Committees: Working Group on Overdrafts
March 11, 2008 Overdrafts Guidelines Open for Comment
Since March of 2007, the AMF Overdraft Working Group focused its efforts on the development of guidelines for asset managers and custodians on overdrafts with the intention to solicit industry comments. Through their discussions, the Overdrafts Working Group recognized that asset managers and custodians need more transparency into the overdraft process in order to effectively understand the causes, research the conditions and simplify the resolutions of overdrafts. The working group outlined and addressed its primary goals in their document “Guidelines Relating to Overdrafts.”
After extensive work, the Overdraft Working Group is releasing for public comment, “Guidelines Relating to Overdrafts." The AMF is seeking comments on the exposure draft from managers, custodians and other industry participants, which should be submitted to the AMF by April 30, 2008.
Click here to view the AMF's "Guidelines Relating to Overdrafts"
Click here to write and submit your comments to the AMF
April 25, 2007
As a follow-up to the 3/15 Roundtable on Overdrafts, the AMF is organizing a working group to address issues relating to overdrafts. The take-aways from the Roundtable include identifying root causes for overdrafts, identifying ways to improve tracking, communication and reporting of overdrafts, developing best practices for cash management processes, and developing best practices for the resolution process, including timing and threshold amounts relating to overdrafts.
If you would like to sign up for the Overdrafts Working Group please email Diane Trupia of the AMF staff. The first meeting of the new working group will take place during the first half of May.