Review your selling group's submissions

This guide shows you how to review the investors your selling group submits on a fund you manage. You'll find the submissions waiting on you, check their documents and figures, and approve each one or send it back to the broker with a reason.

Note

This guide is for users at a managing broker-dealer (MBD). Before you start, your firm must have accepted its invitation to manage the fund, and you need access to the broker portal. You review the submissions of the brokers you supervise on the rounds you manage. To learn your way around the portal, see Get started in the broker portal.

Warning

Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Review decisions are made only inside Covercy One. Treat any message asking you to approve an investor or confirm commission figures through a link as suspicious, and always open Covercy directly rather than following links in unexpected messages.

Where your review fits

Every organization on a submission reviews it in order: the broker that placed the investor, then you as the managing broker-dealer, then the fund manager, then the fund administrator where the fund has one. A broker's submission arrives with the broker's own approval already given, so it waits on you next. The fund manager and the fund administrator can see it while it's with you, but it moves on in the order only once you approve.

Find the submissions waiting on you

Sign in to Covercy and open your firm's broker portal.
Select the fund. If your firm is on more than one round of it, pick the round from the round switcher.
Open Opportunities. You see your own firm's submissions and those of the brokers you supervise on that round.
Open the Status filter and select Pending MBD. The table now lists only the submissions waiting on your review. The same filter narrows the Funnel.
Select an investor's row to open the drawer.

Check the documents

In the drawer, select View on a document to read it right there, without opening a new browser tab. A file that can't be previewed offers a download instead.
Optional: select Verify with Neo. Neo reads the signed subscription agreement and compares it with what's on record, such as the investing entity's name and the commitment amount. Each field shows Match, Mismatch or Inconclusive.
Read any result that's already there. The latest result from any reviewer is shown to everyone on the submission, and Re-verify runs it again.

Note

Verify with Neo is advisory. It points you to where the paperwork and the record disagree, but it never approves or blocks a submission: the decision is yours. The button is unavailable, with an explanation, until a signed subscription agreement in PDF format is attached.

Check the fees and conditions

The Fees & Conditions card sits between the documents and the Review card, and it opens on its own while your review is pending. Its header shows the submission's total commissions and net to fund. Expanded, it shows the remittance, any gross-up or bonus applied, the subscription amount, and each commission leg with its payee and a badge saying where its rate came from: the fund's default, the firm's override, or an override for this investor. The terms are locked when the investor is submitted.

If the broker forgot to opt the investor in to a gross-up or bonus the fund offers, or opted in by mistake, change the control on the Fees & Conditions card.
Read the warning. It tells you that every reviewer, the submitting broker included, goes back to Pending and has to review again.
Confirm to re-price the submission, or cancel to leave everything as it was.

Warning

Correcting an opt-in re-prices the submission and restarts its review for everyone, including your own firm. Once a position is booked, the controls are read-only.

Approve or reject

On the Review card, check Changes to see what happened since your firm last approved or rejected the submission. Select Show more for the full history.
To approve, select Approve. A confirmation dialog restates the figures from the Fees & Conditions card.
Check the figures, check the confirmation that you confirm the commission split and the additional conditions, and confirm. The confirm button stays disabled until you check it.
To send the submission back instead, select Reject, enter the reason, and confirm. The submission goes back to the broker that placed it, and your reason is posted as a comment the broker and every reviewer can read.

Tip

If you disagree with a commission figure, reject with a reason rather than approving. The confirmation in the Approve dialog only records agreement. Cancelling the dialog approves nothing.

Comments. To add a comment without deciding, use the comment box on the Review card. A comment is public to the broker and every reviewer by default. Check Mark as Internal to keep it visible only to your own firm. Posting a comment never changes anyone's decision.
Changing your mind. While the submission is still waiting on someone, you can switch your approval to a rejection or the other way round. Once every reviewer has approved, Reject is no longer available.
Coming back to you. When the fund manager rejects a submission you approved, it comes back to you and reads Pending MBD again. When anyone changes what's being reviewed, such as a corrected document or a re-priced submission, every reviewer goes back to Pending and you're asked to confirm the figures again.

Submissions you file yourself

As a selling member. When you submit an investor your own firm placed, filing it counts as your firm's approval, so it goes on to the next reviewer. If it's returned to you or its content changes, it waits on you again.
On behalf of a broker. When you file a submission in the name of a broker you supervise, the broker's approval is recorded, but uploading it isn't your approval. It still reads Pending MBD until you review and approve it.

Verify and get help

After you approve, your firm's row on the Review card reads Approved and the Status moves on, for example to Pending GP. After you reject, the Status reads Pending Broker and your reason appears in the comments. Either way, the submission leaves your Pending MBD filter. If something doesn't look right, ask in the Review card's comments, contact the fund manager, or contact Covercy support. Always start from Covercy directly rather than from a link in an unexpected message.

Why don't I see a submission from one of the fund's brokers?: You see your own firm's submissions and those of the brokers you supervise on the rounds you manage. A broker assigned to the fund directly, without a managing broker-dealer, isn't reviewed by you. Also check that no filter or search text is hiding it and that you're in the right round.
Why does Approve open a dialog?: As the managing broker-dealer, you confirm the submission's commission split and additional conditions when you approve. The dialog restates the figures from the Fees & Conditions card, and your confirmation is recorded with your approval.
Does Verify with Neo approve the investor for me?: No. It compares the signed subscription agreement with the record and shows you where they agree or disagree. The decision to approve or reject is always yours.
I approved, but the submission is waiting on me again. Why?: Either the fund manager rejected it, which sends it back to you, or something under review changed, which sends every reviewer back to Pending. Open Changes on the Review card to see what happened since your last review.
Why can't I reject a submission?: Once every reviewer has approved, rejection is no longer offered. If what's being reviewed changes afterwards, everyone goes back to Pending and you can review it again.
Who can see my comments?: A comment is visible to the submitting broker and every reviewer unless you check Mark as Internal, which keeps it within your own firm. A rejection reason is always visible to the broker and every reviewer.