Coordination, Oversight and Monitoring of Service Providers. The Investment Adviser is responsible for establishing and maintaining a framework to oversee third-party service providers engaged by its affiliates to perform sub-transfer agency services. In doing so the Investment Adviser shall establish processes to assess adherence to the terms of applicable agreements with third-party service providers, the funds’ then current prospectuses, and other regulatory requirements and applicable standards. These oversight processes may, but need not, include assessing the controls of third-party service providers as to: (i) transaction processing, (ii) shareholder communications, (iii) commission/fee calculations, (iv) cash and share reconciliations, (v) risk governance programs, (vi) information security programs, and (vii) business continuity/disaster recovery programs.
Appears in 10 contracts
Sources: Administrative Services Agreement (Tax Exempt Bond Fund of America), Administrative Services Agreement (American Funds Tax-Exempt Fund of New York), Administrative Services Agreement (American High-Income Municipal Bond Fund)