Costs and charges under MiFID II
|
|
- Gervase Sanders
- 6 years ago
- Views:
Transcription
1 Costs and charges under MiFID II iress.com
2 Costs and charges under MiFID II MiFID II will significantly change the way costs and charges are disclosed to investors, affecting all who provide investment services. So if you are a financial planner, wealth manager, asset manager, discretionary manager or stockbroker acting on behalf of retail investors, you will soon need to disclose all associated costs and charges. In this paper, we have laid out some key challenges of the directive, including some practical ways in which you can address the new requirements. We also highlight the areas where we believe MiFID II presents firms with new opportunities to strengthen client relationships. A summary of the requirements MiFID II Article 24.4; Delegated Regulation Article 50, Article 59.9 MiFID II requires participants to disclose all costs and charges related to the financial instrument and ancillary services, including the cost of advice, and where relevant, the cost of the financial instrument recommended or marketed to the client and how the client may pay for it, including any third-party payments. The information must be disclosed on both an ex-ante (forecast) and ex-post (actual costs incurred) basis. The client must be provided with an illustration showing the effect of the overall costs and charges on the return of investment. This must occur on a forecast and actual basis (the latter occurring regularly and at least annually during the life of the investment.) Key challenges 1. What is the timing of forecast and actual cost disclosures? 2. Where does the costs and charges data come from and when? 3. How can costs and charges be disclosed in a way that they are in context? 4. Who should produce the fee disclosure for the client? 5. How can a participant provide the necessary fee information efficiently? 2
3 1. The timing of forecast and actual cost disclosures Forecast costs will need to be disclosed from 3 January 2018 for all new MiFID investment sales, however, there remains debate around applicable dates for actual cost disclosure. The general consensus is that, as it is an annual requirement, the client should receive actual costs a year after their MiFID periodic valuation report i.e. starting January While this seems like a long time away, participants need to start recording the appropriate information for client accounts from January Where does the cost and charges data come from and when? To complete the disclosures, data will need to be collated and aggregated from a number of parties including manufacturers, executing venues, investment participants and advisers. Having the data available when required will depend on how the data is sourced. The process of data collection should be automated using technology to ensure disclosures can be produced efficiently. The sources of cost data are: a) Market data that provides information from manufacturers b) Transactional data feeds that identify all the costs taken from the client account c) Remuneration management systems that identify all revenue received on behalf of clients 3. How can costs and charges be disclosed in a way that they are in context? The objective of MiFID II is to strengthen protection for investors and to improve market transparency. It is not designed to deter investing. It is therefore crucial that disclosure of costs and charges occur in the context of the value financial products and advice services provided. Where ongoing service to the client is provided, it will therefore be important to associate disclosure with the ongoing service levels provided specifically to the client, including items such as portfolio monitoring, digital access, meetings such as an annual review, regular reporting and newsletters covering the breadth of services provided. IRESS CAPABILITY: Agreed service levels tracked by XPLAN IRESS XPLAN wealth solution allows participants to specify the agreed service levels (benchmarks) for a client. These service benchmarks can then be monitored and tracked using tailored workflows and alerts to track and notify the advisers of service benchmark timing and key dates to ensure none are missed. The production of the cost and charges disclosure statement can be automatically produced by XPLAN, including the cost of the service and a summary of how the agreed service benchmarks have been met. 3
4 4. Who should produce the fee disclosure for the client? Another area of debate is who should produce the fee disclosure for the client. Ultimately, this will depend on which entities have (or want) the relationship with the client. For example, in a scenario where the client receives their valuation report directly from the investment firm(s) or platform provider(s), then the investment firm or platform provider should provide the disclosure. It may be tempting for participants to decide that another party in the value chain is picking up the production of the disclosure. However, a more strategic focus would be to take a view on what is the most suitable approach for nurturing long term client relationships. This is where lessons can be learned from the Australian experience and its implementation of the Future of Financial Advice (FOFA) regulation in FOFA also introduced the need to provide an annual fee disclosure statement and a requirement to detail the service promises to be provided by the advice participant (such as regular meetings, monitoring and reporting, newsletters). While this is not captured to the same extent by MiFID II, it does present an opportunity for participants to detail the value they deliver to clients over and above an investment return based on product or portfolio selection. 5. How can a participant provide the necessary fee information efficiently? Having established business processes and the service proposition i.e. you ve decided when, what and how to disclose, where is all the data going to come from? (a) Product manufacturer costs Product costs are and will be made available through electronic quantitative and qualitative market data providers. In addition, the European MiFID Template (EMT) is aiming to provide some consistency and standardisation in the delivery of data from manufacturers. Integrating these feeds into a business core systems will drive efficiencies and scalability within the production of both forecast and actual disclosure. IRESS CAPABILITY: Electronic market data feeds within XPLAN XPLAN includes standard integration to a number of market data providers. In addition, integration to other data providers is provided through standard interfaces making the coordination and aggregation of different market data sources much more efficient. Where a business has a non-standard arrangement with a manufacturer, it s important that a business technology can identify and differentiate these nonstandard feeds to ensure the correct costs and charges are accounted, recorded and reportable. 4
