Data-centric platform delivers regulatory reporting speed and agility for the global asset management industry
Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting and performance calculation and analytics, today announced extended regulatory filing capabilities on its pioneering RegTech solution, the Unity NXT™ Regulatory Reporting platform.
Launched in May, Unity NXT Regulatory Reporting is unique in its ability to support the entire reporting process for post-trade regulatory filings from one data-centric platform, eliminating the need to use multiple disparate systems. The platform delivers speed and flexibility utilizing straight-through-processing with automated exception-based analysis. It also offers the unique ability to onboard new regulatory reports with speed and agility.
Confluence has added support for Luxembourg BCL reporting, Central Bank of Ireland MMIF and MMM reporting to the platform. In the U.S., the flexibility of the platform to quickly onboard new forms positions Confluence to meet the urgency around Form N-PORT and Form N-CEN which were adopted under the U.S. Securities and Exchange Commission’s Investment Company Modernization rule last month. Form N-PORT is significantly burdensome; it requires '40 Act registered, non-money market funds to source, validate and file information about their portfolio holdings on a monthly basis.
The platform also facilitates the aggregation and reuse of data across multiple filings and regions, simplifying and expediting the regulatory filing lifecycle for asset managers and their service providers. As a result, it supports the condensed time frames to meet compliance deadlines that have become the norm for regulatory reporting. For example, one of the largest global third-party administrators in Luxembourg has leveraged the platform to meet the monthly CSSF U1.1 reporting requirement for hundreds of its funds under administration. The firm was able to implement the solution in a number of weeks rather than months and has been able to easily meet the rule’s 10-day monthly reporting timeline.
With the wave of new regulatory reporting requirements imposed on the global asset management industry post-financial crisis, it has become imperative that firms are able to exchange multiple data files to meet multiple filing obligations under stringent deadlines and growing demands for data accuracy.
“The regulatory burden on asset managers and asset servicers has reached a tipping point,” said Todd Moyer, Executive Vice President, Global Business Development at Confluence. “With major regulations going into effect in 2018, it is clear that the old ways of solving regulatory mandates will no longer do. They lack the efficiency, scalability and speed that firms need. Our Unity NXT Regulatory Reporting platform aims to offer a solution to this problem by encouraging the industry to meet regulatory change in the most efficient and cost effective way.”
As a global leader in data-driven solutions for efficiency and control, Confluence solves tough data management and automation challenges for the asset management industry, including performance reporting, regulatory reporting, investor communications and fund expense management. Confluence solutions enable asset managers and third-party administrators to consolidate and leverage data across business operations which results in lower costs, reduced risk, decreased reporting turnaround times and the scalability to automate more processes without additional resources. The platform features solutions to support a wide array of fund types – including mutual funds, ETFs, alternative investments, institutional portfolios and UCITS funds. Seven of the top 10 global service providers license Confluence products and eight 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 Brussels, Dublin, Ho Chi Minh City, London, Luxembourg and San Francisco.