FundConnect, through its PRIIPsHub division, has launched an EMT data exchange ecosystem in order for both asset managers and distributors to meet their regulatory needs for aggregated year-end reporting of ex-post cost and charges to retail investors.
The PRIIPsHub initiative supports an open and free architecture for Year-End EMT information exchange, providing the pass-through of data between any asset managers and any distributor.
Under Article 50 of the MiFID II Delegated Regulation, which is intended to increase transparency and allow retail investors to understand the overall cost & charges of their investments, distributors of investment products are required to report the aggregated cost & charges information to retail investors by the end of April 2019.
“In-depth market practice analysis, has indicated that much of the industry will be challenged by the varying reporting frequencies among asset managers combined an inflexible database structure for many distributors, that will make it extremely challenging to isolate and consolidate all Year End EMT data and make it available to perform end of year cost calculations for retail clients and fund of funds,” says Anthony Miranti – Head Of Business Development. “Our ecosystem is able to provide a centralised data source that contains purely end of year EMT data and this clean source will be updated continuously, in order to take account of the ongoing reporting made by asset managers. We are offering this service for free, in the same vein as other non-commercial industry initiatives we have supported, such as working as the Classification Administrator for EMAFA’s European Fund Classification.”