5 (b) Transactional costs Actual costs and charges will include all amounts that are deducted from an investment, for example switching costs and custodial fees. Businesses should ensure that software is capable of recording and reporting on these transactions to ensure accuracy and to automate the production of actual cost statements, thereby avoiding inefficient manual processes to meet reporting obligations to clients. The accuracy of transactional data against correct transaction types will ensure that it is represented correctly to the client but will also assist in the creation of other client reports and analysis such as CGT realised and unrealised gain and profitability, and return calculations. IRESS CAPABILITY: Transactional feed IRESS XPLAN allows recording of each transaction to enable the automation of reports, including cost and charges disclosure statements. The benefit of transactional data feeds, apart from the obvious operational time saving, is the accuracy of the information from the provider and the ability to provide the client with a detailed breakdown of all activity in relation to their investment. As this information comes directly from the provider, it will match the information that they receive on any direct statements and appropriately allows the business to provide each client a consolidated view across all platforms, providers and investments. For actual cost and charge disclosure, the executing venue or platform provider should provide data via a daily transactional data feed. This will provide accuracy at the client level of all capital transactions, costs and charges, and allows for a richer level of reporting by advisers to clients. 5
6 (c) Adviser and firm costs Where service fees are levied for advice or execution only services, participants must disclose this as part of the expected statement and actual cost statement. The expected statement should be based on the costs actually incurred as a proxy but can make reasonable estimations where these are not available. The actual statement however, needs to show the actual amounts charged. Services can be charged for in a number of ways, including Adviser Charge facilitated by the investment provider (where the provider takes the money from the investment and pays this to the advisory firm) and client direct fees (where the client pays the adviser directly). Where participants have implemented revenue reconciliation systems, they will be able to record an estimate of what the expected adviser charge is and reconcile this against the actual amount received upon receipt of the statement and money from the providers. Leveraging highly automated revenue management and reconciliation systems will be essential for participants to produce MiFID II disclosure statements accurately, efficiently and at scale. Enabling participants to demonstrate value to their clients and to remain competitive amongst their peers will be a differentiator for technology providers in this segment. IRESS capability: Revenue management and reconciliation system - CommPay IRESS revenue reconciliation system, CommPay, is used by many participants in the UK. It is available as a tightly integrated module of IRESS XPLAN solution. CommPay records the expected and actual adviser revenue received on behalf of a client. The actual cost data can be loaded from manual statements or through an electronic interface with providers. CommPay ensures accuracy and can deliver significant automation efficiencies. In Australia, the system has been used to handle Annual Fee Disclosure requirements under FOFA, and as such, its capability is directly applicable in the UK as it faces similar challenges within MiFID II. A key learning from Australia in the area of fees and charges was around a lack of clarity on exactly which fees should be included in the disclosure statement. A structure was provided by the regulator but the granularity of detail was not provided. To respond to this challenge, IRESS software was built to collate the information for presentation to clients based on the participants specific selections, enabling participants to have the flexibility to implement the regulation as they interpreted it. Businesses that use CommPay can select which items to include, or alternatively, they can select from a standardised document template. For reporting, the information from the revenue records and service benchmarks is collated, summed and presented without the adviser having to assess each individual revenue and service line. IRESS experience with FOFA provides us with unique and invaluable insight that will enable our clients to implement MiFID II costs and charges in an effective, efficient and client-focused manner. 6
7 MiFID II deadline - 3rd January 2018 For more information about anything you have read in this paper please contact us: enquiries@iress.co.uk or call
8 Delivering outcomes today, developing for tomorrow and designing for the future IRESS UK Limited
Post-implementation review of the Retail Distribution Review Phase 1
Post-implementation review of the Retail Distribution Review Phase 1 December 2014 Financial Conduct Authority Contents 1 Overview 3 2 Introduction 6 3 Executive summary from Europe Economics report 9
More informationFinancial Risk Solutions. Invest Pro. for Individual Portfolio Accounts
Financial Risk Solutions www.frsltd.com Invest Pro for Individual Portfolio Accounts Invest Pro for Individual Portfolios A Customisable Modular Fund Management Solution for the Life Assurance Industry.
