24 Mar Major global consultancy firm uses AxiomSL solution to produce AIFMD reports for EU and non-EU fund managers
March 24, 2015 – AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that one of the largest global consultancy firms has deployed its solution for the Alternative Investment Fund Managers Directive (AIFMD) and used it to allow fund managers to successfully submit their mandatory reports in four countries. The consultancy firm is now expanding its use of AxiomSL’s solution to provide coverage of seven additional countries.
AxiomSL’s AIFMD solution provides all of the data loading, transformation, aggregation and reporting functionality needed to comply with the requirements of the European Securities and Markets Authority (ESMA) and local regulators. It also includes the report templates required by fund managers in all 28 European Union (EU) countries. AxiomSL provides updates to these templates when they are changed by the regulators, without any need to upgrade a software package.
AxiomSL’s segregation of software releases and regulatory update releases is particularly useful in the context of AIFMD, as each of the national competent authorities that has transposed ESMA’s requirements into local law has included a variety of customizations. These include reporting format changes, the inclusion of additional questions, different validation rules and different submission requirements.
The global consultancy firm has installed the AIFMD solution at one of its offices in Europe and is using it to provide a managed service to fund managers, in partnership with AxiomSL. The managed service has so far been harnessed by EU and non-EU fund managers to successfully complete the first two rounds of AIFMD reporting in Luxembourg, the UK, Finland and the Netherlands. The consultancy firm is now expanding its use of AxiomSL’s solution to also support reporting in Belgium, Ireland, Sweden, France, Germany, Denmark and Austria, with more countries to follow as clients’ coverage requirements increase.
Transparency and auditability were key factors in the consultancy firm’s decision to implement AxiomSL’s AIFMD solution. AxiomSL gives users the ability to drill down from their regulatory reports to their source data. The solution also supports auditing by allowing users to rerun earlier versions of their AIFMD reports without the need to install or manage previous versions of AxiomSL’s software.
The scalability and flexibility offered by AxiomSL were also important considerations. The AIFMD solution sits on the same platform as all of AxiomSL’s other regulatory solutions. Users can upload their data to the platform in any format. Once they have done so, the same data can be used to comply with any of the myriad regulations covered by AxiomSL, such as the Foreign Account Tax Compliance Act (FATCA), the Capital Requirements Directive IV (CRD IV), the coming Common Reporting Standard (CRS), and many others.
“AIFMD represents a major change for alternative investment fund managers in Europe, which must collect and transform large quantities of data,” said Thierry Haensenberger, Senior Vice President, EMEA, AxiomSL. “We are pleased to partner with this prestigious consultancy firm and to provide the technology for its managed AIFMD reporting service. We have already significantly reduced the burden on fund managers during the first two rounds of reporting and look forward to working with the many other fund managers that realize AIFMD requires a strategic response.”
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AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, Dodd-Frank, AIFMD, FATCA, EMIR, FINREP/COREP and Solvency II, as well as liquidity, market and credit risk management requirements.
Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision-making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.
AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission.