How to Set Up LEI, Depositary and Safekeeping Fees
Introduction
In this guide, we’ll walk you through the process of setting up and managing three essential fees within the platform: LEI Fees, Depositary Services Fees and Safekeeping Fees. These fees are crucial for maintaining compliance with regulations and ensuring proper management of client services, such as legal entity registration renewals and asset safekeeping.
This guide will provide clear, step-by-step instructions on how to set up, calculate and track each of these fees, helping you automate and streamline fee management processes efficiently.
Key Terminologies
LEI Fees | Depositary Fees |
|---|---|
These are applied for clients renewing their Legal Entity Identifier (LEI) annually. | Stand-alone fees that are charged for clients utilizing depositary services. |
Safekeeping Fees | |
Periodic fees calculated as a percentage of Assets Under Management (AUM), applied per Mandate. | |
How to Set Up LEI Fee:
Create a Fee Order with Subtype = LEI Fee
Navigate to Orders > Transactions.
Select Create Fee Order, and choose LEI Fee as the subtype.
Execute the Order
Once the order is created, execute the order to trigger the fee calculation.
System Generates Transactions
The system creates a transaction in Active/Order status.
Match Order Data with Bank Data
Ensure the order data matches the relevant bank data for accurate processing.
OR
Create a Fee Transaction with Subtype = LEI Fee
Navigate to Transactions and create a fee transaction under LEI sub type.
Manage Fee Statuses
Work through the fee’s statuses, ensuring it moves to Confirmed when required.
How to Set Up Depositary Fee
Create a Fee Order with Subtype = Depositary Fee
Navigate to Orders > Transactions.
Select Create Fee Order and choose Depositary Fee as the subtype.
Execute the order to create a transaction for the fee.
Once the fee is executed, the system generates a transaction in Active/Order status.
Match Order Data with Bank Data
You can then match the order data with the bank data for validation.
OR
Create a Fee Transaction with Subtype = Depositary Fee
Navigate to Transactions and create a fee transaction with the Depositary Fee subtype.
Manage Fee Statuses
Track the fee’s statuses and move it to Confirmed as required.
How to Set Up Safekeeping Fee:
Navigate to Accounts > Mandates > Click “+” icon.
Click on Fees tab, find “+” icon.
Then, choose SAFEKEEPING in the Type field.
Fill in the other fields such as Rate, %, Ccy, Frequency (ANNUALLY, MONTHLY, ONE_TIME, QUARTERLY, SEMI_ANNUAL) or enable/disable Min Amount.
Click Save to apply the changes or Cancel.
The fee has been added and is visible on the list.
You can further Edit or Delete the entry by clicking on the (…) dots.
