In March the following functionality was delivered
- Possibility to open a VPS account marked for Share Savings Account (ASK account) including notifications of change messages and account log update
- Automated opening of multi ASK accounts
- Possibility for account operator (KI) to send investor information to account holders of ASK account when opening the account
- Securities that are not eligible for an ASK account will not be made available for transfers thereto
The second delivery on 26 April included the following
- ASK tag on the ACMT messages (ACMT 001/002/003) Account opening, Account edits and Account inquiries
- Customisations to ensure that non-eligible funds are unavailable for subscription from an ASK account. The Settlement System (VPO) has been tailored for ASK accounts – securities transactions that are not eligible for ASK accounts will be rejected
Further deliveries from VPS are planned for June
- Self-service solutions for opening of an ASK account and transfer of holdings through VPS Client Services for those providers who select VPS as a supplier
- Possibility for account operators to employ separate ASK account series and ASK bank accounts
Services related to tax calculations and tax reporting will be developed and delivered during Q3 and Q4. Furthermore, VPS will make the necessary changes to the corporate actions routines during Q3.
The Ministry of Finance has issued a Consultation Paper – Proposals for statutory provisions for the Share Savings Account. After reviewing the Paper, it is our opinion that the presumptions, upon which VPS has based the development of services and functionality for the share savings account, is corresponding to what has been proposed by the ministry.
The Ministry of Finance has set the consultation deadline until 12 May 2017. This gives the authorities the opportunity to approve the regulations during June, so that a Share Savings Account can be offered before the summer. Those who select a comprehensive solution offered by VPS, will be able to offer the product to their respective clients from the date the scheme enters into force.