Silverfinch, a fund data utility designed to support asset managers and insurance firms in meeting the look-through requirements of Solvency II, has set up a Wiki page dedicated to helping industry participants resolve issues around the regulation before it takes effect in January 2016.
The company has loaded the Solvency II tripartite data exchange template, which was devised by the UK’s Investment Association, France’s Club Ampere and Germany’s BVI, onto the Wiki. The template is designed to help standardise the exchange of asset data between investment managers and insurers as required by the look-through element of Solvency II. Industry participants seeking more information or clarity on particular data points of the template can tag the data points and, hopefully, gather information from industry peers.
Silverfinch has also loaded its own proprietary data model, Runway to Regulation, onto the Wiki. Runway to Regulation expands the Solvency II tripartite data exchange template with additional data points and allows asset managers to take a consolidated data approach to additional regulations requiring portfolio reporting.
The Wiki was introduced less than a week ago and can be accessed at https://wiki.silverfinch.com. Users can sign on using their LinkedIn credentials or by requesting a logon from firstname.lastname@example.org. The Wiki is free to use and is moderated by Silverfinch. Participants are expected to come from across the industry and are asked to identify themselves. To date, tens of financial institutions have engaged on the Wiki and it is hoped that it will encourage peer-to-peer understanding of Solvency II and help to remove misunderstanding around the regulation.
John Dowdall, managing director of Silverfinch, explains: “We have been inundated with questions about the tripartite data exchange template as there are different interpretations of data points and some areas of ambiguity. We collected the questions internally and thought about creating an FAQ, but decided that this needs something more dynamic and the involvement of as many practitioners as possible, so we set up the Wiki.”
As a member of the MoneyMate Group, which recently rebranded its Fund ProductMaster managed data service to Accudelta, Silverfinch will use its Runway to Regulation data model for reporting using standard regulatory data formats, and bring in Accudelta when data must be aggregated or manipulated before being input to the data model or after it is output from the model and used for reporting.