MP118 Communications Hub Finance Charges

Proposer Nick Kelly
Lead Analyst SEC Change
Date raised 02/03/2020
StageImplemented
Implementation date November 2020 SEC Release
Latest update This Modification was implemented on 29 November 2020 as part of the November 2020 SEC Release.

What is the issue?

Currently, the SEC requires the DCC to send two invoices to SEC Parties, one for its general Charges and a separate invoice for Communications Hub (CH) Finance Charges (CHFC). Providing two invoices every month for SEC parties and tracking payments has proven difficult.

The DCC frequently has to reconcile payments which have been made in error, either because they have been made in the wrong amount or to the wrong accounts. The DCC is currently in the process of arranging finance for the next phase of deliveries of CH, which will amplify the issues with the current system as volumes increase and multiple finance parties require payment. As DCC implements the next phase of financing of CH and the number of monthly financing payments increase, this system will become untenable.

The full issue can be found in the Modification Report can be found here.

Does this issue affect your company? Send us your comments to SEC.change@gemserv.com

What is the solution?

The solution to the problem is a change to the drafting of SEC Sections J1.2 and J1.7 so that DCC is no longer obliged to bill Communications Hub Finance Charges under separate invoices.

Who is impacted?

All SEC Parties.

What SEC documents are affected?

SEC Section J- Payment of Charges

Timeline

02 Mar 2020
Draft Proposal Raised
17 Apr 2020
Converted to Modification Proposal
11 May 2020
Refinement Consultation
22 Jun 2020
Modification Report Consultation

Modification documents

MP118 Conclusions Report
23/07/2020
MP118 Modification Report Consultation
19/06/2020
MP118 Refinement Consultation Responses
02/06/2020
MP118 Refinement Consultation
11/05/2020
DP118 Modification Report v0.1
02/03/2020
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