SIX attacks Mifid II, Priips requirements with data and documentation platform
SIX Financial Information, the data and services provider, has launched a platform for wealth and asset managers, banks and other participants, to better facilitate the exchange of regulatory data and documentation, particularly in mind of pending Mifid II and Priips requirements, as well as ongoing Ucits requirements.
Among the new demands that come into force from January 2018, active firms will have a duty to exchange data and information about the content and sales of retail products, as well as create and issue regulatory documents, including Priips Kids.
The Six platform is intended to facilitate such reporting, for examply, by ensuring better interfaces between those managing client relationships and the product providers whose products they sell. Banks should be able to better automate internal processes, including connectivity between buy and sell sides, and more transparency around costs.
Other facilities provided by the platform include the ability to access information and documents on demand at point of sale, rather than run such requests multiple times per day across thousands of products.
Philip Lynch, head of Markets, Products & Strategy SIX Financial Information, said: “With 87 years of experience in financial information services, we specialise in helping firms understand and manage data for regulations. We have taken that experience and collaborated with the industry to develop this mutualised response to the huge challenge that firms will face in managing and exchanging regulatory data and documentation.”
“This platform, with its ‘ready-to-consume’ data, will help banks automate and scale their operations, reducing costs and increasing the speed of compliance. Instead of focusing on each regulation individually, clients can depend on SIX to support regulatory compliance for current and future regulations in tandem. Retail investors will benefit from a robust industry platform that helps make the investment market more secure and efficient, and allows access a diverse global investment portfolio with maximum transparency.”
Further information on the platform is available at: https://www.six-financial-information.com/en/site/priip-kid-service/regulatory-hub.html