{"id":4845,"date":"2012-01-31T11:41:56","date_gmt":"2012-01-31T11:41:56","guid":{"rendered":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/?post_type=smg-issue&#038;p=4845"},"modified":"2014-03-20T14:02:54","modified_gmt":"2014-03-20T14:02:54","slug":"issue-27-funds-administration","status":"publish","type":"smg-issue","link":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/smg-issue\/issue-27-funds-administration\/","title":{"rendered":"Issue 27: Funds Administration"},"content":{"rendered":"","protected":false},"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","inline_featured_image":false},"tags":[],"class_list":["post-4845","smg-issue","type-smg-issue","status-publish","hentry"],"acf":[],"semantic_search":{"post_id":4845,"title":"Issue 27: Funds Administration","link":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/smg-issue\/issue-27-funds-administration\/","categories":[],"tags":[],"content":"\n\n<div class=\"panel-content\">\n\t\n\t<div class=\"panel-section\">\n\t\t\t\t\t<div class=\"panel-section\">\n\t\t\t\t<div class=\"accordion\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"accordion-group\">\n\t\t\t\t\t\t\t<h2 class=\"accordion-title\" tabindex=\"0\" id=\"summary\" aria-expanded=\"false\">Summary<\/h2>\n\t\t\t\t\t\t\t<div class=\"accordion-panel\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t<div class=\"panel-inner\">\n\t\t\t\t\t\t\t\t\t<p>The BSC review has identified a number of Issues relating to Funds Administration. We believe the Issues and potential solutions described in section 3 of the BSC Review should be submitted to the Settlement Standing Modification Group for industry discussion. The Group can then ascertain if a Modification (or Modifications) should be raised to progress any potential solutions.The BSC Review for 2006\/7 considered the funds administration aspects of the Code. This BSC review identified the following issues with the current funds arrangements:<\/p>\n<ul>\n<li>Small Value Transactions;<\/li>\n<li>Processing of Transactions;<\/li>\n<li>Current banking practice not reflected;<\/li>\n<li>VAT Reporting;<\/li>\n<li>BSC Party Standing Data;<\/li>\n<li>Recovery of Credit Cover; and<\/li>\n<li>Lodging Funds<\/li>\n<\/ul>\n<p>More information can be found on the following Panel Papers BSC Review 2006\/2007 Funds Administration Report and Funds Administration : Conclusions and Recommendation<\/p>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"accordion-group\">\n\t\t\t\t\t\t\t<h2 class=\"accordion-title\" tabindex=\"0\" id=\"history\" aria-expanded=\"false\">Progression<\/h2>\n\t\t\t\t\t\t\t<div class=\"accordion-panel\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t<div class=\"panel-inner\">\n\t\t\t\t\t\t\t\t\t<p>The Issue 27 Group met and agreed that a number of improvements suggested in the BSC Review could be considered as part of a modification. Elexon is discussing the content of a potential modification with one Party. The Issue report will be provided to the July Panel.<\/p>\n<p>Scottish Power have raised a Modification Proposal &#x2018;Issues Relating to Funds Administration&#x2019; on 02 July, and the Initial Written Assessment will be provided to the August Panel. The Modification Proposal will seek to amend the current provisions for the Funds Administration process by:<\/p>\n<ul>\n<li>Introducing electronic delivery of Advice\/Confirmation Notes;<\/li>\n<li>Combining the amounts from Trading Charges and each Default Charge onto one daily Advice Note;<\/li>\n<li>Introducing thresholds below which an Advice Note would not be produced; and<\/li>\n<li>Amending the BSC to bring it in line with modern banking practices.<\/li>\n<\/ul>\n<p>&#xA0;<\/p>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>","s3_url":""},"_links":{"self":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue\/4845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue"}],"about":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/types\/smg-issue"}],"version-history":[{"count":0,"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue\/4845\/revisions"}],"wp:attachment":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/media?parent=4845"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/tags?post=4845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}