The Tax Incentivised Savings Association (TISA) has established a 'contract club' to help facilitate the electronic transfer of assets between platforms.
TISA Exchange Limited (TeX) will help overcome the problems presented by the existence of thousands of individual contracts between platforms and funds, TISA said. TeX provides a standard set of non-commercial contracts which are designed to provide consistency in the behaviour of parties when transfers take place. It will also reduce cost, risk and duplication for the industry, TISA said. TeX will operate on a non-profit basis and membership of TISA is not a requirement for those wanting to join. An advisory committee comprised of representatives from TeX member firms - platfor...
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