Confluence Helps Industry to Prepare for More Complex ESMA Money Market Fund Reporting Ahead of Looming Deadline
Unity NXT Regulatory Reporting Platform to support European firms’ compliance with new disclosure regime
September 23, 2019
Pittsburgh, PA and London, September 23, 2019 — Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting, is urging the fund management industry to prepare for the more complex disclosures required under the new European Securities and Markets Authority (ESMA) Money Market Fund Regulation (MMFR). Confluence’s Unity NXT® Regulatory Reporting Platform will have the capability to help firms to meet the impending deadline and reduce filing efforts.
Beginning in Q1 2020, European MMFs – investments regarded as being as safe as bank deposits while still giving a higher yield – will be required by the European Securities and Markets Authority (ESMA) to provide more detailed information on performance, liquidity, stress test results and holdings level-data.
Under Article 37 of the MMFR, an extension of UCITS and Annex IV AIFMD, large MMFs and their administrators are faced with the steep challenge of meeting these significant and complex disclosure requirements on a quarterly basis, with the first reports due to their National Competent Authorities (NCAs) by April 30, 2020 (30 days after the last day of the quarter).
“The powerful Unity NXT® Regulatory Reporting Platform will help MMFs and administrators meet the short implementation timeframe and automate what could otherwise be a costly, error-prone manual preparation,” said Confluence’s President and Chief Operating Officer, Todd Moyer. “Our proprietary tool Synapse® integrates the required data, which can come from multiple systems, so that it is ready for filing.”
Moyer also states, “Importantly, Confluence’s platform is also able to keep up with any further potential changes to the MMF regulation and will maintain common regulatory changes to existing forms to ensure data is reliably transformed into ESMA’s structure. We’re excited to offer this new solution that leverages the accessibility and ease-of-use of our Unity NXT Regulatory Reporting platform to help our clients meet their MMFR Article 37 reporting requirements”.
Article 37 reporting applies to any MMF authorized in the EU under the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive or the Alternative Investment Fund Managers Directive (AIFMD), with reporting required quarterly for MMFs with over 100 million EUR in assets under management and annually for MMFs below 100 million EUR.
MMFs contribute to the funding of banks, governments and corporations by offering high liquidity at lower risk than other funds. Due to their central role in the financial markets, any disruption suffered by MMFs can have an adverse impact on the financial stability of institutions and states.
Unity NXT Regulatory Reporting is Confluence’s solution that eases data management challenges and automates the filing processes for global regulatory reporting obligations. Unity NXT Regulatory Reporting is a flexible platform that delivers solutions to global reporting challenges in an ever-evolving regulatory landscape.
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.