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DETAILS OF SUPPORTING DOCUMENTATION REQUIRED TO BECOME A CLEARING PARTICIPANT
|REQUIREMENT |DOCUMENTATION |PARTICIPANT COMMENTS |NZXR COMMENTS |
|Application Forms: |Clearing Participant; and | | |
| |Depository Participant. | | |
|Responsible Person |Application Form (Schedule 1) – Clearing and Settlement Rules; | | |
|(Rule 2.13) |Application Form (Schedule 1) – Depository Rules; | | |
| |Employment history and experience – relevant to accreditation; | | |
| |Evidence of completion of Kaplan Papers | | |
| |Ongoing Training (Procedure 2.36.2); | | |
| |Details of anyone authorised by the Responsible Person to sign documents on their behalf (Procedure 2.35); and | | |
| |Identification documentation (original certified copies only): | | |
| |ID – Passport or New Zealand Drivers licence and Full Birth Certificate; and | | |
| |Confirmation of Address – Bank Statement, Utility Bill. | | |
|Accept Service – Responsible Person: |If the Responsible Person is not resident in New Zealand, they must appoint someone resident or incorporated in | | |
|(Rule 2.13.2(e)) |New Zealand, who is authorised to accept service of documents in New Zealand, on their behalf. | | |
|Insurance |Professional Indemnity Insurance; and | | |
|(Procedure 2.26) |Directors and Officers Insurance. | | |
|Company Details |Application Form – Clearing Participant; | | |
|(Procedure 2.1.1(a),(f),(m) and (n)) |Application Form – Depository Participant; | | |
| |Directors Details (full name, date of birth and address details); | | |
| |Detais of shareholders; | | |
| |Certificate of Incorporation (or equivalent document confirmating establishment of the entity); | | |
| |Company Number; | | |
| |Registered address of company, if different to place of business; | | |
| |Details of the type of company and nature of its activitives; | | |
| |A description of the Participant’s management structures including names of personnel holding Management | | |
| |Positions and their experience to hold such positions; | | |
| |A description of the Participant’s Corporate Structure; and | | |
| |Constitution. | | |
|Access |A list of all persons who will have access to the Clearing House System (BaNCS) and / or provide instructions to | | |
| |the Clearing House. The list should be signed off the Responsible Person and include: | | |
| |Name; | | |
| |Position Title; | | |
| |The role performed by the individual; and | | |
| |The Key Contacts within the list should be highlighted. | | |
|Integrity, Reputation, Character |Please provide details of, or confirm, that the following do not apply: | | |
|(Procedure 2.1.1(d) and (e)) |Details of any legal or arbitration proceedings active or threatened; and | | |
| |Details of skills, qualifications and experience of personnel holding senior management positions. | | |
|Financial Details |Copies of the Participant’s audited financial statements for the previous 5 years; and | | |
|(Procedure 2.1.1(b)(i)) |Details of Payment and Accounting Systems being used. | | |
|Compliance Plan |The Compliance Plan should include a periodic review of the Participant’s obligations and identify the | | |
|(Procedure 2.6) |Participant’s key risks, together with establishing systems, procedures and controls to monitor and manage those | | |
| |risks. | | |
| |The Compliance Plan should include the following: | | |
| |A statement of objectives of the compliance plan; | | |
| |A program of procedures and controls, including regular periodic (daily, weekly, monthly, quarterly and annual) | | |
| |tasks; | | |
| |The management structure, including operations and processes, for implementation of that Clearing Participant’s | | |
| |Compliance Plan; | | |
| |Allocation of compliance responsibilities among the Clearing Participant’s Personnel relevant to tasks performed | | |
| |reflecting, where approrpriate, the compliance and procedures manuals referred to in Procedure 2.6.2(e) including| | |
| |responsibility for the design, implementation, functioning and review of the compliance plan; | | |
| |Written compliance and procedure manuals, setting out the Clearing Participant’s procedures, and controls over | | |
| |those procedures, in all areas of its clearing and settlement operations; | | |
| |Recording and reporting to the Clearing Participant’s Responsible Person, breaches and suspected breaches of | | |
| |applicable material requirements of the Securities Legislation relevant to the Clearing Participant and the | | |
| |Rules, and providing structures and procedures for investigation, external reporting, mitigation, discipline and | | |
| |remedy of those breaches; | | |
| |Processes for avoiding or managing conflicts of interest arising for Personnel involved in both compliance | | |
| |activities and operational activitives; and | | |
