The previous procedure required reregistering of the investor if there is a change in the data, then wait for a client’s request to proceed, verify the new code securities balances instead of old code and then delete the old account.
Through the new “Unified Code” account creation will be limited to new investors and legal cases that require it, such as splitting coded entity registered as an investor. The process for new coded or editing current investors’ data should be done in a maximum of two working days.
These amendments will contribute to achieving the following:
- Reduce time taken to complete this process to be from four hours to a maximum of two working days.
- Compatibility with the best international practices relating to KYC rules.
- Encourage investment managers to rely on Omnibus Account system.
- Better control over trading.