与经销商/托管人辞职相关的操作流程和注意事项（pdf）

The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds,exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered toinvestors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, andotherwise advance the interests of funds, their shareholders, directors, and advisers. Operational Process Flows and ConsiderationsRelated to Dealer/Custodian Resignations Contents 1Introduction 2Resignation as Broker-Dealer of Record Only 2Accounts Held Direct-at-Fund2Communication3Necessary Data Points3Processing of Resignation3Accounts Held by Intermediary3Communication4Necessary Data Points4Processing of Resignation 5Resignation as Broker-Dealer of Record and as Custodian 5Accounts Held Direct-at-Fund5Communication6Necessary Data Points6Processing of Resignation7Accounts Held by Intermediary7Communication8Necessary Data Points8Processing of Resignation 9Summary 10Appendix A: Resigning as Broker-Dealer of Record Only 11Appendix B: Resigning as Broker-Dealer of Record and Custodian Introduction In recent years, changes in mutual fund distribution have often been driven by evolving business models designed tosatisfy new regulatory requirements. An example of this is intermediaries’ response to the (now defunct) Department ofLabor (DOL) fiduciary rule.1Financial intermediaries2responded in part to the rule by reviewing their business modelsthat support mutual fund shareholders—sometimes amending or adopting new policies regarding the categories ofshareholders and the types of mutual fund accounts the intermediary supports.3 When intermediaries implemented their new or modified policies, some chose to resign as broker-dealer of record oras both broker-dealer of record and custodian on certain accounts, especially those that were tax-deferred accounts(e.g., individual retirement accounts [IRAs] and certain retirement plans). In other more limited instances, some mutualfunds identified situations where their limited-purpose broker-dealer or self-directed retirement custodian neededto resign as a broker-dealer or custodian, respectively, on certain accounts. Changes made to intermediary and fundpolicies regarding the business relationships they support in response to the DOL fiduciary rule remain largely in effecteven with the rule’s demise. Activity around resignations increased over a relatively short time frame driven by the DOL fiduciary rule’s applicabilitydate. To support the industry’s implementation of strategies in response to the DOL fiduciary rule, an InvestmentCompany Institute (ICI) industry working group published the initial version of this paper, documenting the high-leveloperational process flow and common protocols related to the dealer and custodian resignation processes. In 2018, aworking group of the ICI Broker/Dealer Advisory Committee (BDAC) reviewed the document in lieu of the demise of theDOL fiduciary rule and found that the original considerations and practices outlined remain applicable to managingdealer and custodian resignations. Each high-level process flow is outlined in separate flowcharts and processes to best address the potential scenariosbased upon where the shareholder position resides—direct-at-fund (i.e., held directly on the fund’s records) or heldat the intermediary—and whether the account has a custodian involved. This document is not intended to provide anylegal advice and should not be relied on for that purpose. It is intended to serve only as a tool to assist fund industryproduct and operations staff in their independent evaluation of their mutual fund products as they consider theiroptions for facilitating effective implementation of and compliance with internal policies. ICI will continue to update this document as industry practices warrant to assist ICI members and business partners inbetter understanding and addressing broker-dealer and custodial resignations. Resignation as Broker-Dealer of Record Only Appendix A reflects the high-level operational process flow and critical steps required for a party to resign as broker-dealer of record only in mutual fund and 529 plan accounts.4It is anticipated that, in most cases, an intermediary willbe the party resigning as broker-dealer of record, and the fund’s limited purpose broker-dealer, or no broker-dealerat all, will be associated with the account going forward. However, there may be instances where the intermediary willwant to pull an account on the fund’s books and records into its omnibus position (e.g., the intermediary is placingthe shareholder into its advisory platform). In such circumstances, the fund’s limited purpose broker-dealer will bethe entity resigning as broker-dealer of record. Therefore, the high-level process flow provided in Appendix A and theconsiderations outlined below are intended to cov