| |Maintenance of records of compliance activities; and processes to review the adequacy of the Clearing | | |
| |Participant’s compliance plan and the effectiveness of its implementation and implement the outcome of the | | |
| |review. | | |
|Training Plan |All personnel engaged in the Participant’s business must obtain and maintain adequate knowledge in relation to | | |
|(Procedure 2.8) |the Rules, Legislation and Clearing System. | | |
| |The training plan should include: | | |
| |Appointment of a training officer, with responsibility for supervision and implementation of the training plan; | | |
| |Assessment at appropriate intervals of the training and development, supervision and competency of Personnel; | | |
| |Development of training description for each position or function; | | |
| |A programme of continuing development to ensure Personnel are kept up to date with the changes in law, rules, | | |
| |practices and technology; | | |
| |Review of the effectiveness of the training at appropriate intervals; and | | |
| |Responsible Person training (Procedure 2.36.2). | | |
|Technology |Please provide details of the software you will be using in relation to Client Assets and Capital Adequacy, | | |
|(Procedure 2.5) |together with details of the technology in place to undertake business as a Participant and conformance with | | |
| |NZX’s Trading System. | | |
| |Confirm how access to BaNCS will be managed and what access is required by Back Office systems and how this will | | |
| |be managed to ensure integrity with the Clearing House. | | |
|Business Continuity Plan |This should be developed to ensure that the Participant at all times maintains adequate disaster recovery | | |
|(Procedure 3.7) |arrangements and the continuation of the Participant’s usual operations following short, medium and long term | | |
| |disruption. | | |
|Operations / Procedures Manual |This should cover all key daily processes, including: | | |
| |Daily tasks and timings; | | |
| |Ownership of specific tasks; | | |
| |Reconciliations any key controls; | | |
| |Margin Calls; | | |
| |Provision of Collateral; | | |
| |Collateral Release; and | | |
| |Provision of funds to CDO. | | |
|Capital Adequacy |Minimum Capital Adequacy, which shall be the higher of: | | |
|(Rules 4.12, 4.26 and 4.30) |The Minimum NTCA of the Participant Requiring Capital, as prescribed for its category of Participant by C&S Rule | | |
| |2.16; and | | |
| |The Total Risk Requirement of the Participant requiring Capital as calculated in accordance with Rule C&S 2.19. | | |
|Settlement Bank |Participants are requried to appoint a Settlement Bank, and notify CHO of the name of the bank, together with | | |
| |confirmation from the Bank. | | |
|Buy In Procurement Agreement |The following categories of Participant require a Buy In Procurement Agreement (to be provided by NZXR): | | |
| |Cash Market Clearer; | | |
| |Derivatives Clearer; and | | |
| |Cash and Derivatives Clearer. | | |
|Clearing and Settlement Agreements |(Only required for General Clearing Participants) | | |
|(Rule 2.14) |If an application is being made for a General Clearing Participant, the Participant must have in place with each | | |
| |Person whom it provides Clearing and Settlement services, a C&S Agreement that complies with the requirements of | | |
| |Rule 2.14: | | |
| |A copy of the Participants’ C&S Agreement; | | |
| |A list of all Trading Participants who have executed this agreement; and | | |
| |A copy of any agreement in place that has deviated from the standard agreement mentioned in (a). | | |
|Anti Money Laundering |The following people must supply identification for AML : | | |
| |Beneficial Owners with >25% holding | | |
| |Directors | | |
| |Responsible Executive | | |
| |BaNCS users | | |
| |The following documentation should be provided in hard copy (original certified copies only): | | |
| |Individuals: | | |
| |Name, Date of Birth and Residential Address | | |
| |The preferred method of verification for this is: | | |
| |Passport and Proof of Address, or | | |
| |New Zealand Drivers Licence and Birth Certificate and Proof of Address | | |
| |All Passport copies need to be certified by an acceptable referee (e.g. a lawyer, notary public, justice of the | | |
| |peace, etc). Appropriate wording for the certification is: | | |
| |“I confirm that this is a true copy of the original document, and represents the identity of [NAME OF PERSON]” | | |
| |The attached link provides further details on ID requirements and accepted verification. | | |
| |Amended Identify Verification Code of Practice 2013 | | |
| |Company | | |
| |Does the company have any of the following: | | |
| |Nominee shareholders; and | | |
| |Any natural person shareholders who has more 25% ownership of the company? | | |
|Clearing and Depository Setup Form |Please complete the setup form. | | |
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