Why did EFAMA create a FPP Portal?

The existing FPPs will be made available by fund managers, national associations and the so-called FPP Primary Providers, i.e. Finesti, France FPP (AFG), FundConnect, KNEIP, OeKB and WM Datenservice, with whom fund managers have a contractual arrangement for the distribution, and possibly the distribution, of their FPPs.

The launch date for the Portal is 28 June 2010 noon.

More information on the FPP and the Portal functionalities is provided below.

What is the Fund Processing Passport? top

The FPP is a short, single, fully harmonized document containing all the key "operational" information that fund promoters should provide on their investment funds, at class level, in order to facilitate their trading. The information covered includes ISIN code, contact details, subscriptions/redemptions rules, settlement details, cut off times, etc.

The FPP has been drawn up from the viewpoint of all relevant professional players involved in the operational aspects of investment funds distribution: investor intermediaries, distributors, distribution platforms, and fund management companies and their service providers (transfer agents/registrars, fund accounting agents, trustees, custodians, portfolio managers).

The FPP is not intended to provide investors with information about the essentials they should know before investing in a fund. Therefore it serves a different purpose from the Simplified Prospectus and the Key Investor Information document. The FPP contains 105 fields of relevant operational information.

What is contained in the "105 operational fields"? top

One FPP should be prepared for each class of unit/share (for which an individual ISIN should have been allocated), in respect of its "home" market. The information covered includes ISIN code, contact details, subscription/redemption rules, settlement details, cut off times, etc.

The information required includes a list of 77 "Core Data" items, with 49 mandatory items and 28 optional items. Additional fields are also contained in the "Local Annexes". These are for country-specific information concerning the dealing/settlement arrangements for other markets where the class of unit/share is also distributed and also concerning dealing/settlement arrangements that could take place in the home market in different circumstances

What are the main benefits of the FPP? top

• Benefits for fund distributors:
• The FPP will:

• -- minimize redundancy checks, delays in processing transactions and errors in executing the orders
• 
  
• Benefits for fund managers:
• The FPP will:

• -- deliver higher quality service by making it easier to place a fund order
• -- speed up the treatment of fund orders
• -- push down processing costs
• -- promote the accessibility of standardized information.
• -- open the way to electronic communications of the FPPs and, thereby, to other opportunities of cost savings.

What is EFAMA's role in the FPP? top

EFAMA is committed to promote the adoption of the FPP by all players involved in fund processing in domestic and cross-border markets. In undertaking this challenge, EFAMA is pursuing two goals :

• Promoting the completion of an effective single market for investment funds
• Strengthening the competitiveness of the industry in terms of cost and quality

How can I produce FPPs for my funds? top

Regardless of the solution chosen, it is important to note that fund managers are the owners of their FPP. They are accountable for the content of their FPPs and responsible that their FPPs are up-to-date. A fund manager cooperating with an FPP Primary Provider should agree on the respective responsibilities of each party.

Fund managers producing FPPs themselves host them in their own databases. Fund managers delegating this function to an FPP Primary Provider have their FPPs held in the database of the FPP Primary Provider.

Related to the principle of FPP ownership is the principle of the golden copy of a FPP.A golden copy is the latest, most up-to-date, version of a FPP. It is this FPP that should be used for initiating any investment in the underlying sub-fund. The golden copy is held at the level of the FPP provider (i.e. the fund manager or the FPP provider) with whom a fund manager has a contractual arrangement for the distribution, and possibly the production, of its FPPs.

For more information on each of the current FPP Primary Providers, click on their respective logos at the top of this page.

What is the role of the six current "FPP Primary Providers"? top

The FPP Primary Providers (see the logos at the top of this page) have worked together with EFAMA in the creation of this Portal. They provide links to the FPPs for wich they maintain the golden copies.

They are also the institutions that are able to provide outsourcing solutions for the production and distribution of FPPs. In this sense, they are centralising agents for any investment fund wishing to have and disseminate FPPs.

In addition, FPP Primary Providers may offer a subscription mechanism allowing FPP users to define a set of requirements, e.g. format of FPP transmission, alerts of update of FPP or closure of FPP.

What is the liability for misrepresentation or wrong data? top

Fund managers are the owners of their FPPs. They are accountable for the content of their FPPs and responsible that their FPPs are up-to-date. In the case where a fund manager has outsourced part or all of FPP tasks to a "FPP Primary Provider", (such as a contractual arrangement for the distribution, and possibly the production, of its FPPs) liabilities and responsibilities should be agreed in advance by both parties.

 Related to the principle of FPP ownership is the principle of the golden copy of a FPP. A golden copy is the latest, most up-to-date, version of a FPP.  It is this FPP that should be used for initiating any investment in the underlying sub-fund. The golden copy is held at the level of the FPP provider ( i.e. the fund manager or the FPP Primary Provider).

What can I search on the Portal? top

Searches for FPPs can be carried out on one or many of the following criteria:

• -- ISIN
• -- Fund name
• -- Umbrella name
• -- Management company
• -- Last revision
• -- FPP Provider

How can I publish my FPPs on the Portal? top

There are two main types of companies that can publish FPPs on this Portal.
Publication can be carried out by any user account that is recognized as a FPP Provider either in the capacity as "Fund Manager" or "FPP Primary Provider".

The FPP Primary Provider is a company to which the Fund Manager has delegated all or part of the responsibilities for FPP publication (and possibly also FPP production).

It is important to note that FPPs are based on ISINs and only one provider (Fund Manager or FPP Primary Provider) can publish FPPs related to that ISIN.

Contact info@efama.org for more information about publication.

Can I access many FPPs automatically via the Portal? top

No. Users interested in downloading FPPs in some automated way (typically large distributors) will need to reach agreements with fund managers and/or the FPP providers. This approach has the advantage of preserving the role of these entities as guardians of the FPP Golden Copies.

To enhance efficiency in the automated access of FPPs, consideration will be given to agree on a standard of electronic distribution of FPPs by the FPP providers.