Regulations

The latest on global regulatory and compliance requirements.

For financial services professionals across the world, the race to comply with mandatory regulatory and compliance requirements never seems to end. CSS can help ease the burden as a single source for your regulatory reporting needs to comply with the challenging requirements of MiFID II, PRIIPs, Form ADV, Form PF and many more.

Select a regulation...

AIFMD

AIFMD was introduced post the 2008 crisis to more closely regulate the management and distribution of alternative funds in Europe. Elements of the directive (Annex IV) cover specific reporting required by AIFM (Alternative Investment Fund Management) companies and AIFs (Alternative Investment Funds).

We provide:

  • Accudelta – Regulatory Data Management
  • Consensus – AIFMD Annex IV Reporting and Filing
  • ACM – Compliance Program Manager
  • ACM – Consulting Services

CPO-PQR

Regulation requiring firms that trade in commodities in the United State to file a specific form. The form is filed by Commodity Pool Operators (CPOs) with the Commodity Futures Trading Commission (CFTC).

We provide:

  • Accudelta – Regulatory Data Management
  • Consensus – CPO-PQR Reporting and Filing
  • ACM – Compliance Program Manager
  • ACM – Consulting Services

EMIR

The European Market Infrastructure Regulation (EMIR) was introduced in the EU in order to reduce systematic, counterparty and operation risk for the over-the-counter (OTC) derivative market. One of the key directives under EMIR is the obligation to report all trades in OTC derivatives and exchange traded derivatives (ETD) contracts to an ESMA-approved Trade Repository (TR) at T+1.

We provide:

  • TradeChannel – Regulatory Transaction Reporting

Read our case study

Form ADV

This is a specific filing requirement for Registered Investment Advisors (RIAs) in the United States. Form ADV is the uniform form used by investment advisers to register with both the Securities and Exchange Commission (SEC) and state securities authorities.

We provide:

  • Accudelta – Regulatory Data Management
  • Consensus – Form ADV Reporting and Filing
  • ACM – Compliance Program Manager
  • ACM – Consulting Services

Form PF

Form PF is a filing that affects SEC registered managers of private equity funds, real estate funds, hedge funds and liquidity funds managing at least US$150 million in private fund assets.

We provide:

  • Accudelta – Regulatory Data Management
  • Consensus – Form PF Reporting and Filing
  • ACM – Compliance Program Manager
  • ACM – Consulting Services

GDPR / Cybersecurity

Data protection and cybersecurity are key thematic focuses of financial regulators globally. The most recent addition to these is the introduction of the General Data Protection Rule (GDPR), which covers protection of European Union citizen’s data worldwide.

We provide:

  • ACM – Compliance Program Manager
  • ACM – Consulting Services

MiFID II

A broad legislative regime introduced in Europe to ensure markets operate in a fair, safe and transparent manner, with increased protection for investors. Key focal areas are; trade and transaction reporting, position limit monitoring, best execution / TCA, research payment unbundling, investor disclosures, costs and charges and product governance.

We provide:

  • Accudelta – Regulatory Data Management (EMT Production)
  • Silverfinch – Regulatory Data Exchange (EMT)
  • Signal – Position Limit & Shareholder Disclosures
  • Shuttle – Trade & Transaction Reporting
  • Analytics – RTS28 / Best Execution
  • Analytics – Transaction Costs Analysis

Read our whitepaper

Position Limit & Substantial Shareholding Disclosures

There are a broad array of global regulations and rules requiring position limit monitoring and reporting, as well as substantial shareholding disclosures for positions and transactions. Regulations driving this are; MAR, MiFID I / EMIR, MIFID II, REMIT, SFTR, Finfrag, SEC Forms 13D/G/H and Bank of Israel.

We provide:

  • Accudelta – Regulatory Data Management
  • Signal – Position Limit & Shareholder Disclosures
  • Shuttle – Trade & Transaction Reporting
  • ACM – TradeSentry

Post Trade Compliance

Regulations across the globe have led to asset management and wealth management / investment advisory firms being required to conduct in-depth post trade analysis to detect, prioritize and mitigate operational and compliance risks derived from trading activities.

We provide:

  • ACM – TradeSentry

PRIIPs

European regulation for packaged insurance-based investment products that requires standardised investor disclosure via a Key Information Document (KID). UCITS will come under the umbrella of these rules in 2020.

We provide:

  • Accudelta – Regulatory Data Management (EPT Production)
  • Silverfinch – Regulatory Data exchange (EPT)
  • Analytics – SRI, Performance Scenarios & RIY
  • Analytics – TCA / Implicit costs

Read our whitepaper

Rule 38a-1 & Rule 206(4)-7

The key rules requiring investment companies (Rule 38a-1) and investment advisers (Rule 206(4)-7) registered with the SEC to adopt and implement formal compliance programs with fully documented standard & procedures:
  • ACM – Compliance Program Manager
  • ACM – Consulting Services

SEC/Reporting Modernization / LRMP

Includes Form N-PORT/N-CEN monthly and annual portfolio filings for US mutual funds and Rule 22-e4 which covers establishment of a Liquidity Risk Management Program (LRMP) which drives additional reporting into Form N-PORT.

We provide:

  • Accudelta – Regulatory Data Management
  • Consensus – N-PORT & N-CEN Filing
  • Analytics – N-PORT risk analytics
  • Analytics – Rule 22e-4 LRMP data

Read our whitepaper

SFTR

SFTR is designed to enhance transparency of Securities Finance Transactions (SFTs) for all financial and non-financial EU entities and branches of non-EU entities. The reporting obligation starts for investment firms one year after the Regulatory Technical Standards enter into force, followed by a nine-month phased approach for other firms.

We provide:

  • TradeChannel – Regulatory Transaction Reporting

Read more about SFTR

Solvency II

A regulation introduced by EIOPA to bolster the solvency of insurance undertakings operating in the EU. The regulation has broader ramifications for the global investment industry whose products are used on the balance sheets of insurance companies.

We provide:

  • Accudelta – Regulatory Data Management (TPT Production)
  • Silverfinch – Regulatory Data exchange (TPT)
  • Analytics – SCR
  • Analytics – Solvency II Enrichment Data

VAG, GroMiKV, CRR & Solva

Asset management firms serving institutional clients (e.g. Banks and Insurers) in Germany and Austria are obliged to report in specific data templates to support their clients, who in turn are subject to specific regulations driving these specific exchanges of data.

We provide:

  • Accudelta – Regulatory Data Management
  • Silverfinch – Regulatory Data Exchange

Proposed Amendments to Transaction Cost Calculations under PRIIPs

The European Supervisory Authorities (ESAs) recently issued a consultation paper that includes two draft proposals for changes to transaction cost calculation requirements outlined in Annex VI points 7-23, among other proposed amendments to the PRIIPs KID. The first proposal seeks to reduce the impact of negative implicit costs on net transaction cost disclosures, in addition … Continued

Introducing the Regulatory Book of Record (RBOR)

I recently had the opportunity to sit down with our Chief Product Officer Ronan Brennan to discuss regulatory data management in front of an intimate and engaged audience of CSS conference attendees in Scottsdale, Arizona. The group ranged from small fund managers to large institutional asset managers, so it was difficult to boil down the … Continued