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Basic Give Operations

Telling us about the applications you have received

Potential investors may express interest in investing in your products. They may be invited to do so, receive a recommendation from their IFA, or, if you have a portal, register with you.

When they are serious about investing, they apply to be part of the fund (or a particular phase in the fund lifecycle). They complete a registration and apply to join the fund. If you expect the applicant to begin depositing funds, this would be a good time to notify us. You can inform us via the API, providing the Application ID and the investor's name. You should also indicate that the status of the application is In Progress.

Please note. Once you have submitted an application to us you cannot modify the name of the investor nor the fund and tranche to which they have applied. Please ensure your applicants supply proper details. If such changes need to be made you will need to discuss with TT staff.

At this point, it is common for you to perform checks to ensure that the applicant is suitable to be a client and to invest in the fund. You, or your agent, will perform checks such as AML (Anti-Money Laundering), KYC (Know Your Customer), PEP (Politically Exposed Person), etc.

Please use applicationInsertUpdate_Simplified

Telling us about monies your applicants might deposit in the fund bank accounts

As soon as you inform us about an application, we will begin looking for deposits into the fund bank account that use the Client_ApplicationID as the customer reference on the bank statement. We will match any bank transactions we find to the client's application using that ID.

If your applicants deposit funds via a third-party payment gateway, such as WorldPay, you might not control the customer reference but will have access to the gateway's transaction reference for successful online transactions. You can provide us with this reference to allow us to match bank transactions to the client's application.

We will match the ReceiptReference to the Client Recerence on the bank statement an the assign that to the Client Application you supply.

Please use expectedInvestorReceipt

Telling us about the assets in which your fund intends to invest

You can inform us about the asset(s) in which the fund will invest. You will need to provide the asset's name and a unique Asset Code. We suggest using the Company Number as the Asset Code if you are investing in a company. If no official identifier exists, use a unique reference of your choosing.

Please use fundAndTrancheAsset_InsertUpdate

When you you invest in, or dispose of, an asset (an Asset Transaction), you need to tell us which applicants are participating, and the division of the transaction value and the shares traded that each receives or relinquishes

When you invest in or dispose of an asset, you need to inform us about which applicants are participating, along with the division of the transaction value and shares traded for each participant.

Early in the life of a fund, when adequate funds have been raised, you will invest in assets. Later, you may dispose of these holdings.

You will decide who will participate and how much each participant will invest or receive. Not every investor may choose to participate, and some investors might pay more or less to participate in the same asset transaction.

For example, the company in which you invest may designate someone as an "Investment Dragon." This individual may receive a discount, acquiring 1,000 shares for £5,000, while other investors pay £10,000 for the same number of shares. All investors receive shares with the same nominal value, but we will record the actual amount paid.

We will log each acquisition or disposal of an asset as an Asset Transaction and track each applicant’s proportional participation.

When shares in an asset are sold, we automatically match share acquisitions to disposals on a First In, First Out (FIFO) basis. For example:

An applicant buys 500 shares at £1.00/share on January 1, investing £500, and later buys another 500 shares at £10.00/share on June 1, investing £5,000. Their total investment is £5,500.
Later, they sell 600 shares for £10,000, which equals £16.67/share.

We sell the £1 shares first (500 shares), then sell 100 shares from the second purchase, resulting in the following profit:

(500 * £16.67) - £500 = £7,833.34
(100 * £16.67) - ((£5,000/500) * 100) = £666.67

Total income: £8,500.00

These calculations may go beyond our role, but by providing simple data, we encourage this level of detail as good practice.

Please use assetTransactionInvestorAllocation

Miscellaneous Transactions: Non-asset-related deposits or withdrawals

During the life of the fund, you may need to inform us about depositing or withdrawing amounts from applicants' cash holdings that are unrelated to buying or selling assets.

These miscellaneous transactions could include fees, distributions, advisor payments, or waived fees. There could be numerous circumstances.

There are two types of miscellaneous instructions:
a) The simple assignment of monies between applicants, or
b) Instructions to pay monies from clients to third parties.

For (a), such as paying fees to you, a gross amount is paid from the client account to your account. The gross amount is funded by several applicants, so we need to reduce each client’s account by the corresponding amount. You can use the API to inform us of the distribution of the amount among applicants.

For (b), such as instructing payments to advisors, each applicant may have a different advisor with a different bank account. In this case, you provide us with the amount to be paid by each applicant and the advisor’s bank account details. We will reduce the client account accordingly and generate a text file to upload to the bank for automatic payments.

Similarly, distributions may need to be paid to applicants' bank accounts.

Please use miscellaneousInvestorTransaction

Transfers of Shareholdings and / or cash

There are several situations where an individual’s share holdings or the cash they retain in a fund might need to be transferred to someone else. The investor might, for example, pass away, or divorce their spouse.

We provide an operation to let you instruct us to make these transfers. Regulations require us to document transfers meticulously. We cannot simply change the person on the application.

A Scenario: An investor dies leaving assets in their will to their spouse and children

Fulān al-Fulani has sadly passed, leaving behind his spouse, Fulāna, and three children. Fulān is an applicant in your Fund and holds shares in two of the three assets in which the fund invests (assets A, B and C). He holds, in Asset A (10000 shares), and Asset C (500 shares). He has a small cash balance (£1000) left in the fund.

Fulān’s spouse, Fulāna, is also an investor in the fund, and already holds shares and a cash balance in her own right.

In Fulān’s will he has stipulated that his family members will be bequeathed:

Asset A:

· Spouse: 9000 shares
· Child A: 400 shares
· Child B: 400 shares
· Child C: 200 shares

Asset C:

· Spouse: 400 shares
· Child A: 40 shares
· Child B: 40 shares
· Child C: 20 shares

The remaining cash will be split as:

· Spouse: £900
· Child A: £40
· Child B: £40
· Child C: £20

Your responsibilities

Once you have finalised the requirements of the bequests, and probate has been completed, you will need to instruct us, via the API, to proceed with the transfers. To do so you will call two TTAPI Give operations.

1. applicationInsertUpdate_Simplified

2. TransferInsertUpdate

Since we do not have a record of the children (the spouse Fulāna is already an investor in the fund) you will need to create new Client_applicationIDs for the three children and post these to us. Do this using the applicationInsertUpdate_Simplified operation. (N.B. this is the same operation you have been using to tell us about the original fund applicants).

Three calls will be required, introducing Fulān’s three children as applicants. You should also indicate that the status of the application is Transferred In. If these individuals are unknown to you, you should also generate a Client_InvestorID, Fulāna is already an applicant.

You will need to instruct us about each bequest. In the scenario above there will be 12 instructions, four for Asset A transfers, four for Asset C transfers, and four for cash transfers. Do this using the TransferInsertUpdate operation.

Twelve calls will be required

For the asset holdings you will need to tell us about eight stock transfers:

· The Client_applicationID of the transferor (Fulān)

· The Client_applicationID of the transferee

· The date the transfer takes place

· The asset ID of the asset

· The number of shares to be transferred

For the cash holdings you will need to tell us about four cash transfers:

· The Client_applicationID of the transferor (Fulān)

· The Client_applicationID of the transferee

· The date the transfer takes place

· The currency and amount to be transferred

Please use TransferInsertUpdate