include this product in our offer.

AML

In connection with their obligation to submit reports to the General Inspector of Financial Information, institutions have to undertake many additional control activities. Based on market analysis and in view of the needs reported by Customers, ProService Finteco has developed a modern and efficient tool facilitating the AML/KYC analysis.

Basic functionalities of the application ensure ongoing daily analysis, maintenance of the GIIF register and monitoring of customer risk, including the tracking of black lists and a PEP list. The application is distinguished by a parameterizable module for a fuzzy logic analysis.

The application allows uploading commercial black lists and creating own lists, developing schemes for ongoing analysis and triggering alerts in the event of occurrence of a material event. The so-called “waiting room” is a novelty facilitating the process of analysing suspicious transactions and forwarding user-verified transactions to the GIIF register.

FATCA

On 1 December 2015 the Act on the Performance of the Agreement between the Government of the Republic of Poland and the Government of the United States of America (hereinafter the “USA”) to Improve International Tax Compliance and to Implement FATCA of 9 October 2015 came into force. The Act obliges Polish financial institutions to provide information on accounts held by American taxpayers and, as a result, to prevent tax avoidance and the development of tax structures that would facilitate such avoidance.

The Act defines the basic obligations of Polish financial institutions related to the identification of American reportable accounts and accounts held by exempt financial institutions, as well as the obligation to prepare and provide related information to the US tax administration (via Polish tax authorities).

The Act imposes on Polish financial institutions, including Investment Fund Management Companies (TFI), the obligation to obtain from their customers a statement on their US tax residency status.

Since the time FATCA-related provisions started being developed in Poland, ProService Finteco has participated in preparatory works concerning the implementation of the provisions for the market of investment funds.

Our Company provides comprehensive services related to the implementation and maintenance of guidelines resulting from FATCA.

CRS

On 9 December 2014, Directive 2014/107/EU was published to prevent uncoordinated conclusion of agreements by Member States of the European Union. Based on this Directive, the Polish law-maker has prepared an act which implemented its provisions as from 1 May 2017.

The regulations oblige Polish financial institutions to provide information on accounts held by taxpayers from reportable states and, as a result, to prevent tax avoidance and the development of tax structures that would facilitate such activity.

The Act defines the basic obligations of Polish financial institutions related to the identification of persons having tax residence in other states, as well as the obligation to prepare and provide related information to the tax administration of reportable states (via Polish tax authorities).

Since the time CRS-related provisions started being developed in Poland, ProService Finteco has participated in preparatory works concerning the implementation of the provisions for the investment fund market, actively taking part in meetings of working parties of the Polish Bank Association and the Chamber of Fund and Asset Management to shape market practices for the implementation of new provisions.

Our Company provides comprehensive services related to the implementation and maintenance of guidelines resulting from CRS.

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