Confluence Extends Its RegTech Platform to Support Additional Regulatory Reporting Mandates in U.S. and Europe
Data-centric platform delivers regulatory reporting speed and agility for the global asset management industry
November 17, 2016
(LONDON and PITTSBURGH, Pa. – Nov. 17, 2016) — Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting and performance calculation and analytics, today announced extended regulatory filing capabilities on its pioneering RegTech solution, the Unity NXT™ Regulatory Reporting platform.
Launched in May, Unity NXT Regulatory Reporting is unique in its ability to support the entire reporting process for post-trade regulatory filings from one data-centric platform, eliminating the need to use multiple disparate systems. The platform delivers speed and flexibility utilizing straight-through-processing with automated exception-based analysis. It also offers the unique ability to onboard new regulatory reports with speed and agility.
Confluence has added support for Luxembourg BCL reporting, Central Bank of Ireland MMIF and MMM reporting to the platform. In the U.S, the flexibility of the platform to quickly onboard new forms positions Confluence to meet the urgency around Form N-PORT and Form N-CEN which were adopted under the U.S. Securities and Exchange Commission's Investment Company Modernization rule last month. Form N-PORT is significantly burdensome; it requires '40 Act registered, non-money market funds to source, validate and file information about their portfolio holdings on a monthly basis.
The platform also facilitates the aggregation and reuse of data across multiple filings and regions, simplifying and expediting the regulatory filing lifecycle for asset managers and their service providers. As a result, it supports the condensed time frames to meet compliance deadlines that have become the norm for regulatory reporting. For example, one of the largest global third-party administrators in Luxembourg has leveraged the platform to meet the monthly CSSF U1.1 reporting requirement for hundreds of its funds under administration. The firm was able to implement the solution in a number of weeks rather than months and has been able to easily meet the rule's 10-day monthly reporting timeline.
With the wave of new regulatory reporting requirements imposed on the global asset management industry post-financial crisis, it has become imperative that firms are able to exchange multiple data files to meet multiple filing obligations under stringent deadlines and growing demands for data accuracy.
"The regulatory burden on asset managers and asset servicers has reached a tipping point," said Todd Moyer, Executive Vice President, Global Business Development at Confluence. "With major regulations going into effect in 2018, it is clear that the old ways of solving regulatory mandates will no longer do. They lack the efficiency, scalability and speed that firms need. Our Unity NXT Regulatory Reporting platform aims to offer a solution to this problem by encouraging the industry to meet regulatory change in the most efficient and cost effective way."
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.