Application of licenses categories
Also see Setting up adviser/brokerage license categories
License categories setup on a Product
Where license categories have been setup on a product, the system will compare the required licenses on the product with the licenses of the brokerage and the adviser on an account that invests in the product (license categories that are setup on instruments that invest in the product will be ignored).
a 1. If both the adviser and brokerage are in possession of all the required licenses, fees will accrue on the account and will be taken during a fee run.
a 2. If the adviser or brokerages does not have all the required licenses for the product, fees will not accrue on the account and will therefore also not be taken during a fee run.
b. Only users with the global permission ‘Compliance Override’, will be able to submit instructions on an account where the adviser or brokerages does not have the required licenses.
No license categories setup on a Product
Where no license categories has been setup on a product, the system will compare the license categories as setup on individual instruments on an account, with the licenses of the brokerage and the adviser on an account, to determine license compliance.
a 1. If both the adviser and brokerage are in possession of all the required licenses for ALL the instruments with holdings on the account, fees will accrue on the account and will be taken during a fee run.
a 2. If the adviser or brokerages does not have all the required licenses for one or more of the instruments with holdings on the account, fees will not accrue on the account and will therefore also not be taken during a fee run.
b. Only users with the global permission ‘Compliance Override’, will be able to submit instructions for instruments where the adviser or brokerages does not have the required licenses.
The Compliance licence report can be generated, which will provide a list of accounts with outstanding license compliance.
Last Updated on 1 year ago by Debra Hart