The Association of Global Custodians' Committees and Mission Statements:

Americas Focus Committee

The Americas Focus Committee will operate as an overarching full committee to address all AGC matters involving regulatory/market structure issues arising in North or Latin America.

Anti-Money Laundering (AML) and Sanctions Compliance Committee

The Anti-Money Laundering (AML) and Sanctions Committee identifies unique compliance issues facing global custodians of primarily institutional cross-border customers.  The recent passage of amended AML laws throughout the world, coupled with the upward trend in regulatory enforcement actions, highlight the need for global custodians to have robust compliance programs that address their regulatory obligations and inherent risk. In addition, the continued enactment and enforcement of comprehensive and targeted sanctions by the United States present ongoing challenges for global custodians in relation to intermediary account structures.  The Committee aims to establish industry views and to advocate on matters of common interest.

Asia Focus Committee

The Asia Focus Committee 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.

Depository Information-Gathering Project Committee

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.


Middle East and Africa Committee


The Middle East and Africa Committee (ME&A) will on behalf of AGC members provide oversight of and attention to key issues of regulatory or infrastructure importance in the Middle East and Africa, and will leverage the breadth of other AGC Focus Committees to address matters of mutual interest to members. The Committee also anticipates the involvement of regional market experts in certain of the Committee activities.

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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