CCH Trust Accounts. Version Release Notes

Transcription

1 CCH Trust Accounts Version Release Notes

2 Legal Notice Disclaimer Wolters Kluwer (UK) Limited has made every effort to ensure the accuracy and completeness of these Release Notes. However, Wolters Kluwer (UK) Limited, its staff and agents will not be liable for any errors or omissions and use of the software is subject to the customer s licence with Wolters Kluwer (UK) Limited. These Release Notes should not be relied upon as a detailed specification of the system or the software. Wolters Kluwer (UK) Limited may make changes to these Release Notes from time to time. Copyright These Release Notes may not be copied, altered, edited, disposed of or distributed without the prior consent of Wolters Kluwer (UK) Limited. The content is confidential Wolters Kluwer (UK) Limited Elements of this product include software developed by MYOB Technology Pty Limited MYOB Technology Pty Limited. Distributed under licence by Wolters Kluwer (UK) Limited. Unless indicated otherwise all other elements of this software product are owned by Wolters Kluwer (UK) Ltd. Trademark Rights Microsoft, Windows, Windows NT, Windows for Workgroups, Windows 98, 2000, XP, MS- DOS, Windows Vista, Windows 7, Windows 8, Windows 10, Windows Server, Microsoft SQL Server, and Microsoft Office, are either registered trademarks or trademarks of Microsoft Corporation. Novell and NetWare are trademarks of Novell Inc. Citrix MetaFrame is a registered trademark or trademarks of Citrix Systems, Inc. All rights reserved. All other trademarks are the property of their respective owners. Wolters Kluwer (UK) Limited 145 London Road, Kingston Upon Thames, Surrey KT2 6SR CCH TRUST ACCOUNTS DECEMBER 2017 II

3 Contents Release Highlights 1 Software Enhancements 2 Removal of US ISIN Codes 2 Upgrading to version Merging security codes 4 FAQs 5 Quality Improvements 7 Known Issues 8 CCH TRUST ACCOUNTS DECEMBER 2017 IV

4 Release Highlights These Release Notes document the changes in CCH Trust Accounts Features added in earlier releases are documented in the Help file, accessed using the F1 key in Trust Accounts. Newer features are documented in Online Help accessed using Help > New online help. CCH Trust Accounts runs in conjunction with the following CCH products: Viztopia Formatter Transaction Reporter 2.20 Telekurs 2.30 Central This release includes the following: CCH Accounts Production (VAP) Trust Accounts will run with earlier releases of VAP, but for the conversion to CCH Accounts Production, version 7.30 or above is required (as it updates the Statutory Database to the correct level). Removal of US ISIN codes from Trust Accounts For Telekurs users, there is also a new release of the Telekurs software 1 CCH TRUST ACCOUNTS DECEMBER 2017

5 Software Enhancements Removal of US ISIN Codes Most Trust Accounts users use either SEDOL or ISIN codes to identify securities. The default code type can be seen in Activities > System Management > Database Parameters > Data Feed, but it is possible to create codes with a different code type manually. It is also possible to switch from SEDOL codes to ISIN codes and vice versa using an option accessed via QTRUMP32.EXE under Tools > Securities Parameters. Many users switched from SEDOL codes to ISIN codes in 2004 when the London Stock Exchange introduced a licence charge for holding SEDOL codes on a database. However there is now a charge for US ISIN codes as well and this release removes them from the Trust Accounts database. Make up of an ISIN code ISIN codes are an international standard, regulated by ANNA (link here). In each region, a National Numbering Authority generates its own national codes. In the UK, the National Numbering Authority is the London Stock Exchange which generates SEDOL codes. For instance the SEDOL code for Tesco 5p ord is ANNA creates an ISIN as follows: It takes the code provided by the National Numbering Authority and expands it to 9 characters with leading zeroes It adds a 2 character prefix for the country It adds a check digit as a suffix This means the ISIN is 12 characters overall. For instance, Tesco s ISIN is GB , where the prefix is GB and the suffix is 6. The National Number Authority for the US is CUSIP Global Services (CGS) which issues CUSIP codes. For instance Oracle Corporation s CUSIP is 68389X105 which means its ISIN is US68389X1054. There is a licence charge payable to the London Stock Exchange for using SEDOL codes, but there is no charge for using UK ISIN codes like GB , even though the SEDOL code can be found in the middle characters. However CGS s licensing charges are different. It raises a licence charge on the use of either a CUSIP code or an ISIN code that contains the CUSIP code in the middle characters. Charges for US ISINs The charges for using US ISIN codes are set out on: under Service & Fees. For instance, at the time of writing, the charge for having 10,000 US ISINs is $40,000 per year. Even if you only use a few of these 10,000 codes, the charge still applies if you have them available for use on your database. This means that the charges for using US ISINs can be very heavy indeed. CCH TRUST ACCOUNTS DECEMBER

