Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
Only 26% of 450 Respondents to Oracle’s European Survey Confident in Data Management Systems’ Ability to Support Risk Function
Reference Data Review has noted on a number of occasions that data quality and data management issues lie at the heart of the risk management and compliance challenge and recent research by IT system vendor Oracle is a case in point, which indicates that only 26% of the 450 European respondents to the survey were confident…
Next Year’s European Data Privacy Reforms Could Potentially Have a Significant Impact on Data Storage and Access
The UK government has this month issued a call for evidence on the current European data protection legislative framework, ahead of European-wide negotiations on an update of the European Data Protection Directive 95/46/EC due at the start of next year. Reforms could potentially have a significant impact on the data storage and access requirements for…
Two Weeks Until Firms Need to Supply Their Pre-implementation Reports to the UK FSCS for SCV Compliance
The UK Financial Services Authority (FSA) has been doing its level best this year to make the industry aware of the new customer data requirements as part of the incoming Financial Services Compensation Scheme (FSCS) Single Customer View (SCV) reforms, but time is running out. Firms have the next two weeks in which to pull…
UK FSA Highlights Data Integrity Issues for Transaction Reporting, Including Specific Format for BICs
In its latest newsletter, the UK Financial Services Authority (FSA) elaborates on the reference data integrity checks that firms need to conduct to ensure that their transaction reports are commensurate with the regulator’s requirements. This includes clarification about the length of Bank Identifier Codes (BICs) for client and counterparty identification; an area where a number…
CFTC Issues Proposed Rulemaking to Improve Account Ownership and Control Data
The Commodity Futures Trading Commission (CFTC) today approved for publication in the Federal Register a Notice of Proposed Rulemaking that calls for the collection of certain ownership, control and other information for all trading accounts active on US futures exchanges and other reporting entities. The information will be collected via an account ownership and control…
New Data Validation Steps Required Under CESR’s Proposed MiFID Client Categorisation Regime Changes
As part of the ongoing review of MiFID, the Committee of European Securities Regulators (CESR) has published a new consultation paper on the subject of client categorisation that indicates a more structured approach to maintaining and monitoring entity data will be required within European financial institutions. The proposed requirements, which are aimed at strengthening investor…
Defining the Data Agenda
Data management is certainly a hot topic of late but how is the industry to have a structured and meaningful discussion about it when there are so many issues to be covered? As I have noticed when chairing discussions on reference data topics at past events, it is very easy to get sidetracked by particular…
JWG’s Customer Data Group Adds More Items to Regulatory Watch List, Joins Forces with ISO to Lobby CESR
The list of regulations that may potentially impact the customer data management space has increased further still this week to 24, according to CEO of think tank JWG PJ Di Giammarino. The recent package of reforms proposed by the European Commission, including proposals relating to deposit guarantees, investor compensation and insurance guarantee schemes, says Di…
CRC Registry Requirements Causing Another Data Management Headache, Says Citi’s Gibson
As part of its Carbon Reduction Commitment (CRC) emissions trading scheme, the UK Environment Agency is asking firms to register their organisational structure in order to determine their carbon emission allowances. This necessarily involves financial institutions tracking reference data on the assets they hold and those held by their subsidiary entities, all of which adds…
Xtrakter Moots Development of Trade Data Repository, Consults Industry on Plans
Given the announcement by the Depository Trust & Clearing Corporation (DTCC) that it would be establishing a European-based trade data repository in the UK earlier this week, it was only a matter of time before another willing party decided to join the fray. The DTCC’s potential competition comes in the form of Trax platform operator…