About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

HSBC’s Johnson Highlights the Deep Data Content Requirements of Solvency II

Subscribe to our newsletter

Although Solvency II may at first appear to be an insurance only focused regulation, the asset management and asset servicing communities are having to prepare for some fairly onerous deep data requirements coming their way by way of their insurance clients, warned Chris Johnson, head of product management for market data services at HSBC Securities Services, at this month’s FIMA conference in London.

The significant and prescriptive requirements across many types of reference data in support of Solvency II quantitative regulatory reporting and models has resulted in key data content challenges, he explained.

The asset management arms of various insurance firms, and their third party administrators, may have made preparations individually on the subject, but the wider need for consistent data reporting standards needs urgent consideration also compounded by the likelihood that the data requirements of Solvency II are likely to have “strong crossover with other regulations, noted Johnson. Overall, regulatory requirements are increasing across the board and this will “necessitate cross-firm consistency of data, raised quality levels and industrial scale regulatory reporting,” he said.

Looking at Solvency II in particular, monthly, quarterly, and in some cases ad hoc, quantitative reporting template (QRT) reporting requires a consistent data source, including, to an extent, the entity identification data management challenge, he noted. Although work is going on to establish a new legal entity identification (LEI) standard, such a standard is also unlikely to be in place in the required areas before firms need to begin reporting to EIOPA for Solvency II.

Johnson also pointed to the lack of a consistent industry standard instrument classification source, such as a numbering agency, as needed for the Solvency II Complementary Identification Code (CIC), as another key challenge for firms aiming to produce draft regulatory reports during 2012 as preparation to comply with the reporting deadline of January 2014.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best approaches for trade and transaction reporting

Compliance practitioners and technology leaders in capital markets face mounting pressure to ensure that reporting processes are efficient, accurate, and aligned with global standards. Market developments and jurisdictional nuances in regulatory frameworks like MiFID II, EMIR, SFTR and MAS create a continual challenge for compliance teams. This webinar brings together senior RegTech executives and seasoned...

BLOG

A-Team Group Announces Winners of the 2025 RegTech Insight Awards (USA)

A-Team Group is delighted to announce the winners of the 2025 RegTech Insight Awards USA, recognising the leading providers of RegTech solutions, and consultancy services for capital markets across North America. Spanning more than 30 categories, the 2025 awards programme recognised excellence across a wide range of regulatory compliance solutions and services. A-Team Group also presented...

EVENT

RegTech Summit London

Now in its 9th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...