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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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