21 Apr What does the Compliance override permission allows?
Posted at 14:32h
in
With Compliance licenses only the instruments that the adviser is licensed to sell AND that are available on the product (under available instruments) are selectable when you choose the fund selection on an investment instruction.
If you override this permission on the user, he/she can select all instruments on the product for any investor account even if the adviser CANNOT sell them. i.e even if the instrument is not in the adviser’s available instrument list.
To locate the “Compliance override” permission, select the “Global Permissions” link from the user’s profile.
The permission “Compliance Override” is there to allow a backend administrator to override the fund selection on an instruction where the account has an adviser.
e.g. The adviser is not licensed for a instrument or there are outstanding compliance documents, but the investor insists that he wants to invest in a certain instrument. The adviser is then not allowed to load an instruction with a specific instrument, but the administrator can if he has the needed signed documents from the client.
Available instruments on Product X: A, B, C
Available instruments on Brokerage Z: A, D, E
Available instruments on Adviser Y: A, D
Compliance Override = Unticked: If a user (including an adviser or administrators) logs in he will only be able to submit an instruction with instrument A
Compliance Override = Ticked: If a user (including an adviser or administrators) logs in he will only be able to submit an instruction with instrument A, B, C