Auditors, transfer agent, and registrar
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Rescope about-financial-reporting.md's NI 51-102/T5013 mechanics to the LP-form vehicles (Spain SOCIMI/Mexico FIBRA report to CNMV/CNBV, not SEDAR+); fix auditors-transfer-agent-registrar.md attributing the registrar/transfer function to 'the general partner' for all 4 vehicles (Spain/Mexico use an Administrator, not a GP) and Computershare stated unqualified for the whole programme when only the Canada vehicle is established; remove 2 dangling references to the archived Property Ledger Technology article
@@ -38,10 +38,11 @@ board, not of management. The registrar maintains the definitive record of who currently holds each outstanding security — the register of unit holders or shareholders. For the [[direct-hold-solutions-structural-comparison|Direct-Hold Solutions]], this function is performed through the property ledger: the general partner of each limited partnership updates the ledger when a completed transfer is received, and the ledger entry — not a separate paper register — is the authoritative record of ownership for that asset, as described in [[accredited-investor-eligibility|Accredited Investor Eligibility]]. The registrar function exists function is performed through the property ledger: each vehicle's own governing entity — the general partner in Canada and the United States, the Administrator in Spain and Mexico — updates the ledger when a completed transfer is received, and the ledger entry — not a separate paper register — is the authoritative record of ownership for that asset, as described in [[accredited-investor-eligibility|Accredited Investor Eligibility]]. The registrar function exists so that there is one authoritative answer, at any point in time, to the question of who owns a given unit. @@ -50,27 +51,25 @@ given unit. A transfer agent is a party — often a trust company or a specialized transfer agency — engaged to process the mechanics of a security transfer: cancelling the transferring holder's position and issuing the new holder's position on the register, in accordance with instructions and supporting documentation. Computershare Inc., based in Calgary, Alberta, serves as transfer agent. Where a Direct-Hold Solution's securities are deposited with a central securities depositary — CDS in Canada, DTC in the United States, Iberclear in Spain, or Indeval in Mexico, as described in [[four-jurisdiction-framework|Four-Jurisdiction Framework]] — settlement and and supporting documentation. Computershare Inc., based in Calgary, Alberta, serves as transfer agent for the established Canada vehicle. Where a Direct-Hold Solution's securities are deposited with a central securities depositary — CDS in Canada, DTC in the United States, Iberclear in Spain, or Indeval in Mexico, as described in [[four-jurisdiction-framework|Four-Jurisdiction Framework]] — settlement and transfer mechanics for depositary-eligible positions are performed in coordination with that depositary's participant network, rather than solely by the general partner acting alone. For positions held and transferred directly on the property ledger rather than through a depositary, the general partner performs the transfer function directly upon receipt of a completed transfer instruction, as described in [[accredited-investor-eligibility|Accredited Investor Eligibility]]. depositary's participant network, rather than solely by the vehicle's governing entity acting alone. For positions held and transferred directly on the property ledger rather than through a depositary, each vehicle's own governing entity — the general partner in Canada and the United States, the Administrator in Spain and Mexico — performs the transfer function directly upon receipt of a completed transfer instruction, as described in [[accredited-investor-eligibility|Accredited Investor Eligibility]]. ## Why the three roles are kept separate Separating financial statement verification (the auditor), ownership record maintenance (the registrar), and transfer processing (the transfer agent) from the function of managing the underlying asset is a standard governance practice: it means that no single party both originates a transaction and independently verifies or records it. This separation supports the integrity mechanisms described in Property Ledger Technology, including the append-only structure of the ledger and the requirement for an explicit operator action to modify a transfer record. originates a transaction and independently verifies or records it. ## See also - [[audit-committee-mandate|Audit Committee Mandate]] — board oversight of auditor appointment and independence - Property Ledger Technology — the technology that performs the registrar function described above - [[experts|Experts]] — disclosure of the auditor and other named experts in offering documents