Posted on 25 Sep 2017
Sourcing the vast amount of data needed to meet the new regulatory requirements of MiFID II and PRIIPs is the biggest challenge facing both asset managers and insurers, according to a survey undertaken by Silverfinch, the leading regulatory data exchange, at its recent London conference.
Four fifths of insurers said the collection and aggregation of data for PRIIPs was the most challenging requirement, trumping the calculation or document production aspects of the rules. For asset managers, a similar number said collecting the data was the biggest challenge for MiFID II, well ahead of concerns related to issues such as template construction.
More than 90% of respondents in the survey said they saw deliverability or experience as the most important issue when searching for partners to help them with these new rules, demonstrating that financial businesses recognise the importance of compliance with the regulations when they come into force in January.
At the same time, half of those surveyed cited a lack of internal cohesion as the main problem when it came to dealing with regulation, highlighting the need for a strategic approach to be introduced to simplify the regulatory process and reduce the risk of errant or conflicting data being produced.
Commenting on the findings, Silverfinch managing director John Dowdall said: "Many commentators have missed the fact that the biggest challenge with these new rules is the task of assembling the data from manufacturers in a standardised format that can then be passed on to the distributors that need it. What our survey shows is that those caught up in the maelstrom – the asset managers, insurers and wealth managers who will have to deal with this regulatory cliff edge – recognise the challenge of data gathering.
“A regulatory data exchange is the only way to overcome this hurdle – allowing asset managers to provide their information in a standardised format and then sending that data to the relevant distribution network.”
Silverfinch is the leading regulatory data exchange. Part of the MoneyMate Group and the Compliance Solutions Strategies (CSS) family of companies, Silverfinch launched its Solvency II look-through platform in 2014 and quickly expanded into other regulations such as VAG, GroMiKV and PRIIPs to help its clients address their client reporting requirements under a consolidated standard framework.
About MoneyMate Group
The MoneyMate Group, which specialises in fund data technology, works with stakeholders across the investment lifecycle to achieve better access to data through three distinct business lines. Along with Silverfinch, a utility for “Secure Data Sharing”, the MoneyMate Group also incorporates Accudelta, a managed data service provider, which works with asset managers and their service providers to support distribution and client driven regulatory reporting and Longboat Analytics, a market data vendor, which captures investment data at market level and adds value through the provision of analytic tools and website solutions.
MoneyMate Group is headquartered in Dublin, Ireland, with offices in London, New York, Boston, Milan, and Stockholm.
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