Confluence Successfully Readies Clients for First Form N-PORT Filings in April 2019
Success of Form N-PORT test filings is driving industry confidence ahead of the impending deadline
February 25, 2019
Pittsburgh, PA, February 25, 2019 – Confluence, the global leader in investment data management automation for regulatory, financial and investor reporting, today announced that their clients - fund administrators and asset managers servicing or managing over 75% of ’40 Act funds - are on target to meet their first Form N-PORT filing deadline, arriving in April 2019.
Key components of the SEC Modernization initiative - Form N-PORT and Form N-CEN - require certain registered investment companies to compile fund data and report it monthly and annually, respectively, to the SEC. The looming deadline stems from the SEC’s December 2017 adoption of temporary rule 30b1-9(T) postponing, until April 30, 2019, the need for funds in larger fund groups to file Form N-PORT but still required those funds to maintain the required information. Confluence’s clients were able to successfully meet the requirements for compiling Form N-PORT data and are now on target to file for the April deadline.
Confluence has worked closely with its clients to map source data to the form and successfully conduct Form N-PORT test filings across a variety of client and fund types. On behalf of clients, Confluence systems currently load more than 30 million data records per month, representing over 4000 unique source file types. Currently, over 65% of Confluence clients have successfully test filed.
“Working closely with Confluence and using Unity NXT® Regulatory Reporting, Citi has been able to properly plan and complete Form N-PORT test filings ahead of the upcoming compliance deadline. We are happy to report that we are confident in our readiness ahead of this important date,” commented Jon Gezotis, Director at Citi Fund Services. “Following the initial June 2018 compliance date, we have worked with Confluence to further automate the Form N-PORT production process throughout the test filing period. On our clients’ behalf, we are happy to have partnered with Confluence to develop a technology solution that simplifies the end-to-end process.”
“We are thrilled to report that our clients are prepared for April’s deadline and will be able to file on time,” said Todd Moyer, Chief Operating Officer at Confluence. “We are grateful for the relationships we have with them and have worked to guide them through the required setup and validation tasks. At Confluence, we pride ourselves on making sure that our solution evolves with the needs of the industry and we are pleased that we are the partner of choice for so many firms throughout this process.”
Unity NXT Regulatory Reporting is Confluence’s solution that eases the data management challenges and automates the filing processes for global regulatory reporting obligations including Form N-PORT and Form N-CEN. Unity NXT Regulatory Reporting is a flexible platform under constant development to deliver solutions to global reporting challenges in an ever-evolving regulatory landscape.
Update: After this notice was released, the SEC announced changes to filing dates. The first filing deadline is now May 2019.
As a proven leader delivering an innovative platform to put 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 all 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 Ho Chi Minh City, London and Luxembourg.