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MIFID II AND SOLVENCY II MOST PRESSING REGULATIONS, SAY ASSET MANAGERS

Asset managers have voted MiFID II and Solvency II as the regulations most important for them this year, with data collection, enrichment and delivery the most challenging areas.

At the recent FundForum International event in Berlin, Accudelta, the leading data management provider, conducted a straw poll of asset managers examining their regulatory concerns and requirements. Over half (52%) stated that MiFID II was the most important regulation for their firm this year, with Solvency II coming in second – 26% of those polled believed this was the most pressing regulation.

With a raft of existing and upcoming regulation to address, many asset managers at last month’s event were looking for ways to minimise the reporting burden, with some look to reuse reporting and regulatory data.

In response to this, OonaghO’Mahoney, Senior Vice President at Accudelta said: “It has become clear that a common regulatory language is beginning to emerge allowing asset managers to identify overlaps between a number of regulatory reporting regimes.  There has been considerable discussion about the potential overlaps between areas of the PRIIPs regulation and aspects of MiFID II.  It’s logical therefore for asset managers to leverage their efforts and look for overlap and reusable reporting data.”

Looking at MiFID II more closely, Accudelta’s survey found that ‘collecting, enriching and delivering trade data’ was the most challenging area for fund managers, with 59% placing this area of responsibility as most or second most challenging part of this regulation. ‘Collecting, enriching and delivering transaction data’ was also highlighted as a difficult area, with 45% of respondents stating that this was the most or second most challenging of all areas of this regulation.

Accudelta also asked the asset managers which key areas, aside from performance, they felt would help ensure customer retention and help to win new mandates in the year ahead. The two most essential were reputation – with 59% ranking this as the most or second most important factor – and complying with new regulations which scored 36% on the same scale.

Commenting on the findings, O’Mahoney added: “It is clear from our conversations with asset managers across Europe that the new regulations are having a profound effect on the industry and that firms are keen to make sure they are in a strong position ahead of the changing rules.

“Although fund managers have been given a slight reprieve from MiFID II, it seems that this regulation is still the main area of concern for asset managers across Europe. There are links between the transparency requirements for PRIIPS and MiFID II so it’s only natural they are looking for reusable data.”

O’Mahoney also remarked that: “Whilst it is comforting to note that so many asset managers are already planning for the regulatory requirements ahead, it’s perhaps more concerning that over a quarter of those we spoke to consider Solvency II as the most important regulation – even though this legislation came into force six months ago.”