Regulation & Standards special report

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July 2015 -- sponsored by SIX Financial Information and Thomson Reuters

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Being prepared

In this special report, we hear from regulatory compliance data managers, specialists and experts about the next set of regulatory changes taking effect over the next two years and beyond, describing the parameters of necessary
compliance efforts and better defining the roles of identifier and know-your-customer (KYC) guidelines.

Northern Trust's Robert Angel says in the Roundtable that the industry is asking what are the benefits of delegating the reporting required under Europe's Markets in Financial Instruments Regulation (Mifir). Market participants are typically waiting for more detailed provisions before starting compliance work-and Mifir's live date is not until early 2017, he notes.

SIX Financial Information's Jacob Gertel points to the imminent start of reporting under the US Foreign Account Tax Compliance Act (Fatca) for countries that are members of certain intergovernmental agreements, and the need to adhere to the Common Reporting Standard established for tax transparency. Regulation, generally, will require tactical fixes to give way to strategic process changes, says Marion Leslie of Thomson Reuters.

Perhaps the industry needs to emulate the utility models conceived for KYC data, as Celent's Arin Ray describes. Identifiers may need more work, as ANZ Bank's Mark Bands says in our Q&A, but are providing a data "genome" useful for mapping and aggregation.

These professionals have identified numerous regulatory and standards areas where preparedness is not where it needs to be, at the same time pointing to possible solutions that are out there, but require more action.

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