Frequently Asked Questions
Q. Why do we need to obtain new signed data feed authority forms when my client’s fund was already set up in Class by the previous Administrator?
Data feeds can be authorised by either the Account Holder (Trustees/Investors) or Adviser to allow providers (Banks, Brokers & Wraps) to release the bank or trade data to the Administrator of the client’s account, not to Class Ltd.
Class is licensed by Administrator and is a software platform with data feed facilities to allow Administrator to receive the data via the feeds structure, directly from the providers.
Class has no relationship with the end account holder (Trustees/Investors) or Advisers, therefore the initial data feed authority is the Account Holder's or Adviser's instruction to the providers to send the data feed to the Administrator (outgoing) of the Funds, who use Class software. The data is owned by the licence holder of Class (outgoing Administrator), and authority must be obtained again when the fund's management moves to a new Administrator (incoming Administrator).
Q. The fund/portfolio has already been processed (matched and allocated) for part of the current open financial year, why would the data come across unprocessed?
The bank and trade data of a fund, as well as the finalised account, are the deliverable owned by the outgoing Administrator and the client (Trustees/Investors). However, the working product (partial year processing) is the intellectual property of the outgoing Administrator.
That is the 30 June Financials and year-end close belong to the outgoing Administrator and the client (Trustees/Investors), whereas the post 30 June processing is an intellectual property owned only by the outgoing Administrator.
The work in progress done by the current outgoing Administrator, that contributes to the 30 June Financials and tax return for the following financial year belongs to the outgoing Administrator. The client (Trustee/Investor) has now moved across to you as the new Administrator, therefore only the data that the client owns comes across.
Q. Both businesses (outgoing Administrator and incoming Administrator) in Class are under the one Class licence, when transitioning the fund. Will the business level settings (fund settings, white labels, fund relationship) and fund specifics (fund history, transaction rules, business events and other processing) move from one class business to the other?
No. Currently, each business and business code is unique in Class, and treated as a separate legal entity, with data located in different Cells. Therefore each business level setting will need to be set up again within the new business. When the fund is loaded into the new business it will automatically inherit the business level settings such as white labels, fund relationships of the new business.
Transitioning of funds from one Class business to another can only be done using the Fund Data Transfer, and these files are designed to treat funds as being transitioned from a different Administrator, as such fund specific processing cannot be brought across from one business to another.
An alternative solution is to set up a new brand within your current business and moving the fund from brand to brand within the one business, instead of setting up a second business and moving the fund across.