Confluence Successfully Prepares Clients to Meet 31 December Reporting Period Deadline for Complex AIFMD Annex IV Filing
Technology-enabled Solution Ensures Accuracy and Control to Meet Unprecedented Complex Filing Requirements
February 3, 2015
Confluence, the global leader in investment data management automation for regulatory, financial and investor reporting, today announces that it has successfully assisted European Union (EU) and non-EU asset managers and third-party service providers to prepare their AIFMD Annex IV reports to file with National Competent Authorities (NCAs) for the reporting period ended 31 December 2014, under the Alternative Investment Fund Managers Directive (AIFMD). The complexity of the new filing requirements, including the inclusion of more than 400 data points, means that more and more asset managers are turning to technology to ensure completeness, accuracy and control over the entire AIFMD reporting process. The 31 December reporting period is the most significant to date since it represents the first time that all authorised AIFMs, regardless of size or types of AIFs managed, must report to the required NCAs.
Using Confluence's Unity NXT™ technology-enabled solutions, asset managers were required to file AIFMD reports in multiple jurisdictions, representing the added complexity of the regulatory process. While the Confluence solution offers the flexibility to support filings to any required jurisdiction, for the recent deadline filings were supported to seven jurisdictions — Denmark, Finland, Ireland, Luxembourg, Netherlands, Sweden and UK.
With a frantic year for European regulation, Confluence has seen considerable growth in the use of its Unity NXT AIFMD Transparency Reporting solution by asset managers, which provides assistance in complying with AIFMD by streamlining the reporting process and providing automated validation and audit controls. Unity NXT AIFMD Transparency Reporting also facilitates filings in multiple jurisdictions across Europe, a key concern for financial professionals inside and outside of the EU.
Commenting on the filing deadline, Hugh Byrne, Managing Director EMEA Business Development for Confluence said, "AIFMD was an important piece of legislation for the fund management industry, presenting major implementation and compliance challenges. Meeting this milestone regulatory reporting deadline was a real test to see if managers had the systems and processes in place to manage the report's complex data challenges, and deliver the necessary documentation to the regulators accurately and on time. This deadline has been a great success for Confluence, as it confirms that Unity NXT AIFMD Transparency Reporting and our expert services team deliver a robust and efficient solution for managers wishing to streamline their regulatory filing process while providing automated validation and audit controls."
As a proven leader delivering an innovative platform to put the data first in asset management, Confluence is leading the DataTech evolution for post-trade reporting. We focus on getting the data right, then reusing it across multiple regulatory, financial, statutory, performance and investor communications deliverables for speed, efficiency and control. Eight of the top 10 global service providers license Confluence products and eight of the top 10 global asset managers have business processes automated through Confluence. Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations in Brussels, Ho Chi Minh City, London and Luxembourg.