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Regulation and Compliance
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Several Omgeo services are subject to regulation by the U.S. Securities and Exchange Commission (“SEC”). Omgeo TradeSuite and Omgeo TradeMatch, which are U.S.—based electronic trade confirmation and central matching services, are subject to SEC regulation. Omgeo OASYS Global, which is an electronic trade confirmation service, is subject to SEC regulation when the service is used to satisfy rules of U.S. self-regulatory organizations that require the electronic confirmation and affirmation of certain trades settling in the U.S. Those trades are ones in which the broker-dealer provides delivery-versus-payment or receive-versus-payment privileges to its customer. Omgeo Central Trade Manager, which is a central matching service, is subject to SEC regulation when the service is used for trades in which either the broker-dealer or its institutional customer is a U.S. entity and the securities in the trade are issued by a U.S. issuer. The SEC regulation of Omgeo is set out in an SEC order granting an exemption from registration as a clearing agency to a subsidiary of Omgeo. The order is contained in SEC Release No. 34-44188; File No. 600-32; 66 FR 20494 (April 17, 2001).
The Board of Governors of the Federal Reserve System, the Office of the Controller of the Currency and the SEC have issued an Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System (the “Interagency Paper”). The Interagency Paper identifies sound practices for core clearing and settlement organizations and firms that play significant roles in critical financial markets. The sound practices, which are designed to help protect the U.S. financial system from the risks of a wide-scale disruption, focus on establishing back-up facilities to recover and resume clearing and settlement activities. Organizations that fall within the scope of the Interagency Paper are expected to adopt the sound practices. The SEC staff has advised Omgeo that Omgeo is considered to be a core clearing and settlement organization for purposes of the Interagency Paper’s requirements. Omgeo’s business continuity plans reflect those requirements. The Interagency Paper is contained in SEC Release No. 34-47638; File No. S7-32-02; 68 FR 17809 (April 7, 2003).
Regulation Of Omgeo in the United Kingdom
Omgeo Limited (Omgeo) has been authorised by the Financial Services Authority (FSA) to carry out regulated activities in the UK as a Service Company. Oasys Global, Central Trade Manager and Alert systems, are regulated services.
Omgeo’s Anti-Money Laundering / Global Economic Sanctions Overview
Omgeo (the “Company”) and its employees are committed to adhering to applicable money laundering and/or related rules or regulations, including laws and regulations enforced by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), as well as to compliance with all applicable global economic sanctions (“GES”) laws in the other jurisdictions in which the Company conducts business.
The goals of the Anti-Money Laundering (“AML”) / Global Economic Sanctions Compliance Program are to enable Omgeo to conduct its business in compliance with AML, OFAC and GES laws, and to manage and mitigate related risks. To this end, Omgeo has implemented formal policies and procedures that constitute a comprehensive Know Your Customer (“KYC”) program.
Every prospective client is subject to KYC due diligence. The Omgeo Compliance Department uses client information obtained from completed KYC questionnaires, in addition to client information obtained from other sources, to conduct this diligence. Omgeo may request additional information about its customers. Such requests may include principal & ownership name(s), date(s) of birth and passport information. Omgeo will not disclose client information to third parties, unless required to do so in order to comply with applicable laws, regulations, or service of process.
To learn more or if you have any questions, please contact Omgeo’s Compliance Department at compliance@omgeo.com. We thank you in advance for your cooperation.
