Regulatory technology provider AQMetrics has improved its cloud-based risk and compliance platform to add capabilities for compliance with the second Market in Financial Instruments Directive (MiFID II).
The changes are intended to help both buy- and sell-side firms to prepare for the directive, which comes into effect in January 2018.
AQMetrics is developing a regulatory reporting solution, and intends to become authorised as an approved reporting mechanism (ARM) under MiFID II.
It is reviewing market data processor specifications from national competent authorities, to allow for passporting of regulatory reports to European regulators.
In addition, AQMetrics has updated the supervisory control portal and risk registers on the platform, and added risk monitoring analytics, to cater to best execution and cost analysis rules.
The changes are intended to help users prove they have made a best efforts to classify clients correctly, that appropriate products are being sold to clients, and that best execution is achieved—all requirements under MiFID II.
Geraldine Gibson, CEO of AQMetrics, said: “We’ve focused on analysing all regulatory technical specifications for MiFID II holistically to provide our clients with a better way to be ready for next year’s deadline.”
She added: “With a comprehensive solution encompassing an efficient user interface, automated data validation, data analytics and an approved reporting mechanism, we’re able to deliver economies of scale to our customers while still maintaining information and cyber security, data management, analytics and regulatory reporting.”
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