Regulatory Reporting Requirements

In accordance with relevant Dodd-Frank/CFTC reporting requirements, Brown Brothers Harriman & Co. (“BBH&Co.”) began reporting certain Covered FX Transactions to its swap data repository, DTCC Data Repository (U.S.) LLC, on April 10, 2013.

I. Covered FX Transactions

Covered FX Transactions include all foreign exchange (“FX”) forward, FX swap and/or swap transactions executed with BBH&Co. as principal, either (1) before July 21, 2010, but were still outstanding on July 21, 2010, or (2) on or after July 21, 2010.

Covered FX Transactions do not include spot transactions (i.e., FX trades with a T+2 settlement date or otherwise constituting bona fide spot transactions), which are generally excluded from Dodd-Frank reporting. BBH&Co. will treat any FX transaction with a tenor of T+3 or greater as a spot transaction if (i) sufficient details relating to the underlying security trade are provided to BBH&Co. at the time of execution, or (ii) BBH&Co. has concluded that such FX transaction is a bona fide spot transaction (e.g., by virtue of the trading relationship, e.g., FX transaction instructed via a custody FX standing instruction or BBH&Co.’s InfoFX product). Otherwise, BBH&Co. will treat such FX transaction as an FX forward subject to Dodd-Frank reporting.

II. Reporting Counterparty

BBH&Co. is and will be the reporting counterparty in respect of a Covered FX Transaction, unless:

  • BBH&Co.’s trading counterparty is a swap dealer (whether or not also a US Person);
  • BBH&Co.’s trading counterparty is a major swap participant (whether or not also a US Person); or
  • BBH&Co.’s trading counterparty is a US Person and a financial entity (and not a swap dealer or a major swap participant) that has requested that it be the reporting counterparty.
III. Trading Counterparty Info

To confirm its role as reporting counterparty and to ensure accurate and complete reporting, BBH&Co. will require the following information from its trading counterparties:

Trading counterparty’s Legal Entity Identifier (“LEI”) or Global Markets Entity Identifier (“GMEI”).1
Whether the trading counterparty is a US Person;
Whether the trading counterparty is a registered swap dealer or major swap participant; and
Whether the trading counterparty is a financial entity.

BBH&Co. also expects to be promptly notified in the event of changes to the above.

In its reporting of a Covered FX Transaction, BBH&Co. will reach out to a trading counterparty for its LEI/GMEI if BBH&Co. had not already been provided with that information, or for assurances to demonstrate that the Covered FX Transaction was in fact a bona fide spot transaction. If neither is provided to the satisfaction of BBH&Co., BBH&Co. will report the Covered FX Transaction using a BBH&Co. internal identifier.

Please direct any Dodd Frank inquiries to your Brown Brothers Harriman relationship manager or to FXReg.reports@bbh.com.

1LEI/GMEI information not applicable to Covered FX Transactions that expired or terminated prior to April 25, 2011.

In accordance with relevant transaction reporting requirements adopted by Canadian provincial regulators, Brown Brothers Harriman & Co. (“BBH&Co.”) began reporting certain Covered FX Transactions to its designated trade repository, DTCC Data Repository (U.S.) LLC, on October 31, 2014.

I. Covered FX Transations

Covered FX Transactions include all foreign exchange (“FX”) forward, FX swap and/or swap transactions executed with BBH&Co., as principal, either on or after October 31, 2014 with a Canadian local counterparty.

A “local counterparty” is, at the time of the transaction: (a) a person or company organized under the laws of, or having its head office or principal place of business in the respective Canadian province, or (b) an affiliate of an entity described in (a) where the entity in (a) has guaranteed all or substantially all of the liabilities of its affiliate.

Covered FX Transactions do not include spot transactions which are defined as a contract or instrument for the purchase and sale of currency that (i) requires settlement within T+2 or after T+2 provided that the contract or instrument was entered into contemporaneously with a related security trade and requires settlement on or before the relevant security trade settlement deadline, (ii) is intended, at the time of execution, to be settled by the delivery of the currency within the time periods set out in (i) above, and (iii) does not allow for the contract or instrument to be rolled over.

