New role of Scheme Administrator
Recently, a new role was introduced: the Scheme Administrator: this role will be responsible for verifying applications and admitting parties to the scheme. This entails both checking the identity of the company, and its legal adherence to the rules. In addition, a technical compliance process may be required.
The addition of this role to the scheme means that it will be easier for parties to become an iSHARE Participant. For example, it will allow other national or international players to start an iSHARE for their specific segment or country. And with that onboard exiting members as iSHARE Participants.
Also, since the Scheme Administrator will certify that new participants can be trusted, we may see the long-awaited opportunity to finally allow non-EU companies to participate in the iSHARE scheme. A trusted Scheme Administrator will be responsible for the required trust level of the new participants and make sure they adhere to the same agreements as the other participants.
During the Change Advisory Board meetings of this month a new role was discussed and this resulted in the positive advice to the iSHARE Foundation to introduce this new role. In accordance with the advice, the Foundation decided that the role of Scheme Administrator should formally be introduced to the iSHARE scheme. We are currently working on the details of this big change, and hope to be able to update the iSHARE documentation soon.