2.1.5 Defaulting of Information for CIF Unit Holder Accounts

This topic provides instructions on defaulting of information for CIF Unit Holder accounts.

As mentioned earlier, when a CIF account is authorized in either FCC or FCR at an installation, a single, initial unit holder account is created in FCIS for the CIF account. The following information is defaulted for the unit holder account in FCIS:

• The account operation type is deemed to be single.
• The dealing type for the unit holder is deemed to be Self.
• The account is deemed for an initial investor.
• For corporate investors, the minimum number of corporate signatories is deemed by default to be 1.
• The unit holder is not deemed to be a minor.
• The account is created as an open and enabled account and not as a closed one.
• The account is created without a specification for YTD account statements.
• The account is created as an unauthorized account in the FCIS system.
• The ID assigned to the unit holder in the FCIS system will be identical to the FCC account number.
• The FCC account details will be the default bank details of the of unit holder account in FCIS.
• The identification number submitted by the unit holder.

These default specifications cannot be changed when the first, initial unit holder account is created for the CIF account in the FCIS system. To change any of these details, an information change must be done. However, you cannot change the defaulted identification number.

Subsequently, after the creation of the first, initial unit holder, whenever you create another unit holder account for the CIF in FCIS in the UH New Account screen, the specifications that were used as defaults for the creation of the first account, as shown above, are defaulted again. However, these can be changed at the time of creation of a new unit holder. Depending on the specifications at the FCC installation, you can add the FCC account details as unit holder account bank details in FCIS or create another unit holder account for the CIF in FCIS.

Whenever an FCC account undergoes number modification, FCIS will perform an information change to the unit holder account record. On FCC account closure, the status of the unit holder account will be changed to Pending for Closure and no outflows will be allowed from the account.