Broadridge Financial Solutions has partnered with FundsLibrary to develop an offering to address the challenges posed by the second Markets in Financial Instruments Directive (MiFID II) ex-post costs and charges and Solvency II.
The collaboration comes in response to the growing demand from European wealth and asset managers, who are currently facing increasing regulatory pressure.
New rules around MiFID II’s ex-post disclosure have introduced greater transparency for investors as well as generating scrutiny on the costs and charges that wealth and asset managers impose on clients.
In the initial phase of MiFID II Article 50, more than 1,300 firms informed the Financial Conduct Authority of inaccuracies in their reporting.
In addition, Solvency II is being enforced more aggressively in light of recent fund liquidity concerns. Alongside this, standards of completeness, quality and speed are also under scrutiny and reporting requirements are continually evolving.
Philip Taliaferro, head of strategy for Europe, the Middle East and Africa an the Asia Pacific at Broadridge, said: “At Broadridge, we are focused on providing asset managers with innovative, data-centric solutions, and this new technology suite with FundsLibrary is a natural fit with our existing regulatory solutions capability. Leveraging FundsLibrary’s Solvency II along with Broadridge’s MiFID II ex-post costs and charges solutions will help clients drive more efficient and cost-effective processes in regulatory reporting.”
Arun Sarwal, CEO of FundsLibrary, added: “FundsLibrary’s aim is to continuously broaden and improve data, digital and regulatory services for the investment industry, either through our own research and development or through working with world-leading partners.”
“We are very pleased to be working with Broadridge. With its global expertise in delivering solutions to their asset management clients worldwide and our expertise, this will be an exciting partnership for both parties.”
