FE reports nearly all managers met MiFID II data deadline
16 January 2018
Almost all asset managers working with FE’s Regulatory Data Services to disseminate MiFID data to distributors such as platforms, have met the January deadline imposed by regulators, the research company said.
For the past six months, FE’s Regulatory Data Services team has been working on behalf of 18 platforms to gather data from asset managers for the MiFID template (EMT) and PRIIPs KIDs.
FE said the data had also gone through a “robust process of validation to correct any anomalies to ensure completeness and accuracy for distributors and investors”.
So far, 92% of EMT share class data that FE’s platform clients require has been received and validated (14,800 of 16,000 share classes) and 91% of Investment Trusts and ETFs have a PRIIPS KID available on FE Trustnet and FE Analytics.
Robert Botha, head of UK and European data at FE, said: “This is a huge achievement given the scale of the data requirements of the MiFID template and PRIIPs KIDs for asset managers and fund distributors. To ease the burden, we pulled together our capabilities in data enrichment, dissemination and regulatory compliance to ensure that investors got accurate data not only on time from asset managers, but with total confidence in its accuracy.
“Our processing teams have been chasing and handling mass volumes of data in the past few months to ensure it is accurate and available for platform clients, advisers and investors. By the end of January, the completion rate should be even closer to 100% and we are continuing to press the few managers who have not yet supplied data to complete as soon as possible.”
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