Administration Flashcards
what is ASP
Application Service Provider
What administration services are available?
Tax processing, Website, Reporting, Communication services, Payment services, Nominee services, Exercise and Trade settlement, Specialist (Financial education, Trustee, Wealth management, corporate transactions, mobile tax calculator)
Company acts as an agent - what are the obligations?
1- follow instructions, 2 - account for money and assets, 3 - acts within authority, 4 - avoid conflict between agent and principle, 5 - disclose material facts, 6 - do not disclose confidential information, 7 exercise diligence and care.
What is covered in the contract between Company and Administrator?
Parties, services provided, data protection, fees, term - start and end, termination provisions, force majeure, liability and indemnity clauses, corporate action/change of control, assigning contract/novation, confidentiality, governing law, insurance, IP rights.
When GDPR was introduced?
Fully comply from 25 May 2018, published in 2016
What individual rights GDPR introduced?
right to be forgotten, right to access, rectify errors with personal information, right to data portability, companies have to be transparent how they hold and process data
GDPR requirements towards consent
Consent must be freely given, unambigious, informative, specific, pre-ticked boxes are not accepted.
Two legal grounds for consent under GDPR as applicable to share plans?
1 - required for performance of the contract and 2-nessesary for legitimate interests pursued by the controller or a third party
UK data protection regulator - who is that?
ICO - Information Commissioner Officer
Data protection legislation
DPA - data protection act 2018
6 DPA principles
1- fairly and lawfully, with consent, 2 - not excessive, 3 - accurate records, 4 - limited purpose, 5 - kept no longer than required, 6 - secure
Deceased documents X2
Grant of probate (will) or Grant of letters of administration (no will)
