Effecta - Liability umbrella

Path: "Settings" > "Integrations" > Effecta

Effecta integration platform setup

For this document, the FFAV platform will be used for reference as it is operating under the liability umbrella Effecta.

Activating the integration

Note: the integration can be managed by all Backend users as well as PlatformAdmins and PlatformOwners. This includes sending and managing investor and investment data to Effecta.

In order for a platform to be able to use the Effecta integration, the module needs to be activated first

→ check the checkbox on additional modules in the settings https://admin.portagon.io/platforms/189/backend_settings/modules

On the new integrations overview, you can see the status of the integration.

To activate the integration, you will need a Username as well as a Password which is provided by Effecta.

The compliance endpoint link needs to be provided to Effecta.

The integrations card will only be active / eingerichtet if the credentials are correctly set up.

For further technical analysis, you can click on Fetch products to test effecta which will give you an overview of the status of the integration as well as a list of the products which have been set up from Effecta within the xpecto system.

This is an example of a successful integration with the product reconceptAPI_A35JR4 being available for the platform.
{"status"=>200, "message"=>"OK", "data"=>{"keys"=>[{"productID"=>"reconceptAPI_A35JR4", "productName"=>"reconceptAPI_A35JR4", "feeTypes"=>[]}]}}

Setting up a product/project connection

After the platform has been set up, the projects can be connected to the corresponding products.

If there are no products created from Effecta yet, the project can’t be activated.

If Effecta has set up products, you can edit the Effecta-Produktdaten for the project.

You will first need to activate the project by checking the checkbox.

Afterwards you can select one of the products from the dropdown. The products displayed here are the ones that Effecta has set up, the names are defined by them. If there are no products available, you won’t be able to select a product and can’t activate the project for Effecta.

After this has been done successfully, the emissions which is connected to the project will be automatically considered an “Effecta emission” and investments into such an emission are being sent to Effecta.

Note: a product can only be matched with one project.

Compliance pre-sets for Effecta

Adequacy audit

• the Effecta Standard needs to be used as the adequacy audit template for all emissions

  • this is important as the texts have been altered by Effecta and will be printed in the investment certificate

• we implemented the functionality to deselect or rather to select “keine Angabe” within the investment process as this wasn’t previously possible

  • though this is not solely a requirement by Effecta, it was a compliance issue that they raised

Note: The template for the adequacy audit has been implemented as a Master Template and is available on all platforms using Effecta.

Additional templates

• there are three additional templates which need to be set up for every platform and added to every emission

  • for general Effecta information

  • for legitimation information

  • for PEP information

Note: The templates have been implemented as “Master Templates” on all platforms that have the Effecta integration activated. If the module gets deactivated, the templates disappear from the platform unless there is already an emission in place using the template - in this case they will still be available through the investment process settings.

E-Mail templates

• the following information needs to be used for the email template

  • investment_checkout_unconfirmed:
    Danke - Ihre Zeichnung wird jetzt geprüft
    {{investor.greeting}},

    vielen Dank für Ihre Zeichnungserklärung auf {{platform.name }} – wir haben Ihre Daten erfolgreich aufgenommen.

    Bitte beachten Sie, dass diese E-Mail noch keine Bestätigung Ihrer Zeichnung darstellt!

    Im Rahmen unserer Compliance-Prüfung haben wir festgestellt, dass Sie nur sehr wenig Zeit für die Lektüre der emissionsbezogenen Dokumente hatten. Selbstverständlich gehen wir davon aus, dass Sie sich vor Ihrer Entscheidung zur Zeichnung hinreichend informiert haben. 

    Wir sind jedoch gesetzlich verpflichtet, Sie vollständig über die Chancen und Risiken dieser Kapitalanlage aufzuklären. Abhängig der von Ihren gemachten Angabe in Bezug auf den Empfang der Dokumente, behalten wir uns vor, die Annahme Ihrer Zeichnung um bis zu 5 Tage zu verzögern. Wir empfehlen Ihnen, diese Zeit zu nutzen, falls Sie noch Fragen zu den emissionsbezogenen Dokumenten haben. 

