Silverfinch, the leading regulatory data exchange, has highlighted the importance of ensuring all data is securely stored and managed in the lead up to the regulatory step change of MiFID II.
From 3rd January 2018, MiFID II product governance will require manufacturers of products to collect information from their network, confirming if products have been sold to a suitable investor. The regulation also requires asset managers to hold and communicate increased amounts of data on their funds and clients. Much of this data will be sensitive, personal information which will need to be stored correctly to avoid any third party access.
On top of this, the FCA’s Asset Management Market Study, has today revealed a package of measures to be introduced into the asset management sector, including rules surrounding the costs charged to the end investor to be disclosed as a single fee for MiFID II. This will require additional compilation of data from asset managers.
John Dowdall, managing director of Silverfinch said:
“MiFID II already requires a monumental amount of data to be held and communicated across different parties regarding both funds and individual investors and, if mishandled, could pose a wealth of risks along the regulatory chain.
“Today’s report from the FCA, which concentrates on the need for an ‘all-in’ fee for end investors, will require even more data assessment for asset managers when selling a product.
“With such large volumes of information being required, both sensitive and public, it is essential that asset managers and distributors fully prepare to meet these new rules and can assure investors that all information is protected. We are thrilled by the increasing interest from the industry as it readies itself for the new regulation, but want to ensure that the focus isn’t simply on complying with the new rules, but complying in a safe and secure environment.”
Silverfinch is the leading look-through and client regulatory data distribution platform for fund providers. A product of the MoneyMate Group, 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