Tool launched to help advisers meet EU rules

Tool launched to help advisers meet EU rules

SIX Financial Information has launched an industry platform designed to allow wealth managers, asset managers and banks to share regulatory data and documents digitally.

The data provider for the wealth and asset management industry has created the service an information-sharing portal. The platform does not host investments.

It aims to help firms selling retail investment products to EU investors to comply with multiple investor protection regulations, including PRIIPs, MiFID II and UCITS.

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Under these rules, firms will need to exchange data and information about the content and sales of retail investment products, as well as create and issue regulatory documents such as PRIIPs-KIDs.

The new platform underpins SIX’s existing MiFID II data offering and PRIIP document generation and distribution services.

Product data, information and documents can be structured and exchanged in real-time in a standardised way, and in the right format for each regulation.

The platform also allows information and documents to be requested on-demand at the point of sale, rather than potentially multiple times each day for thousands of products, reducing costly unnecessary processes.

Philip Lynch, head of markets, products & strategy at SIX, said: “We specialise in helping firms understand and manage data for regulations. We have taken that experience and collaborated with the industry to develop this response to the huge challenge firms will face in managing and exchanging regulatory data and documentation.

“This platform, with its ‘ready-to-consume’ data, will help banks automate and scale their operations, reducing costs and increasing the speed of compliance.

“Instead of focusing on each regulation individually, clients can use SIX to support regulatory compliance for current and future regulations in tandem.

"Retail investors will benefit from a robust industry platform that helps make the investment market more secure and efficient, and allows access a diverse global investment portfolio with maximum transparency.”