    Bei Fragen stehen wir Ihnen per E-Mail oder telefonisch montags bis freitags von 8-17 Uhr zur Verfügung. 

    Wenn wir nichts mehr von Ihnen hören, gehen wir davon aus, dass Sie keine Fragen mehr haben und setzen den Annahmeprozess Ihrer Zeichnungserklärung unaufgefordert fort.

    Mit freundlichen Grüßen

    Ihr Team von {{platform.name}}

  • investment_preliminary_information:
    Vorvertragliche Informationen
    {{investor.greeting}},

    wir möchten Ihnen mit dieser E-Mail vor Ihrer Zeichnung über die Plattform {{platform.name }} relevante vorvertragliche Informationen übersenden.

    Diese finden Sie in Ihrer Inbox.

    Bitte lesen Sie sich diese Unterlagen sorgfältig und in Ruhe durch und setzen Sie erst danach den Zeichnungsprozess fort. Speichern Sie die Dateien an einem Ort, an dem Sie später problemlos darauf Zugriff haben. Auf Wunsch stellen wir die angebotsbezogenen Informationen jederzeit auch in Papierform kostenlos zur Verfügung.

    Mit Klick auf folgenden Link können Sie Ihre Zeichnung fortsetzen:

    Zeichnung fortsetzen

    Bei Fragen zögern Sie bitte nicht, uns zu kontaktieren!

    Mit freundlichen Grüßen

    Ihr Team von {{platform.name}}

Emission creation

• the identification threshold always needs to be 0 for Effecta emissions

  • this has been automated so that the threshold is set to 0 by default for Effecta platforms

• the Effecta Standard adequacy audit template needs to be selected in the emission set up

• the additional templates need to be selected in the emission set up

• the emission needs to be set on manual acceptance

  • the investments can only be accepted within go, after an acceptance has taken place by Effecta

    • this has been implemented so that investments which are not accepted by Effecta can’t be accepted, the button is not available for those investments

    • this has been automated so that the acceptance is always set to manual for Effecta platforms

Further compliance set up

The following document includes information that is to be considered for all tied intermediaries under Effecta for their external appearance

Important for the technical set up in go:

Email signature needs to include

• gebundener Vermittler gemäß § 3 (2) WpIG der Effecta GmbH, Florstadt

Imprint needs to include

• Hinweis gem. § 3 (2) WpIG

  „VP Name“ ist vertraglich gebundener Vermittler im Sinne des § 3 (2) WpIG und wird bei der Vermittlung von Finanzinstrumenten gemäß § 2 (2) Nr. 3 WpIG ausschließlich für Rechnung und unter Haftung der Effecta GmbH, Florstadt, tätig.
  
  ”VP Name” = placeholder for Vertragspartner Mail

Documents

• note that when uploading Effecta documents, all checkboxes need to be checked, so that they are provided to the investor at every possible check → to comply with this guideline, we changed the process to upload platform documents for platforms using Effecta

When uploading platform documents, the document categories which can be selected are defined with radio buttons. This means that for each document only one category can be selected.

• the categories AGB, Datenschutzerklärung, Risikohinweis & Effecta Kundeninformation can only be selected once

  • after a document has been uploaded for this category, it cannot be selected again

    • the document needs to be archived and a new only uploaded in order to replace it

  • the category Sonstiges can be selected multiple times

• for any category selected, every compliance checkbox, which used to be ticket manually, will be automatically selected

  • this way we make sure that every document is sent to Effecta and provided to the investor

Kundeninformation

• please name the document Kundeninformation Effecta GmbH so that it can be easily identified by Effecta

• for the documents, always include whose document it is

  • if it is an Effecta document, this needs to be included in the document name

  • if it is a document by the intermediary, this needs to be included in the document name

  • Example:

    • AGB Effecta GmbH

    • AGB FFAV GmbH

Note: There are more Effecta related documents that will always need to be uploaded. They are the same for all other platforms as they are for the FFAV. The most recent documents should be maintained and made available by the Analysts.

