|
|
Our bank has undertaken the duty of “Custodian” as stated in the Regulation on the Principles Relating to the Establishment and Activities of Pension Investment Funds (Regulation) which was published in the Official Gazette dated 28/02/2002 and number 24681. In this context, our bank undertakes the following functions for the Private Pension Funds:
1. Safekeeping of fund assets
Private Pension Funds (PPF) custody accounts carry the character of a member account with Takasbank. After dematerialization, the stocks and private sector bonds in PPF portfolio are followed in accounts with the character of a member account under Takasbank account held with CRA. Each movement from PPF account in CRA system, is reflected to the accounts in Takasbank system. The securities issued domestically by the Treasury, are directly followed in the accounts opened with Takasbank. The information related to PPF custody accounts can be obtained from Takasbank system.
2. Providing the necessary environment for the settlement of asset buy-sell transactions made on behalf of the fund and its control
2.1. Stock Market Settlement Transactions
The transactions executed in the ISE Stock Market on behalf of private pension funds (PPF) are segregated from contract information and buy-sell information is formed for PPF. The settlement of the transactions executed on behalf of PPF is performed between the trading institution and PPF account by making a transfer. For the sale from PPF account, the related stocks are transferred to the selling brokerage house for fulfilling the settlement obligation and the brokerage house covers its settlement debt. In the same manner for the buying PPF, the brokerage house receiving the settlement receivable transfers the related stocks to PPF account.
The transfer records are automatically formed on security basis according to the contract information of the transactions executed by the brokerage houses on behalf of the PPF. In order to have controlled exits from the accounts, the transfers of the PPF are realized by approving the transfer records formed from contract information. If an exit is requested from fund account other than the foresaid records the transfer instruction entered by the fund is submitted to Takasbank’s approval. Approval is requested by the Board of the Fund or Founder of the Fund with the explanation of the transfer to be performed other than the sale transaction. Takasbank approves or rejects the transfer.
2.2. Bonds and Bills Market Settlement Transactions
The institutions trading in the ISE Bonds and Bills Market on behalf of PPF are also responsible for the settlement of such transactions. The settlement of transactions executed on behalf of PPF, is performed between the trading institution and the PPF account by making a transfer as explained in the section named Securities Transfer Transactions 2.3. Investment Fund, Private Pension Fund, Exchange Traded Fund and Investment Trust Transfer. In case the trading institution has securities debt subject to transfer at the time of the transfer, this debt will automatically be covered by the system.
However, as it is not possible to transfer the securities purchased from the Stock Exchange via reverse repo by the members to another account, the transfer of the securities purchased via reverse repo on behalf of PPF will be automatically executed by the system. On the maturity date of the transaction, the foresaid securities will be automatically removed by the system from PPF account during netting and transferred to the account of the member intermediating the transaction.
3. Safekeeping of fund shares on participant basis and providing an opportunity to participants for monitoring the net contribution share amount in fund accounts to be channeled to investments and the equivalent number of shares on fund basis
Private pension companies have to open sub-accounts in Takasbank system for their customers who are integrated with the system and follow the fund participation certificates of the customers in such accounts. Private pension fund participation certificates are kept in dematerialized form with Takasbank. PPF customers have the opportunity to get information on PPF share numbers in their accounts in return for their cash contributions via Takasbank’s voice answering system Alo-Takas and TakasNET screen.
4. Control of managing the fund portfolio within the framework of the principles determined by the Board
The compliance of private pension funds with portfolio management principles determined within the framework of articles 21 and 23 of the Regulation on the Principles Relating to the Establishment and Activities of Pension Investment Funds is controlled by Takasbank and –if a violation is detected- it is reported to the Capital Markets Board.
5. Control of the calculation of portfolio value and unit share value in accordance with valuation principles determined by the Regulation for reconcilement purposes
The values of the assets in the funds’ portfolios and total values of the funds are daily calculated by Takasbank system in accordance with the principles determined by the Regulation. Those values are compared by the fund operators with the amount reported to the system and after making reconcilement with related institutions, the results will be reported to the Capital Markets Board.
6. Control of transfer transactions from the fund via stock exchange contracts and notifications regarding the payments
For the exit transactions of stocks and government domestic debt instruments from the funds, the existence of buy-sell contracts for the aforementioned securities is controlled and in case of non-availability the transaction is executed with a written instruction sent to Takasbank by the Founders of the Fund.
7. Making cash transfer within the context of change of company
In case, PPF customers change their Private Pension Company, their PPF shares are converted into cash and money transfer is made to the new company (PPF) over Takasbank accounts.
8. Intermediation in the exercising of rights over securities in the fund portfolio within the framework of the instruction by the portfolio management company
Takasbank acts as intermediary in the exercising of rights over securities in the fund portfolio such as dividend, subscription right, bonus share etc. within the framework of the instruction by the portfolio management company.
9. Providing the company and the portfolio management company the means to monitor fund-related information and necessary reports in electronic form
Private Pension Companies, portfolio management companies and fund operators are granted the right to have remote access to Takasbank Fund Operations Menu via their own PC’s. Notification, control and reporting procedures relating to funds can be comprehensively performed through the above mentioned software.
10. Providing the information related to fund operations and assets requested by the Capital Markets Board and R.T. Prime Ministry Undersecretary of Treasury in the electronic form
Takasbank submits the data requested by the Capital Markets Board and R.T. Prime Ministry Undersecretary of Treasury relating to operations and asset reports of Private Pension Funds to related authorities within the shortest time possible.
|
|
|
|
|
|