SIFMA Customer Account Transfer Division

Officers

Tue, 22 Jul 2008 21:12:11 GMT

Governing Committee – Officers Kevin McCosker President Pershing 300 Colonial Center Parkway Lake Mary, FL 32746 (321) 249-4310 Tel (407) 833-2547 Fax Ron Marino Executive Vice President UBS Financial Services, Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 (201) 352-5560 Tel (201) 442-3001 Fax Derek Yen Vice President National Financial Services 1 Destiny Way WB3A Westlake, TX 76262 (817) 474-9944 Tel (817) 474-5255 Fax Leesa Nobel Secretary Raymond James & Associates, Inc. 880 Carillon Parkway St. Petersburg, FL 33716 (727) 567-3183 Tel (727) 567-8940 Fax Scott J Hanson Assistant Secretary Robert W. Baird & Co. 777 East Wisconsin Ave Milwaukee, WI 53202 (414) 298-7459 Tel (414) 298-1750 Fax Joseph Zaets Treasurer Morgan Stanley Harborside Financial Center Plz 36th floor Jersey City, NJ 07311 (201) 369-7804 Tel (201) 369-7843 Fax Steve Callan Assistant Treasurer Bear Stearns Securities Corp. One MetroTech Center N ...

Subcommittees

Wed, 11 Jun 2008 16:28:43 GMT

Committee Mission Chairperson ACATS Cycle Review White Paper - pdf To provide timely account transfers by reducing days of the transfer cycle and extending the cutoff time for new transfer submissions. This committee is currently limited to board members only. Kristie Thompson Banking ACATS Bank Usage Matrix - xls To coordinate the introduction of Banks into ACATS. Work with the member firms to participate in ACATS with the BANKS. John Cusumano Communications To communicate Industry changes with the division members via the Communicator, Educational Dinner meetings, and the Internet. Steve Callan Liquidations MF LIQ White Paper v2 3 013107 - Word doc To identify and develop an automated standard for selling non-transferable mutual fund assets held at the original...

Membership Application

Thu, 21 Feb 2008 22:14:50 GMT

2008 MEMBERSHIP APPLICATION The Officers of the Customer Account Transfer (CAT) Division would like to extend this opportunity to enroll your firm in our 2008 MEMBERSHIP. We are a Division of the Securities Industry and Financial Markets Association (SIFMA) and work closely with Financial Industry Regulatory Authority (FINRA) and the Depository Trust Clearing Corporation (DTCC). The CAT Division is working with the Industry on numerous issues and initiatives. Some of these are: Adding Mutual Fund reclaims to the ACATS process Adding restriction indicators to the ACATS transfer process Enhancements to DTCCs Cost Basis Reporting System (CBRS) Increasing Bank participation in ACATS Potential enhancements to the Liquidation process Potential enhancements to the partial transfer process Addition of new account type indicators to help reduce ACATS rejects Adding...

NSCC Rule 50 Section 17

Tue, 12 Feb 2008 00:17:41 GMT

NSCC Rule 50 Section 17

Tue, 12 Feb 2008 00:11:22 GMT

NSCC Rule 50 Section 17

Rule 50 Section 17

Mon, 11 Feb 2008 23:45:53 GMT

Rule 50 Section 17

Panel 4 - Become a Member

Mon, 07 Jan 2008 23:33:31 GMT

Membership in Customer Account Transfer Division will provide your firm with a cost effective method for staying current with state-of-the-art Customer Account Transfer Division practices.

Learn more ...

Membership Application

Benefits of Membership

Wed, 19 Dec 2007 22:42:55 GMT

The Officers of the Customer Account Transfer (CAT) Division would like to extend this opportunity to enroll your firm in our 2008 MEMBERSHIP. We are a Division of the Securities Industry and Financial Markets Association (SIFMA) and work closely with Financial Industry Regulatory Authority (FINRA) and the Depository Trust Clearing Corporation (DTCC).

