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SIX breaks the 15 million barrier for regulatory documents

SIX’s regulatory data platform has added over 15 million Key Information Documents (KIDs) as client on-boarding demands go through the roof two months on from the implementation of the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) rules.

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Since the rules came into force on the 1st of January, SIX has been adding roughly 1 million new PRIIP KIDs, documents designed to give end investors clearer insight into complex retail and insurance products, per week.

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. 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 on-boarded. Teaming up with several Fund Data platforms, including PRIIPsHub, a division of FundConnect, has broadened the coverage and distribution of public and private documents now made available through the SIX platform.

Commenting on the platform, Carsten Mahler, CEO of FundConnect said: “Now that PRIIPs and MiFID 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. 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 added: “There is a growing need for a robust regulatory platform and global network which serves all PRIIPs data and documentation requirements in one place, through a single interface. 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 digitize this critical value chain. 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.”

In addition to PRIIPs, the platform is also a central source for the latest data across other regulations, including MiFID II. Among more than 530 MiFID II data fields, information for cost and charges, target market, best trading venues and tradable instruments is also made available via the platform.

Next Finance , March 2018

Article also available in : English EN | français FR

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