About SEC Change »

About SEC Change

The SEC can be changed by raising modifications in line with SEC Section D ‘Modifications Process’.

 

What is a modification?

A modification is a change that is raised by a SEC Party to propose and progress changes to the SEC, initiated via raising a Draft Proposal that identifies the underlying issue. Once the issue has been understood and the impact on the SEC had been verified, the Draft Proposal will be converted to a Modification Proposal where a solution will be developed and undergo industry consultation.

 

How do I raise a modification?

To submit a Draft Proposal, you can fill in the form at the link below, or you can email the issue you have identified to us at sec.change@gemserv.com. We will then work with you to develop you problem statement into a full proposal during the first part of the SEC Modification Process.

 

What is the SEC Change process?

The SEC Change process is comprised of three main stages:

Define

The initial stage of the process. This stage is to identify and examine issues that SEC Parties have raised. When a problem statement is fully defined and been approved by the Change Sub-Committee, the Draft Proposal is ready to progress to a Modification Proposal.

Refine

During this stage, a solution will be developed for the Modification Proposal in line with the problem statement. We will work collaboratively with the Proposer and the DCC to create and assess this, with Working Group, Sub-Committee and industry input. Once finished, the Modification Report will be issued to Panel for approval.

Opine

The final stage in the process. At this stage, the industry is consulted on whether the proposed solution should be implemented, before the Change Board votes to approve or reject the change.

 

How can I get involved?

There are multiple opportunities to provide your input during the process:

  • If you are a SEC Party, you can raise issues with us to progress as Draft Proposals.
  • You can comment on draft problem statements, business requirements, legal text and other relevant documents that are published on our website.
  • You can attend our Working Group meetings.
  • We will issue consultations to seek your views on the solutions being developed, how they impact on you, and whether you believe they should be implemented.

Please email sec.change@gemserv.com to be added to our mailing list.

 

What is a SEC Release?

A SEC Release is used to refer to the implementation of multiple approved Modification Proposals.

The SEC Release Management Policy sets out how SEC Releases deliver the approved Modification Proposals, how they are progressed and implemented and the following steps if needed.

Three SEC Releases are scheduled each year, as noted in the table below Ad-hoc releases can also be scheduled by the Panel if required for specific proposals.

ReleaseTimingType
February ReleaseLast Thursday in FebruarySEC Documentation Release
June ReleaseLast Thursday in JuneSEC Systems Release
November ReleaseFirst Thursday in NovemberSEC Systems Release

 

Where can I get further information?

For additional information, please email us at sec.change@gemserv.com.