FATCA – Ask for Directions or Read the Map?
By Nick Jones, Senior Consultant, Citisoft. The approach to handling transaction data for FATCA reporting should build on both ‘male’ and ‘female’ strengths in the organisation. Looking at transactions, we see that FATCA requires the reporting of a) individuals’ account balances (and in due course, income and proceeds) and b) withholding tax. This is detailed...
Industry Underprepared for OTC Derivatives Trading and Market Regulation
By Ganesh Iyer, Senior Product Marketing Manager for Network Services, IPC Systems While recent years have seen much talk of financial reforms, there has remained a distinct lack of clarity around what new regulations will mean for financial institutions. In the trading industry, the regulations that will have the biggest impact are European Market Infrastructure...
Opinion: Will Banks Meet The Regulatory Challenge?
By Stuart Grant, EMEA Business Development Manager – Financial ServicesSAP If we examine today’s regulatory landscape across Europe, the Middle East and Africa (EMEA), we see a minefield of complexity and requirements that financial organisations must meet. In the UK specifically, with Basel III and papers such as The Basel Committee on Banking Supervision’s (BCBS)...
Talking Reference Data with Andrew Delaney: Just How Fat is Fatca?
With the final regulations for the Foreign Account Tax Compliance Act (Fatca) now published by the US Treasury Department and Internal Revenue Service (IRS), financial institutions have no more excuses for failing to get their houses in order to be compliant with the act. They certainly aren’t happy with the additional regulatory burden of Fatca,...
Wolters Kluwer Integrates Acquisitions to Deliver Single Platform Risk and Compliance Solutions
Wolters Kluwer Financial Services’ decision to abandon the brand names of FRSGlobal, which it acquired in September 2010, and FinArch, which it acquired in July 2012, marks a major step forward in the company’s work to integrate the acquisitions’ products to form a combined offering driven by a single business oriented data architecture. The product...
Markit and CTI Tackle Fatca Compliance with Service Bureau
Markit and Compliance Technologies International (CTI) have teamed up to target the Foreign Account Tax Compliance Act (Fatca) compliance market, but unlike most vendors the companies propose a Fatca service bureau rather than a deployed or hosted solution. Their aim is to serve fund types and sizes that typically outsource IT and do not have...
Thomson Reuters Joins Fatca Fray with Modular Compliance Solution
Thomson Reuters has joined the growing group of vendors providing compliance solutions for the US Foreign Account Tax Compliance Act (Fatca) that came into effect on January 1. Its offer is a modular, yet holistic, solution that can flex in response to elements of the legislation that are still to be determined or may change...
Gjensidige Selects Moody’s Analytics’ RiskIntegrity Solvency II Solution
Norwegian insurance company Gjensidige is working with Moody’s Analytics’ RiskIntegrity Solvency II solution to improve risk management and support compliance with the forthcoming regulation. The company chose RiskIntegrity on the strength of its out-of-the-box regulatory capabilities and ease of use. Thomas Bichard-Breaud, leader of Gjensidige’s Solvency II reporting, explains: “Moody’s Analytics offered us the best...
MoneyMate Proposes Solution to Holdings Data Issues of Solvency II
MoneyMate’s introduction of a look-through and reporting utility, which will provide data connectivity between insurance companies, asset managers and third party administrators, is aimed to support insurers that must comply with Solvency II and asset managers that want to protect the investment strategies they are using while providing necessary holdings data to insurers and their...
Talking Reference Data with Andrew Delaney: Spreadsheet Wars Reprised
In an interview with the excellent Robert Elms on BBC Radio London the other day, author and autistic savant Daniel Tammet said something along the lines of: “Mathematics is more about how you came up with the answer than the answer itself.” Tammet was promoting his forthcoming new book, Thinking in Numbers: How Maths Illuminates...