Registrar Overview...

Registrar Functionality

After receiving enquiries from various clients for registrar functionality we have developed the Simulator to process all Registrar related messages.

The main areas in the Registrar functionality include:

• RUR processing
• Reconciliation (including GUI)
• Corporate Action processing
• Meeting Announcements

RURs

Once a transfer of ownership of CREST registered securities is settled in CREST this needs to be reflected on the companies’ registers. Consequently CREST generates a Registrars Update Request (RUR) for each transaction which involves a transfer of ownership. When appropriate a secondary RUR is made available to the Receiving Agent I.e. in the case of a Takeover, to maintain a shadow register.

How do we support this?...

We would create you a participant of type Registrar and allocate various ISINs to your participant. You could then create the deliveries using another participant (of type Member) using the ISINs allocated to your Registrar ID. RURs would then be generated for retrieval by you. Bad Deliveries are also processed in the Simulator as in CREST with the transfer being ‘reversed’ if not agreed/corrected by the System Controller (Us).

Secondary RURs are also created for the Receiving Agent of a Corporate Action type Takeover in order for the Receiving Agent to maintain a shadow register throughout the Corporate Action lifecycle. We support this by creating Takeovers (from your specification via a proforma) and generating various transfers to generate secondary RURs for retrieval by the Receiving Agent.

Reconciliation

Crest reconciles with Registrars regularly in three ways:

• A daily reconciliation of the total of each ISIN held in CREST, this is done at the end of the day.
• A daily reconciliation of the balance of each stock account which has been adjusted that day, this is done at the end of the day
• A periodic reconciliation of the balances on all stock accounts in an ISIN, this can be sent either intra day or at the end of the day

Reconciliation can also be undertaken for a specified prior day. i.e to check the reconciliation as at a particular day for record date on Corporate Action purposes.

The Simulator supports all Registrar Reconciliation functionality. We have also adapted our SimGUI to provide our Registrar clients with the ability to retrieve a Security Reconciliation List and Security Reconciliation Details. These functions provide Registrars with the capability to reset the database so that any failed requests can be re-submitted. We can also manipulate the status of any reconciliation to reflect the status you require.

Corporate Actions

We have always offered Corporate Action processing functionality to ‘Members’ but have now extended this to fully support Registrars and Receiving Agents specific requirements. Receiving Agents need to be able to maintain a shadow register in the case of a Takeover and in order to do this they must be able to retrieve secondary RURs (as explained above).

We support this by providing you with a Corporate Action proforma; On here you specify your Registrar ID and/or and Receiving Agent ID along with all relevant other details relating to the Takeover. We would then create transfers on which both the Registrar and Receiving Agent will have a RUR generated. We can offer great flexibility on this processing to assist in your testing accordingly. I.e Manipulate Dates, ISINs etc.

If it is the basic Corporate Action processing testing which is required we can mimic most Corporate Action types. This is done by you populating the proforma with the specifics and we will set up and generate the Corporate Action. We can create transactions for you to generate any necessary claims/transformations. Additionally we can create holdings in specific member accounts on which (as a registrar) you can create the Registrar Adjustment transaction/s.

Meeting Announcements

Full meeting announcement functionality has always been offered by us. However, we believe this will be used more frequently now with the full Registrar processing.

 

For more information on the Registrar functionality testing offered by Safe Financials please contact us. We can offer a great level of flexibility and can have you connected to the Simulator in a matter of hours.