BBH&Co. will generally treat any FX transaction with a tenor of T+3 or greater as a spot transaction if (i) sufficient details relating to the underlying security trade are provided to BBH&Co. at the time of execution, or (ii) BBH&Co. has concluded that such FX transaction is a spot transaction (e.g., by virtue of the trading relationship, e.g., FX transaction instructed via a custody FX standing instruction or BBH&Co.’s InfoFX product). Otherwise, BBH&Co. will treat such FX transaction as an FX forward subject to Canadian provincial regulator trade reporting.

II. Reporting Counterparty

BBH&Co. is and will be the reporting counterparty in respect of a Covered FX Transaction, unless:

BBH&Co.’s trading counterparty is a Canadian dealer or derivatives dealer that has agreed to be the reporting counterparty; or
BBH&Co.’s trading counterparty is a Canadian local counterparty (and not a Canadian dealer or derivatives dealer) that has requested that it be the reporting counterparty.

III. Trading Conuterparty Info

To confirm its role as reporting counterparty and to ensure accurate and complete reporting, BBH&Co. will require the following information from its trading counterparties:

Trading counterparty’s Legal Entity Identifier (“LEI”) or Global Markets Entity Identifier (“GMEI”);
Whether the trading counterparty is a Canadian dealer or derivatives dealer; and
Whether the trading counterparty is a Canadian local counterparty.

BBH&Co. also expects to be promptly notified in the event of changes to the above.

In its reporting of a Covered FX Transaction, BBH&Co. will reach out to a trading counterparty for its LEI/GMEI if BBH&Co. had not already been provided with that information, or for assurances to demonstrate that the Covered FX Transaction was a spot transaction meeting the requirements above.

Please direct any Canadian provincial regulator trade reporting inquiries to your Brown Brothers Harriman relationship manager.

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You are required to read the following important information, which, in conjunction with the Terms and Conditions, governs your use of this website. Your use of this website and its contents constitute your acceptance of this information and those Terms and Conditions. If you do not agree with this information and the Terms and Conditions, you should immediately cease use of this website. The contents of this website have not been prepared for the benefit of investors outside of the United States. This website is not intended as a solicitation of the purchase or sale of any security or other financial instrument or any investment management services for any investor who resides in a jurisdiction other than the United States1. As a general matter, Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) is not licensed or registered to solicit prospective investors and offer investment advisory services in jurisdictions outside of the United States. The information on this website is not intended to be distributed to, directed at or used by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Persons in respect of whom such prohibitions apply must not access the website.  Under certain circumstances, BBH may provide services to investors located outside of the United States in accordance with applicable law. The conditions under which such services may be provided will be analyzed on a case-by-case basis by BBH. BBH will only accept investors from such jurisdictions or countries where it has made a determination that such an arrangement or relationship is permissible under the laws of that jurisdiction or country. The existence of this website is not intended to be a substitute for the type of analysis described above and is not intended as a solicitation of or recommendation to any prospective investor, including those located outside of the United States. Certain BBH products or services may not be available in certain jurisdictions. By choosing to access this website from any location other than the United States, you accept full responsibility for compliance with all local laws. The website contains content that has been obtained from sources that BBH believes to be reliable as of the date presented; however, BBH cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. The content contained herein is current as of the date of issuance and is subject to change without notice. The website’s content does not constitute investment advice and should not be used as the basis for any investment decision. There is no guarantee that any investment objectives, expectations, targets described in this website or the  performance or profitability of any investment will be achieved. You understand that investing in securities and other financial instruments involves risks that may affect the value of the securities and may result in losses, including the potential loss of the principal invested, and you assume and are able to bear all such risks.  In no event shall BBH or any other affiliated party be liable for any direct, incidental, special, consequential, indirect, lost profits, loss of business or data, or punitive damages arising out of your use of this website. By clicking accept, you confirm that you accept  to the above Important Information along with Terms and Conditions.

 
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