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.

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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

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 – Trade Compliance Analyzer

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

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

How Do You Supervise for SEC Pay-to-Play Violations?

If you wanted more information about the contours of the SEC’s Pay-to-Play Rule, or how the SEC may enforce it, three recent Settlement Orders against large investment advisers for “over de minimis” political contributions provide some insight regarding one of the prohibitions: Contributions by Covered Associates to certain Government Officials over the specified Exception amount (capitalized words are terms in the … Continued

Upcoming ComplianceCast™: The Compliance Professionals Guide to Effective Trade Desk Monitoring

Global regulators continue to enhance their ability to monitor the activities of market participants through a combination of new rules, filing requirements, and upgrades to surveillance technologies. As a result, many market participants, including both buy- and sell-side firms, need to re-assess how they currently monitor the trading desk, and whether new policies and procedures are needed to effectively manage reputational risk and avoid costly fines.

Hamilton Lane Announces Successful Form ADV Filing Through Consensus

Leading alternative investment management firm Hamilton Lane recently announced that it successfully filed its Form ADV using Compliance Solutions Strategies’ Consensus platform. “Consensus simplified our Form ADV reporting process,” Hamilton Lane Chief Compliance Officer Fred Shaw said in a press release marking the announcement. “We leveraged the platform’s automated data upload functionality to report efficiently … Continued