6 There is a concession in that if you have you have fewer than 500 US ISINs, there is no licence fee currently payable. Unfortunately, if you have fewer than 500 US ISINs, you should obtain a licence and if you have a licence you may still receive an on-site review. Apparently these start with a meeting in which CGS may interview your staff members. The on-site review can last all day, and there may then be follow up enquiries. You must prepare for the on-site review by completing various documents such as a flow diagram of which servers in your practice hold the CUSIP data and who can access it. So using under 500 US ISINs is onerous and having over 500 US ISINs is prohibitively expensive. In November 2011 the European Commission, published an antitrust review, which prevented these charges for 5 years, subject to certain conditions. That period has now expired, but CGS issued a voluntary extension on March However since then, CCH has received news of these onsite reviews which are presumably checking for any possible breach of the conditions. As a result CCH have decided to remove all US ISINs from users databases. Removal of US ISINs Telekurs feed users US ISIN codes have already been recoded for Telekurs feed users. In their place, the supplier, SIX Financial, provided Valoren codes. The upgrade to version will therefore make little difference. However if any US ISIN codes remain, they will be removed as described in the next section. This could affect codes for some countries that were not recoded earlier, e.g. MX (Mexico), BR (Brazil), PH (Philippines) as well as any US ISINs codes added manually. Removal of US ISINs Non-Telekurs feed users On upgrading to , the upgrade program scans all the securities on the Trust Accounts database to find any US ISINs. If the security with a US ISIN is not in use on any client, then it is deleted. If the security is in use, then the security code is changed to a randomly generated code that starts U*. These codes are not valid US ISINs. Removal of US ISINs Notes The chargeable ISINs include not just those with a US prefix but also those of other countries which are listed on the CGS website. These include Canada, Bermuda etc. As a precaution against the list changing in the future, Wolters Kluwer has taken a defensive approach of only allowing ISINs with certain specified prefixes to be stored on the Trust Accounts database. All the rest are treated as US ISINs whether they really are or not. The permitted prefixes cover the most popular non-chargeable countries. They are: AT, AU, BE, BG, CH, CN, CS, CY, CZ, DE, DK, EG, ES, FI, FR, GB, GG, GR, HK, HR, HU, ID, IE, IM, IN, IT, JE, JP, KR, LK, LU, MY, NL, NO, NZ, PK, PL, PT, QQ, RO, RS, RU, SE, SG, SK, TH, TR, TW, UA, VN, XD, XS, ZA If a US ISIN code is found as the successor stock on a complex capital event then a record for this successor stock may or may not exist on the database. If a record for the successor does exist then the US ISIN on the complex capital event is recoded to the same U* code that was given to the successor. If a record for the successor does not exist, then the code is blanked out. Either way, the US ISIN code is removed 3 CCH TRUST ACCOUNTS DECEMBER 2017

7 Prevention from Adding US ISINs back into Trust Accounts Once the data has been upgraded it is no longer possible to add US ISINs to the database: You are not be able to add a security code manually that is a US ISIN. The warning is: Security code could be a chargeable ISIN or CUSIP code. The warning is given if : The code is a valid ISIN, i.e. is 12 characters and has the correct check digit for an ISIN, and It does not start with one of the permitted prefixes given above. So in some cases, the warning is given even for certain non-chargeable ISIN codes. The Telekurs data feed ignores securities with US ISINs. Usually these will have a Valor code instead. The Exshare data feed ignores securities with US ISINs. At the time of writing there is no nonchargeable substitute code available in the Exshare feed, although we are discussing this with the supplier. Any user who imports securities from a broker is also unable to import US ISINs. CUSIP Codes Trust Accounts users do not tend to use CUSIP codes, but if any have been added manually or imported, they are recoded in the same way as for ISINs and you are not able to add any more. The system checks for CUSIP codes as having a 9 character code with the correct check digit for a CUSIP. Upgrading to version Before upgrading the user may wish to produce a list of all securities in the database. A list can be produced using Reports > Investment Ledger > Securities Reports > Securities in Use. This can be used to check that the upgrade has been successfully performed. The software is installed in the usual way and the upgrade run. Telekurs users should also install Telekurs 2.30 on the workstation used to run the feed. Data feeds are then run in the usual way. Merging security codes If a security is in use on a client then it cannot be deleted. But it can happen that a Trust Accounts database ends up with two codes for the same security. For instance, a user might have created a security manually when the same security has come through automatically from a data feed on a different code. Because of this, there is a new facility that allows a security to be deleted even if it is in use, by reassigning all its holdings to an alternative security code. This process of removing duplicate security codes is often described as deduping, or merging security codes. To delete a security code that is in use: Select the security on the Securities List and click the Delete button. A warning appears: CCH TRUST ACCOUNTS DECEMBER

