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Frankfurt, 05 January, 2021– By the end of June 2021, the updated Credit Risk Regulation (CRR II) will come into force. The goal of the EU regulation is to introduce a more risk-sensitive framework for management credit risks. One of the key outcomes of CRR II will be a stricter client reporting and disclosure regime. The amendments will not only impact the banking sector but also affect investment managers and their CRR-related client reporting procedures.
Look-through of investment funds is one of the key topics under CRR II, as the new fallback risk weight for opaque funds is increasing by a factor of 12,5. Therefore, investment managers are expected to have look-through data with higher granularity. The same level of granularity will be required for fund-of-funds structures, i.e. for target funds managed by third party companies. acarda is fully compliant with all CRR II requirements. The successful CRR module of our regulatory platform arep, which also covers reports such as Solvency II, AIFMD and PRIIPS/MIFID including the look through data, provides the basis.
The CRR module offers the following features.
1 Detailed calculation of credit risk in accordance with CRR I with adjustment to CRR II by April 2021.
2 According to the analysis of the reporting template, arep is already in line with CRR 2 requirements according to ITS Annex 1 and Annex 24. This ensures the continuous production of the following templates including all relevant data points and key figures C01.00 (CA1, Own Funds), C02.00 (CA2, Own Funds Requirements), C07.00 (CRR and CCR), C09.04 (Countercyclical Buffer), C22.00 (FX Risk), C34.01 (Derivatives), C34.06 (Counterparties for Derivatives), C34.09 (Types of Derivatives), C25.00 (CVA), C33.00 (Government Exposure), C72.00 (LCR)
3 Effective usage of standard templates for Solvency II TPT, WM CRR as input for the review of external funds. Comprehensive delivery of all necessary standard templates for customer reports such as:
Due to the high level of transparency with regard to data management, technical calculation, and the creation and validation of reports, arep is already qualified for auditing by external auditors. Finally, while according to our assessment the ITS templates listed in (2) are suitable for disclosure of investment funds data, their actual production will depend on investor demand. To support the reporting requirements outlined in (2) a “Data Exchange” template will be defined in such a way, as to cover all the datapoints relevant for production of templates in point (2). By combining the standard client reporting templates and the provision of data necessary for the regulatory templates (3) full CRR 2 compliance will be ensured for our clients by April 2021.
We gladly advise you on futher details.
Regulatory real estate fund reporting is associated with certain challenges. Until now there has been no complete binding data model able to be used as a basis for automating reporting processes.
Together with LPA, acarda has made a donation to CyberMentor, an online mentoring platform specifically for girls interested in STEM subjects. The leading providers of innovative SaaS solutions and financial consultancy services are now official sponsors of the online mentoring program that aims to inspire girls to study science, technology, engineering or mathematics.
As per the latest MIFiD II guidelines, the European MIFiD Template (EMT) version 3.0 was launched to be produced by manufacturers from December 10, 2019. FinDatEx has provided a period of one year for asset managers to transition from the old EMT to the new version. This means that, by 10th December 2020, we should be able to produce EMT version 3.0.
Regulatory real estate fund reporting is associated with certain challenges. Until now there has been no complete binding data model able to be used as a basis for automating reporting processes.
Together with LPA, acarda has made a donation to CyberMentor, an online mentoring platform specifically for girls interested in STEM subjects. The leading providers of innovative SaaS solutions and financial consultancy services are now official sponsors of the online mentoring program that aims to inspire girls to study science, technology, engineering or mathematics.
By the end of June 2021, the updated Credit Risk Regulation (CRR II) will come into force. The goal of the EU regulation is to introduce a more risk-sensitive framework for management credit risks. One of the key outcomes of CRR II will be a stricter client reporting and disclosure regime.
As per the latest MIFiD II guidelines, the European MIFiD Template (EMT) version 3.0 was launched to be produced by manufacturers from December 10, 2019. FinDatEx has provided a period of one year for asset managers to transition from the old EMT to the new version. This means that, by 10th December 2020, we should be able to produce EMT version 3.0.
On 21 July, 2020, the European Supervisory Authorities (ESAs) informed the European Commission of the outcome of their review on the Key Information Document (KID) for packaged retail and insurance-based investment products (PRIIPs). The review of the PRIIPs Delegated Regulation pointed out the main issues that had been identified following the October 2019 Consultation Paper, in particular regarding information on risk and performance measures and transaction costs.
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