PRIIPs Compliance Deadline Uncertain as Regulatory Technical Standards Rejected
The European Union’s upcoming regulation on Packaged Retail Investment and Insurance Products (PRIIPs), which requires banks and insurers to provide a Key Information Document (KID) to retail investors, has hit a bump in the road following the rejection of Level 2 Regulatory Technical Standards (RTS) for the regulation by the Economic and Monetary Affairs (ECON)...
Corvil and Abide Collaborate to Support MiFID II Real-Time Reporting Obligation
Corvil is working with regulatory reporting provider Abide Financial to help firms comply with regulations that include a real-time reporting obligation such as Markets in Financial Instruments Directive II (MiFID II). The partnership also reduces risk by reconciling middle and back office transaction data with a record of each order message that is sent and...
Financial Institutions Regroup to Consider Outcomes of Brexit
After the shock of last week’s ‘leave’ vote in the European Union referendum and a weekend to reflect on the outcome, financial institutions across the UK are considering big picture scenarios that could result from Brexit and putting together governance frameworks designed to help them manage events as they unfold. While there is no certainty...
SAP and AxiomSL Combine SAP HANA with AxiomSL Regulatory Reporting Platform
SAP and AxiomSL have integrated the SAP HANA in-memory database and AxiomSL regulatory reporting platform to deliver a solution that is fast to implement and lowers the cost of regulatory reporting for SAP HANA users. The integration is AxiomSL’s first with another vendor product and is part of a strategic move to integrate the company’s...
Letter to the Editor
From Akber Datoo, Managing Partner, D2 Legal Technology Earlier this week, the European Supervisory Authorities (EBA, EIOPA and ESMA) published final draft Regulatory Technical Standards (RTS) outlining the framework of the European Market Infrastructure Regulation (EMIR). While some may consider this as progress, it is unfortunately yet another indicator of the significant challenges the international...
Markit Builds Out Know Your Third Party Platform
Markit is building out is Know Your Third Party (KY3P) platform with additional customers, extended functionality and a growing commitment to help users meet standards and regulatory requirements around third-party risk management. The KY3P initiative was set up by Markit, in conjunction with Barclays, HSBC and Morgan Stanley, and introduced a service for third-party management...
ModelDrivers Outlines the Potential of Data Point Modelling to Meet Regulatory Demands
ModelDrivers is piloting its ModelDR data point modelling solution at a large US headquartered investment bank that initially intends to use the software to support MiFID II reporting. To date, the European Banking Authority (EBA) is the only major financial services organisation that has adopted data point modelling – the authority’s Common Reporting and Financial...
A Strategic Approach to BCBS 239 Implements Best Practice Data Management and Promises Business Benefits
BCBS 239 compliance is a challenge and its January 1, 2016 deadline for global systemically important banks is fast approaching, but successful implementation of the regulation’s principles, particularly those covering risk data aggregation, can deliver significant business opportunities. These include cost and capital savings, data rationalisation, improved data quality and links between datasets that have...
European Insurers Struggle to Meet January 2016 Solvency II Compliance Deadline
As the January 1, 2016 deadline for Solvency II approaches, insurers across Europe are struggling to complete compliance programmes that have been held up by delays in one area causing knock-on effects in others and by slow regulatory approval of internal models for capital requirements that has left little time to work with asset managers...
Final ESMA Report on MiFID II and MiFIR Technical Standards Recommends XML and ISO 20022 for Regulatory Data Reporting
The European Securities and Markets Authority (ESMA) has published its final report on Regulatory Technical Standards (RTS) for Markets in Financial Instruments II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR). The report covers many aspects of the directive and regulation, and concludes debate over market data reporting, recommending that transaction and instrument reference...