The CAT Division is working with the Industry on numerous issues and initiatives. Some of these are:

Adding Mutual Fund reclaims to the ACATS process
Adding restriction indicators to the ACATS transfer process
Enhancements to DTCC's Cost Basis Reporting System (CBRS)
Increasing Bank participation in ACATS
Potential enhancements to the Liquidation process
Potential enhancements to the partial transfer process
Addition of new account type indicators to help reduce ACATS rejects
Adding Mutual Fund companies as ACATS participants
Potential improvements to the ACATS settlement process

The CAT Division will also address any new issues that may arise throughout the year. Membership in the Division entitles enrolled individuals to the following:

ACATS Contact List, which includes names, addresses, telephone, fax numbers and E-Mail addresses which are updated on our Website;
Editions of The Communicator, the CAT Divisions' newsletter;
Eligible to participate in our Sub-Committees giving your firm the opportunity to voice their opinion on the industry issues;
Access to the CAT Division website that includes: Electronic notices of ACATS related news (DTCC Important Notices, FINRA Regulations-Rule Changes, Information Memos and Interpretive letters); Division Alerts and upcoming events.

To learn more about Membership in CAT, contact us.

Important Notice (ACATS Transfer Cycle Rewrite - Implementation Date)

Fri, 19 Oct 2007 14:20:09 GMT

A#6515 P&S #6085 DATE: October 18, 2007 TO: ALL PARTICIPANTS ATTENTION: MANAGING PARTNER/OFFICER, OPERATIONS PARTNER/OFFICER, DIRECTOR OF OPERATIONS, MANAGER CUSTOMER ACCOUNT TRANSFER DEPARTMENT, MANAGER MUTUAL FUNDS OPERATIONS, MANAGER MARGIN DEPARTMENT, DATA PROCESSING MANAGER, FROM: Bill Kapogiannis SUBJECT: ACATS Transfer Cycle Rewrite – Implementation Date On August 15, 2007, National Securities Clearing Corporation (NSCC) submitted NSCC rule filing SR-NSCC-2007-13 with the U.S. Securities and Exchange Commission (SEC). This rule change modifies NSCC’s Rules, as necessary, to shorten the account transfer timeframe with respect to certain types of ACATS and ACATS Fund/SERV transfers. Members are advised that the modified ACATS system will be implemented into production on Monday, October 22, 2007. REMINDER: Transactions in Process on Conversion Date NSCC...

Page Under Construction

Wed, 11 Jul 2007 21:14:55 GMT

Check back soon!

Mission and history

Fri, 29 Jun 2007 13:04:22 GMT

The Customer Account Transfer (CAT) Division is an organization whose goal is to provide clients with efficient and timely account transfers within the financial community. Learn more.

Visit SIFMA's Career Center to find qualified financial services candidates.

Home Page - Tagline

Sat, 26 May 2007 15:51:01 GMT

Efficient and timely account transfers within the Financial Community.

Panel 3 - Officers/Members

Thu, 10 May 2007 18:22:35 GMT

See who our Officers and Members are.

Welcome

Sat, 05 May 2007 15:13:30 GMT

Welcome

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Fail Reversals & Using the ACAT System

Mon, 26 Mar 2007 21:42:11 GMT

By Steve Callan

NSCC created a system for Fail Reversals that is simple to use. The only problem related to the system is that many firms are not using it. Isn't everyone always thinking of cost savings? You should be, and here is a system that will save you money and create clean customer entries.

How does the fail reversal system work?

Fail Reversals allow the original Deliverer to reverse monies with the original Receiver associated with an outstanding fail.

Reversals are cash settlement only. There are no physical securities to accompany a fail reversal. The receiving firm will have an opportunity to reject the fail reversal, or the transaction will settle the next day. Often reversals are done because the receiving firm doesn't have a selling agreement for a mutual fund asset and it should never have been processed for delivery. The carrying firm will contact the receiving firm and ask that the transaction be returned.

The carrying/delivering firm submits the transaction as cash only, but indicates the pertinent information to reflect the asset being reversed. Once accepted, the reversal settles the next day. Book entries are processed to remove the failing position from the receiving firm's account and the delivering firm will re-establish the long position in the customer's account on their books. Again, the receiver has control of accepting or rejecting the reversal request.

If you want to understand more about "ACAT Fail Reversals" please refer to the National Securities Clearing Corporation's Automated Customer Account Transfer Service Reference Manual or contact your account representative at the NSCC.

Fail Reversal can be processed through PC Web Direct, PTS, ADP, BETA, SIS, or your own in house system. Please attempt and use the enhanced products of the ACAT system as often as possible. Please direct any questions to the Officers of the Customer Account Transfer Division.