The software ABACUS/Transactions of BearingPoint helps investment companies to comply with their obligations in terms of regulatory reporting in accordance with regulation MiFID II/MiFIR
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Paris, France, may 23, 2017 – The consulting firm in management and technology BearingPoint, which is one of the leading providers of solutions for regulatory reporting and prudential (RegTech/RiskTech), has made improvements to its product ABACUS/Transactions. This standard software dedicated to the reporting transaction now includes the module MiFIR to facilitate the fulfilment of obligations in the area of regulatory reporting within the framework of the regulation MiFID II/MiFIR.
The new directive on markets in financial instruments directive (MiFID II) and regulation on markets in financial instruments (MiFIR) which accompanies it, will come into force on 3 January 2018. Its purpose is to strengthen the transparency obligations applicable in the context of MiFID I, as well as to stabilize and realign the infrastructure of the financial markets. The reporting MiFID II/MiFIR requires to cover a very wide range of products. It requires a logic of reporting complex and requires the transmission of personal data with a high level of granularity, consistency with other regulations, such as EMIR (European Market and Infrastructure Regulation). The reports shall be provided at the end of the business day following the day of transaction (t+1).
“Prepare for the implementation of the MiFID II/MiFIR is one of the main challenges that businesses must meet in 2017, especially because of the complexity of the task and timelines,” said Robert Bosch, partner at BearingPoint. “To meet this challenge, we have extended our solution ABACUS/Transactions by adding the module MiFIR in order to facilitate the reporting MiFID II/MiFIR. In view of the upcoming reporting requirements transactional requirements imposed by amendments to the rules of EMIR and the reporting SFTR (Securities Financing Transactions Regulation, regulation on financing operations on securities), it is essential that companies develop a strategy to obtain a global view of the different regulations. ABACUS/Transactions is a solution for regulatory reporting standard that helps companies to meet their obligations with a built-in tool “.
Marketed since 2014, this product has achieved a level of maturity consistent with the expectations of the market with reporting, EMIR, currently covered by the TR module. ABACUS/Transactions also covers the amendments EMIR recently approved, called EMIR II and applicable from 1 November 2017, as well as the reporting of derivatives of swiss in accordance to the directive FMIA/FinfraG, which will be applied from the 1 October 2017. The module MMSR helps clients comply with the new regulations of the european central Bank (ECB) concerning statistics on the money markets. More than 15 % of the reporting institutions of the euro area have managed to provide their reports MMSR effective July 1, 2016, the date on which the reporting MMSR is entered into the production phase. In addition, ABACUS/Transactions will take charge of the declaration regime provided for by the regulation SFTR, which should be applied at the end of the year 2018. Thus, ABACUS/Transactions using permanently the reporting institutions to comply with the requirements of several types of reporting transactional without having to produce multiple reports. The software is available as on-premise solution and SaaS (Software-as-a-Service).
For more information on the range of products from regulatory reporting, appointment on www.reg.tech.
BearingPoint is a management consulting firm and technology independent european roots with a global coverage. The firm is structured around 3 main activities : Consulting, Solutions, and Ventures. The Consulting covers the traditional activities of management consulting. The Solutions provide software dedicated to processing digital, regulatory reporting and data analysis. Activity Ventures is dedicated to the financing and development of startups. BearingPoint’s clients include the largest global organizations-public and private ; fort of an international network of more than 10 000 employees, BearingPoint helps its clients in more than 75 countries and help them to achieve measurable and sustainable results.
For more information, please visit :
Home Page : www.bearingpoint.com/fr-fr
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