| Role
| Definition
|
| Auditor
| The party that is in charge of examining and verifying a fund's financial and accounting records as well as supporting documents.
|
| BondCounsel
| Attorney who prepares the legal opinion concerning a municipal bond issue.
|
| CollectionAgent
| Additional party appointed to collect payment or securities on behalf of the issuer.
|
| Custodian
| The party that safekeeps and administers assets on behalf of the owner.
|
| Depository
| The party that holds and safeguards holdings owned by a fund. It is also responsible for compliance of the portfolio with legal ratios etc. The depository may delegate custody to another entity (custodian).
|
| FundAccountant
| The party that keeps accounting records of the available assets and liabilities of the Fund. It calculates dealing prices, the Net Asset Value (NAV) of the Fund, and may provide fund performance and tax data. Can be subcontracted by the FundAdministrator.
|
| FundAdministrator
| The party in charge of financial accounting, NAV calculation, management and performance fee calculation. Can also be in charge of orders centralisation and registration.
|
| FundManagementCompany
| The party that sets up the fund, decides the investment strategy, appoints the agents, and is responsible for the promotion and the marketing of the fund. It makes all of the important decisions related to the fund. Also called fund promotor or fund sponsor.
|
| FundManager
| Entity that implements the investment strategy, ie, selects portfolio investments in accordance with the objectives and strategy in the fund's prospectus, and places orders to effect or liquidate selected investments in accordance with net flow of capital into or out of the fund.
|
| FundOrderDesk
| Principal entity appointed by the fund to which orders should be submitted.
|
| Guarantor
| Legal entity, other than the issuer, who gives guaranty, eg, the guarantor becomes liable in case of default.
|
| GuarantyBeneficiary
| The party that is the beneficiary of the guaranty.
|
| InvestmentAdvisor
| The party that provides investment guidance at a fee.
|
| Issuer
| Legal entity that has the right to issue securities.
|
| LeadUnderwriter
|
|
| LegalAdvisor
| The party that provides, at a fee, legal advice.
|
| PayingAgent
| Additional party appointed to distribute payment or securities on behalf of the issuer.
|
| PrincipalCollectionAgent
|
|
| PrincipalPayingAgent
| Main party appointed to distribute payment or securities on behalf of the issuer.
|
| ProxyAgent
| Party appointed to organise the issuer meeting. Also called Vote Tabulator.
|
| RateFixingAgent
| The party that determines the floating interest rate.
|
| Registrar
| The party that is responsible for keeping track of the owners of securities.
|
| RemarketingAgent
| The party in charge of a remarketing event.
|
| Sponsor
| The party that advises a company on how to issue new shares or bonds.
|
| Tender
| The party that responds to a tender offer.
|
| TransferAgent
| The party appointed by the FundManagementCompany. It updates records of investor accounts to reflect the daily investor purchases, redemptions, switches, transfers, and re-registrations. It ensures the timely settlement of transactions, and may provide tax information to the investor and/or to its intermediaries. It may calculate, collect, and rebate commissions. It prepares and distributes confirmations reflecting transactions, resulting in unit or cash account movements to the investor or the investor's intermediary. It responds to inquiries concerning account status, and processes the income distribution.
|
| Trustee
| The party that is appointed to ensure all terms and conditions of the security, are adhered to and to safeguard the interests of the bond holders.
|
| Underwriter
| The party that forms, together with the lead underwriter, a syndicate of co-lead managers, co-managers and underwriters in order to raise money for a borrower via a new issue.
|
