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The Data Management Implications of Solvency II

Bombarded by a barrage of incoming regulations, data managers in Europe are looking for the ‘golden copy’ of regulatory requirements: the compliance solution that will give them most bang for the buck in meeting the demands of the rest of the regulations they are faced with. Solvency II may come close as this ‘golden regulation’: comply with this, and you comply with an awful lot of other incoming requirements.

Ostensibly aimed at embedding risk management into the insurance industry, the regulation has serious repercussions for asset managers and the third-party administrators that service them. Solvency II, which starts to take effect at the beginning of 2013, places a significant reporting burden on asset managers, which will be required to provide unprecedented levels of transparency on the investments of their insurance company clients.

As such, Solvency II will require asset managers to generate far greater granularity of information than previously, on the investments they are making on behalf of clients, but also on the entities issuing specific securities and the component elements of derivative instruments. Indeed, some fund administrators – on whom a significant portion of the reporting burden will fall – have described Solvency II as the regulation that will set the data management standard for the asset management industry.

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