Confluence Enhances Form N-MFP Filing Solution Ahead of 2016 Reporting Deadlines
Industry Leader in Data Aggregation and Automation Addresses Increased Regulatory Reporting Demands
October 5, 2015
Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting, today announced the release of its new automated solution for producing and filing Form N-MFP with the Securities and Exchange Commission (SEC), Unity® Form N-MFP, which is compliant with the rule changes approved in July 2014 and September 2015.
Form N-MFP, finalized by the SEC in 2010, requires the reporting of fund-, class- and portfolio-specific information from money market mutual funds via eXtensible Markup Language (XML) format. Confluence was among the first solution providers to offer a Form N-MFP reporting solution when the rule was first introduced.
Last year, the SEC passed new requirements, reorganizing the filing format and increasing the amount of data that money market mutual funds must disclose to regulators via Form N-MFP starting in April 2016. The most significant new requirements include:
- The renumbering and reorganizing of the form.
- Eighteen changes to the form, 15 of which require reporting entirely new data on fund liquidity, fee waivers, security attributes, and other areas.
- New weekly reporting requirements for particular class and series level data points.
On Sept. 16, 2015, the SEC released the final rule removing references to Nationally Recognized Statistical Rating Organizations (NRSRO) from Rule 2a-7, which resulted in additional changes to Form N-MFP starting with the October 2016 filing.
While the technical specifications for Form N-MFP have yet to be released by the SEC, users of Unity Form N-MFP will be able to use the system configurations to apply the schema, when available, with no need for a system upgrade.
"The SEC's changes to Form N-MFP show how the fast pace of regulatory change presents challenges for asset management professionals," said Paul Soltis, Market Manager for North America at Confluence. "Firms will be required to collect, aggregate and report on new data using a new form in April, the schema for which will not be available until later this year or early next year. Just six months after first using the April version, there will be a new form and a new schema to deal with in October. We now have a solution in place to ensure our clients will be ready to meet these new requirements well ahead of the April and October 2016 deadlines."
As a market leader in data management automation and regulatory reporting technology, Confluence remains committed to developing solutions that enable the asset management and asset servicing industry to meet a broad range of regulatory requirements. In addition to Form N-MFP, Confluence also provides solutions to meet Form CPO-PQR, Form PF, AIFMD Annex IV and Solvency II reporting requirements. Confluence is currently developing a solution framework to address Form N-PORT and Form N-CEN, two proposed filings within the SEC's recent Investment Company Reporting Modernization Proposal.
Confluence is a global technology solutions provider delivering innovative products to the worldwide money management industry, to meet asset managers’ and service providers’ performance, reporting, analytics, risk and data needs. With the recent acquisition of StatPro, Confluence offers its clients a broader range of data-driven managed investment solutions including post-trade regulatory and shareholder reporting, performance and attribution, portfolio analytics, and asset data services and data management, delivering a full technology suite to the front, middle and back office. Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations across Europe, North America, South Africa, Australia and Asia.