The new EU Directive now mandates financial institutions to identify the beneficial owners of more than 25% of a legal entity and its directors and officers, while MiFID introduces a series of financial tests in order to undertake client categorisation as part of the drive towards greater investor protection.
CounterpartyLink is collecting the new data from company filings, audited accounts and registration documents, all with a clear audit trail back to the original sources. All CounterpartyLink records are maintained on a daily basis by monitoring relevant corporate actions messages, news feeds and other notifications.
CounterpartyLink currently provides over 90 fields of validated data for each entity, covering name and address details, corporate hierarchy, registration and regulator details and a variety of other standard identifiers, including the SWIFT BIC code. The additional data mentioned above potentially adds a further 60 fields and will now include details of any announced corporate actions that have yet to take effect on a given entity.
âWe are very pleased to be able to provide continued support to our clients as they come to terms with these new requirementsâ said Christoph Lammersdorf, Managing Director of CounterpartyLink, âBoth pieces of legislation now require the ongoing monitoring and maintenance of legal entity data, and this is a key strength for usâ.
Version 1.4 is now being delivered on a pilot basis to selected clients.