By Jens Jørgen Holm Møller, Experienced executive - international expert in asset management and business strategy
In January 2019, I finalized the first European survey on how to ensure quality in the annual ex post reporting, that is mandatory according to MiFID II. Since then, distributors of investment products for the first time have provided annual ex post information about all costs and charges to their clients.
In general, the reporting based on 2018 data was late and incomplete. As expected fund groups chose different frequencies for updating the EMT (daily, monthly, quarterly, or annual) and different deadlines for updating after New Year. Finally yet importantly, some fund groups chose the calendar year as reporting period whereas others chose another 12-month period. These differences caused a number of operational challenges for distributors and furthermore, information was not comparable from fund to fund. This definitely led to extra expenses, increased risk and operational inefficiency for the industry.
The Financial Data Exchange Templates (FinDatEx) has published the European MiFID Template Version 3.0 (EMT V3).
FinDatEx recommends that companies swith over to EMT V3 gradually. Firms may move to Version 3 from 1 January 2020, and the final deadline for implementation is 10 December 2020.
The European Supervisory Authorities (ESAs) published a Consultation Paper on amendments to the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). Read more and find the response form here.
The deadline for sending comments is 13 January 2020.
FinDatEx (Financial Data Exchange Templates) has today published a public consultation related to the EMT Version 3. Comments can be sent to [email protected] until the 1st of November. The template draft and more information can be found here: https://www.findatex.eu/work-in-progress
Read more about the EMT Version 3 in our new blog.
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