What is the role of the UCRA depository?
The exact role of the depository is still to be determined, but the statute appears to envision that the fees collected by a participating state under the UCRA, at least to the extent they exceed the revenue to which the state is entitled under the program for the year, are to be forwarded by the state to a “depository” for eventual distribution among other participating states. When more revenue is collected under the UCRA during a year than all of the participating states in the aggregate are entitled to, the depository is to retain the excess, which may go to satisfy state entitlements in the following year.
Related Questions
- Will clearing firms have access to FINRA’s Central Registration Depository (CRD) database in order to retrieve the CRD numbers of their correspondent firms?
- Can the exemption for acquisition of fiscal agency or depository services be applied to transactional banking services?
- How does the depository work?
