As mentioned in our special focus supplement of the June edition of Reference Data Review, the EU Savings (Tax) Directive went into effect on July 1, with implications for paying agents on identifying instruments falling under the directive. Data vendors worked with user firms to help by providing tagged data within product modules. FT Interactive Data Europe said it had 30 customers taking its live data on the day of implementation, including Bank Gessellschaft Berlin International, KCB Bank NV Belgium, Northern Trust, and UBS Global Asset Management. Telekurs Financial, meanwhile, reports that over 220 clients signed up to receive the data via its Valordata Feed (VDF), and that they’ve had an encouraging amount of data from over 100 UK fund managers, as well as more in the Channel Islands and Ireland. This is a key factor in identifying and analysing funds falling under the directive but difficult to obtain given the lack of incentive for them to provide this information.
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Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings
A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...
The HUB technology company set up by PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey & Company promises a utility style cloud-based platform designed to transform asset managers’ middle and back office operating processes, and accelerate them towards a digital operating model. This should reduce cost and mitigate risks, and leave asset managers...
Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.
Client onboarding is central to the success of banks, yet it continues to present challenges and the benefits of getting it right are difficult to achieve. The challenges arise from siloed systems, manual processes and poor entity data quality. The potential benefits of successful implementation include excellent client experience, improved client acquisition and loyalty, new business opportunities, reductions in costs, competitive advantage, and confidence in compliance.