Silverfinch, the leading look-through and data distribution hub for client regulatory reporting, has launched new templates to its data model in response to the upcoming Key Information Document (KID) regulation for Packaged Retail Investment and Insurance Products (PRIIPs). Both the European PRIIPs Template (EPT) and the Comfort European PRIIPs Templates (CEPT) have been added to Silverfinch’s solution.
Each template has been designed to facilitate the distribution and aggregation of the data required by PRIIPs on behalf of asset managers and insurers. The templates can be used in conjunction with Silverfinch’s existing Solvency II template and will be delivered in the same manner.
Versions 1.0 of both the CEPT and EPT templates were created by the PRIIPS European Working Group and will remain a working document until the industry regulatory standards are finalised. Silverfinch will continue to develop the templates on the data model as the regulation evolves.
Asset Managers and Insurers Need to Prepare
John Dowdall, managing director of Silverfinch, said: “Despite the continued lack of clarity around PRIIPs, the certainty is that this regulation will be implemented in less than a year. It is vital that asset managers and insurers start to prepare for this now, to ensure their systems can cope with the additional data requirements.
“We have added the latest, approved templates onto our data model to help the industry ensure they can meet the PRIIPs acceptance criteria and will adapt these, as necessary, as the regulation develops.
“We strongly encourage investors to engage with their asset manager partners to confirm their requirements and establish the data supply chain early to feed and test the KID production. The PRIIPs regulation may still be evolving, but a united front from the industry will ensure that both asset managers and insurers will be ready when the rules are finalised.”