SEI has launched a number of new tools designed to assist investment managers in meeting mandatory requirements under the Undertakings for Collective Investment in Transferable Securities IV (UCITS) Directive.
The Oaks. PA-based buy-side vendor has developed an online solution to simplify the production and servicing of the required Key Investor Information Document (KIID), while also enhancing its portfolio compliance-monitoring system to account for UCITS-specific investment restrictions.
Under the UCITS IV Directive, asset managers will be obliged to replace their current prospectuses with a KIID for their UCITS products. The introduction of the KIID is aimed at promoting transparency and uniform standards across EU member states, with documentation provided in each jurisdiction's home language and limited to two pages.
SEI's web-based application provides a standard template designed to meet the regulatory guidelines. SEI also offers assistance in writing and translating the KIID into the local language as prescribed by the regulations.
SEI has also made additional enhancements to its portfolio compliance-monitoring system, which has now been designed to test UCITS investment restrictions on an automated basis. These UCITS-specific tests are part of a library of nearly 100 compliance tests and benchmark comparison functionalities.
The system allows the client to determine certain thresholds of risk and exposure based on daily positions and trades, and results can be reported on a daily basis in both a summary and detail report.
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