Sending investor data to Effecta

Preconditions

As long as an investor hasn’t invested in an emission which belongs to a project that is activated for Effecta, their data can’t be sent to Effecta. The Effecta information is actually not part of the investor overview at this stage, as it would only lead to non-compliant data being sent to Effecta.

After an investor has invested in an “Effecta emission”, the Effecta information appears on the investor overview.

Given the status of the investor, different actions apply and different information is shown.

Not identified

If the investor is not identified yet, the data can’t be sent, as Effecta never accepts investors without identification.

Identified

After the person has identified themselves, the action to send information to Effecta is available.

→ Automation: We have implemented an automation so that investors are now being automatically sent to Effecta, once the investor meets the compliance requirements.

It is possible to resend the investor if necessary.

Waiting for feedback from Effecta

The data has been sent to Effecta and we are waiting for feedback to assess, whether the investor is accepted or if another action needs to be taken. 

Accepted

After the person has been accepted by Effecta, they are marked accordingly and from this point on, investments for this investor can be sent.

Unexpected error

This applies to investors, as well as investments. If there is an unexpected error, it will be displayed in go. In this case the text API Fehler, bitte prüfen is a comment left by Effecta.

The tooltip will show the status code which was sent to our API. This can be helpful for debugging purposes.

For further investigation: Clicking on Compliance-Status allows you to see, which data has been sent to Effecta, including the documents which have been sent. They are available in the zip file which you can download.

Current Data in xpecto System: this is the most recent data which has been provided to Effecta and is

stored in their xpecto System. This holds all relevant investor data and can be a useful insight when

comparing e.g. the name or the address of the investor to check if the information.

Data that was sent to xpecto: here you get an overview of all API calls that were made to the xpecto

System for this investor. This helps retrace what has been sent in the past, when calls were made

and what information they contained. If for example an identification has been updated, the different

files that were sent for the identification of the investor can be traced in this overview by checking the

different zip files.

Compliance Data that was received from xpecto: here you can see the compliance feedback we

received form the xpecto system for the specific investor.

Investor status codes

• 1 = accepted

• 0 = resubmission

• 200 = rejection

• If there is an unexpected code, it will be displayed as such.

Sending Company investor data to Effecta

We have enabled the functionality to send Company Investors to Effecta. The implementation is based

on the logic, that the way we sent the investors makes them be Private Investors in xpecto so that

Frau Voigt then needs to change the type to Company Investor.

The reason for this implementation is that the data points used in xpecto don’t match our data structure.

In order for Company Investors to be accepted by Effecta, the identification document for

the investor needs to include all relevant documents.

To our knowledge these are (status 12.07.2023)

• Handelsregisterauszug

  • commercial register entry

• Liste der Gesellschafter

  • list of shareholders

• Ausweisdokument

  • ID document

• BaFin Auszug

  • BaFin documentation

Sending investment data to Effecta

Investor not accepted

As stated before, if the investor has not yet been accepted by Effecta, no investment data can be sent.

The button to send the data is not available.

Investment ready for Effecta

When the investor has been accepted by Effecta, every investment that is placed in an Emission relevant for

Effecta, the data for this investment can be sent to Effecta.

→ Automation: We have implemented an automation so that investments are now being automatically sent

to Effecta, once the investor has been accepted. This is true for all investments, including the ones that were

placed before the investor was accepted, as well as all future investments by that investor.

Waiting for feedback from Effecta

In line with the process for investors, after the investment data has been sent to Effecta, the status is waiting.

Accepted

In line with the process for investors, after the investment has been accepted by Effecta, they are marked

accordingly and the investment can then be accepted by the admin in go.

Investment status codes

• 1 = accepted

• 100 = resubmission

• 200 = rejection

• If there is an unexpected code, it will be displayed as such.

Note:

After investments have been accepted by Effecta, they can not be edited, meaning that the amount can’t be changed, neither through the admin access, nor through the issuer access, as this would be a compliance issue.