8 If you select Yes then you can select the replacement security. Upon accepting it, all transactions and holdings that refer to the old security are transferred to the new one and the old security code is then deleted. FAQs If I have a large number of US securities, how can I receive them from a data feed? The answer to this depends on which data feed is in use. Exshare feed. The Exshare feed from ICE Data Services (formerly Interactive Data) does not add US ISIN codes to your database or update them. The feed does contain an alternative security code which is the SEDOL code. Unfortunately the main reason users use ISIN codes, rather than SEDOL codes, is to avoid the charges from the London Stock Exchange for SEDOL codes. Documentation on these charges can be found at: If you are willing to pay the SEDOL licensing charges, Trust Accounts provides a method of converting from ISIN codes to SEDOL codes using QTRUMP32.EXE under Tools > Securities Parameters. Then select Convert to SEDOLs (automatic conversion). You should perform this conversion before upgrading to Trust Accounts After the upgrade you can no longer perform an automatic conversion, although a manual conversion will still be possible. If you are not willing to pay the SEDOL licensing charges and you still need a data feed of US securities then your only other option at the time of writing is to convert to the Telekurs Data Feed from SIX Financial. This uses a Valor code to represent US securities. Telekurs feed from SIX Financial uses a Valor code to represent US securities. The data feed will continue to supply data on US securities. You could still face a problem in data entry when you receive a contract note or dividend advice that uses a US ISIN. You could search for the security by name, but if you need to be able to search by ISIN then you could subscribe to a service by which you could look up the ISIN and find the Valor code. SIX Financial offers the Valor Data Browser which does this and there may be other services. If I have a feed of transactions from a broker that uses US ISINs, how can I import them into Trust Accounts? 5 CCH TRUST ACCOUNTS DECEMBER 2017

9 The broker may be able to provide a different code. For instance, a Swiss broker might be able to supply a Valor code. Otherwise the only solution is to manually create a spreadsheet that maps the US ISIN codes to the codes in use in Trust Accounts. You can then use this spreadsheet to map the codes in the brokers files to the Trust Accounts codes. But this solution does increase the time required to import data and you should check the licence terms on the CSG website. CCH TRUST ACCOUNTS DECEMBER

10 Quality Improvements Accounts Production Link ITS/ VAP-AP Conversion - Cannot convert local pages if there is a space in the path to the page This problem was related to an issue fixed in whereby you could not convert a local page if there was a space in the local page name. Other ITS/56321 Edit Security - Short Security Description field is not enabled The field is only enabled if ticked in Activities > System Management > Database parameters > Options. 7 CCH TRUST ACCOUNTS DECEMBER 2017

11 Known Issues Limitations on the formulae that can be used in a nominal range or a RangeDef A nominal range supports the ~ pattern-matching operator, e.g. =AP("(a,8101~8901)"), but you cannot drill down from the accounts to see the make-up of a balance given by such a formula. A nominal range does not support the ~M100 or ~S2 syntax to step through main accounts or subaccounts. It is also not supported in RangeDef commands. =AP("RangeDef, Z,,a,-1,0,ab ) is not supported. It needs to be written as =AP("RangeDef,0020,005Z,a,-1,0,ab ). The Nz command supports the same nominal formulae as a RangeDef. Pages with a format code different from the CCH masters: After conversion from VAP these pages may appear in the wrong position If a VAP page has a code that does not match any of the CCH masters it will not appear in the correct position in the list of pages after conversion from VAP. The conversion converts the pages whose names match the CCH masters and adds any other pages on the end. After conversion the user needs to drag the pages back to their correct position. CCH TRUST ACCOUNTS DECEMBER