SIX’s regulatory data platform has added over 15 million key information documents (KIDs) since the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) rules were implemented.
Since 1 January, when PRIIPs was implemented, SIX has been on-boarding roughly 1 million new PRIIP KIDs per week.
KIDs documents are designed to give end investors clearer insight into complex retail and insurance products.
In order to be compliant with PRIIPs, investment firms need to provide vast amounts of data on client risk profiles and credit ratings, as well as past performance and cost allocations.
According to SIX, making this information instantly available from banks and asset managers through to wealth managers, who distribute the products, has been the key factor behind the scale of documents it has on-boarded.
SIX said, teaming up with several fund data platforms, including PRIIPsHub, a division of FundConnect, has broadened the coverage and distribution of public and private documents made available through the SIX platform.
Commenting on the platform, Carsten Mahler, CEO of FundConnect said: “Now that PRIIPs and the second Markets in Financial Instruments Directive (MiFID II) are in play, there has never been a greater need to have all data and documents in one place for distributors and at the same time ensuring wide distribution of content for product manufacturers.”
He added: “Through the openness of its platform, SIX is serving the interest not only of their clients, but also the industry as a whole. By working together, we can provide distributors with efficient access to a wider range of documents and data through a single source."
Phil Lynch, head of markets, product & partners at SIX, commented: “Our proven ability to integrate and deliver more than a million documents a week since the PRIIPs deadline shows we are capable of meeting the demands of the market for a scalable industry solution, connecting both product manufacturers and distributors to digitise this critical value chain.”
He added: “The demand for PRIIPs and other regulatory data is only going to get bigger in the coming months as regulators monitor progress. Our platform and global network will continue to expand in order to meet the wider demands of the wider industry.”
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