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Evidence Guide: FNSFMK509 - Process transaction documentation

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFMK509 - Process transaction documentation

What evidence can you provide to prove your understanding of each of the following citeria?

Complete pre-deal documentation and authorisations

  1. Complete onboarding checks for new clients according to regulatory requirements and organisational guidelines
  2. Establish and confirm type of transaction client wishes to undertake
  3. Check and confirm master agreement is in place for client and relevant transaction
  4. Confirm client authorisation to trade in specified financial product and for relevant transaction
  5. Discuss, clarify and resolve any issues related to product or transaction with client
Complete onboarding checks for new clients according to regulatory requirements and organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and confirm type of transaction client wishes to undertake

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and confirm master agreement is in place for client and relevant transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm client authorisation to trade in specified financial product and for relevant transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss, clarify and resolve any issues related to product or transaction with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Execute transaction for client

  1. Check and verify that transaction is within client’s and own authorised trading limits
  2. Confirm with client whether trade is to be centrally cleared
  3. Confirm details of trade and obtain client’s acknowledgement
  4. Capture accurate details of transaction in organisation’s systems, including risk management requirements in required timeframe
  5. Report details of transaction to authorised trade repository as required
Check and verify that transaction is within client’s and own authorised trading limits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm with client whether trade is to be centrally cleared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm details of trade and obtain client’s acknowledgement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Capture accurate details of transaction in organisation’s systems, including risk management requirements in required timeframe

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report details of transaction to authorised trade repository as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete processes for confirming and settling transaction

  1. Forward details of transaction order to client promptly
  2. Complete financial transaction according to organisation and industry requirements
  3. Investigate exceptions and fails promptly if notified by investigations teams or relevant personnel
Forward details of transaction order to client promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete financial transaction according to organisation and industry requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate exceptions and fails promptly if notified by investigations teams or relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Complete pre-deal documentation and authorisations

1.1 Complete onboarding checks for new clients according to regulatory requirements and organisational guidelines

1.2 Establish and confirm type of transaction client wishes to undertake

1.3 Check and confirm master agreement is in place for client and relevant transaction

1.4 Confirm client authorisation to trade in specified financial product and for relevant transaction

1.5 Discuss, clarify and resolve any issues related to product or transaction with client

2. Execute transaction for client

2.1 Check and verify that transaction is within client’s and own authorised trading limits

2.2 Confirm with client whether trade is to be centrally cleared

2.3 Confirm details of trade and obtain client’s acknowledgement

2.4 Capture accurate details of transaction in organisation’s systems, including risk management requirements in required timeframe

2.5 Report details of transaction to authorised trade repository as required

3. Complete processes for confirming and settling transaction

3.1 Forward details of transaction order to client promptly

3.2 Complete financial transaction according to organisation and industry requirements

3.3 Investigate exceptions and fails promptly if notified by investigations teams or relevant personnel

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Complete pre-deal documentation and authorisations

1.1 Complete onboarding checks for new clients according to regulatory requirements and organisational guidelines

1.2 Establish and confirm type of transaction client wishes to undertake

1.3 Check and confirm master agreement is in place for client and relevant transaction

1.4 Confirm client authorisation to trade in specified financial product and for relevant transaction

1.5 Discuss, clarify and resolve any issues related to product or transaction with client

2. Execute transaction for client

2.1 Check and verify that transaction is within client’s and own authorised trading limits

2.2 Confirm with client whether trade is to be centrally cleared

2.3 Confirm details of trade and obtain client’s acknowledgement

2.4 Capture accurate details of transaction in organisation’s systems, including risk management requirements in required timeframe

2.5 Report details of transaction to authorised trade repository as required

3. Complete processes for confirming and settling transaction

3.1 Forward details of transaction order to client promptly

3.2 Complete financial transaction according to organisation and industry requirements

3.3 Investigate exceptions and fails promptly if notified by investigations teams or relevant personnel

Evidence of the ability to:

deal effectively with clients and accurately interpret their trading requirements in a timely manner

execute a transaction for a client that is compliant with regulatory and organisational requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline key financial product transaction requirements

explain key features of:

international standards that relate to operational and other related financial risk considerations in product transactions

anti-money laundering and counter-terrorism financing legislation

describe key features of:

organisational and industry transaction procedures

organisational policy and procedures

explain trading requirements and checking systems.

Range Statement

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Accurate details of the transaction must be compliant with:

Australian Securities Exchange (ASX) market rules

Australian Clearing House (ACH) clearing rules

Australian Settlement and Transfer Corporation (ASTC) settlement rules (collectively referred to as the ASX Rules).