金融中介控制和合规评估业务（pdf）

Copyright © 2020 Investment Company Institute. All rights reserved. The content contained in this document is proprietary property of ICI and should not be reproduced or disseminated without ICI’s priorconsent. The information contained in this document should be used solely for purposes of assisting firms in making independent andunilateral decisions relevant to their respective business operations. It is not intended to be, and should not be construed as, legal advice. Financial Intermediary Controls andCompliance Assessment Engagements Contents 1I. Introduction 8III. FICCA Framework 8Table 1: Information Areas of Focus 1–3 8Area 1.Management reporting (quality control)8Area 2.Risk governance program8Area 3.Third-party oversight 9Area 4.Code of ethics9Area 5.Information security program10Area 6.Anti–money laundering (AML) and the prevention of terrorist financing program10Area 7.Document retention and recordkeeping11Area 8.Security master setup and maintenance12Area 9.Transaction processing—financial and nonfinancial (e.g., account setup andmaintenance)14Area 10.Cash and share reconciliations14Area 11.Lost and missing security holders15Area 12.Shareholder communications15Area 13.Subaccount billing, invoice processing16Area 14.Fee calculations17Area 15.Information technology (including internet and VRU)18Area 16.Business continuity/Disaster recovery program19Area 17.State of sale reporting (for blue sky purposes) 28V. Sample Report of Independent Accountants and Management Assertion Financial Intermediary Controls andCompliance Assessment Engagements I. Introduction The mutual fund industry continues to rely heavily on financial intermediaries, such as broker-dealers, to sell (distribute)mutual fund shares and provide services to end investors. Financial intermediary relationships are often complexarrangements and require oversight by management of the fund. As mutual fund distribution through intermediaries hasevolved, many intermediaries have moved away from supporting individual shareholder accounts at the fund that are underbroker control in favor of holding aggregated “omnibus” accounts with the fund representing shares that are beneficiallyowned by multiple shareholders. Omnibus accountshold mutual fund shares that are registered with the mutual fund’s transfer agent in the name ofthe financial intermediary. The intermediary maintains the underlying shareholder account information on its ownrecordkeeping systems—a process known as subaccounting—and reports share transactions to the funds on an aggregatebasis. The intermediary or its agent handles all communications and servicing of its customer accounts. As a result, theunderlying shareholders in an omnibus account do not directly interact with the fund organization, and the mutual fundorganization may have limited to no knowledge or transparency about the underlying shareholders. As regulatory initiatives continue to create new or expanded regulatory compliance requirements, mutual fund complexesare challenging, and continuing to enhance, their oversight procedures to ensure that financial intermediaries are meetingtheir obligations. Intermediary Oversight Given the financial intermediary’s direct control over and knowledge of its customers’ fund positions, mutual fund oversightoften includes monitoring certain intermediary activities to ensure adherence to mutual fund regulations, contractualobligations, and compliance with the terms of mutual fund prospectuses and statements of additional information (SAIs).Many mutual fund complexes have implemented policies and procedures that enable them to obtain information aboutthe effectiveness of an intermediary’s compliance controls, which may include on-site examinations, certifications, receiptof transparency data, review of analytics, and questionnaires. However, some of these methods may be duplicative andinefficient for intermediaries that have agreements with multiple fund complexes. Increased Efficiency and Transparency Recognizing the benefits of creating a standardized and efficient way for financial intermediaries to provide informationabout the effectiveness of controls related to key operational areas, a 2008 working group of Investment CompanyInstitute (ICI) member firms and representatives of the national accounting firms developed the Financial IntermediaryControls and Compliance Assessment (FICCA) framework. The framework provides criteria for assessing controls atintermediaries to address key areas for which mutual fund complexes typically seek assurance. In addition, the frameworkincludes additional information on the intermediary’s key policies and procedures as well as certain controls that are notsubject to controls testing. Independent Assessment The FICCA framework calls for the financial intermediary, as omnibus account recordkeeper, to engage an independentaccounting firm to assess its internal controls (also referred to as, simply,controls) over specified acti