More informationThe Rise of the Robo-Advisor
The Rise of the Robo-Advisor A threat or an opportunity to the financial advice industry? Eugene van Rensburg Head: Wealth Management SA 21 June 2016 iress.com Financial Services Industry Trends Financial
More informationCOMPLETE INVESTMENT CONTROL
COMPLETE INVESTMENT CONTROL SRL Global offer stakeholders and decision makers an informational edge through total transparency, consistent information, cross-manager visibility and instant access to the
More informationGuidelines Guidelines for the assessment of knowledge and competence
Guidelines Guidelines for the assessment of knowledge and competence 22/03/2016 ESMA/2015/1886 EN Table of Contents I. Scope... 3 II. References, abbreviations and definitions... 3 III. Purposes... 5
More informationMiFID2 PRODUCT GOVERNANCE
MiFID2 PRODUCT GOVERNANCE Michele Leoncelli Partner, Head of Data & Analytics ECMI Investor Protection under MiFID II September 26th, 2017 1/8 THE BACKDROP FOR MIFID2 IN ITALY Multi-dimensional, quantitative
More informationRegulatory update & key business challenges
www.pwc.lu/mifid 3rd MiFID II Breakfast Regulatory update & key business challenges Regulatory Advisory Services Contents 1 Update on Level 2 Regulation 1 2 MiFID II Client Survey 3 3 MiFID II recordkeeping
More informationGuidelines on MiFID II product governance requirements
Guidelines on MiFID II product governance requirements 05/02/2018 ESMA35-43-620 Table of Contents I. Scope... 3 II. Purpose... 3 III. Definitions... 4 IV. Compliance and reporting obligations... 4 V. Guidelines
More informationSCHWAB OPENVIEW WORKFLOW LIBRARY BUSINESS OPERATIONS WORKFLOW SERIES: BUSINESS REPORTING PROCESS
SCHWAB OPENVIEW WORKFLOW LIBRARY BUSINESS OPERATIONS WORKFLOW SERIES: BUSINESS REPORTING PROCESS Document ID: 012377 Document Date: June 12, 2012 Document Version: 12.06.A Disclosures: The Schwab OpenView
More informationSydbank s Business Model 2017
2017 1 Summary As a nationwide advisory bank, Sydbank has a significant presence in all parts of Denmark as well as in Northern Germany. Sydbank is a bank for most people but not the same bank for everyone.
More informationConduct Risk Management
Conduct Risk Management e xperience e xcellence e xpertise e xecution marks the sp t. Those that embrace conduct risk will see benefits across all of their customer relationships and drive beneficial.02
More informationMiFID II / MiFIR seminar Break-out session 2: Product governance and the sales process
MiFID II / MiFIR seminar Break-out session 2: Product governance and the sales process Imogen Garner, Partner Floortje Nagelkerke, Senior Associate Norton Rose Fulbright LLP 15 October 2014 Aims of this
More informationAn Introduction to An Introduction to. BIRST Infor EAM
An Introduction to An Introduction to BIRST Infor EAM Introduction In any asset-intensive business, there is no room for poor performance. The smallest problem can lead to costly downtime or even pose
More informationGuide on AASB 16 Technology solutions AASB 16 Leases
Guide on AASB 16 Technology solutions AASB 16 Leases AASB 16 Overview A quick glance at the standard What is AASB 16 Leases (AASB 16)? AASB 16 is the new leases standard and was issued by the AASB in January
More informationORACLE PROPERTY MANAGER
ORACLE PROPERTY MANAGER Oracle Property Manager streamlines and automates lease administration and space management, enabling you to more KEY FEATURES DEFINE AND MANAGE PROPERTIES AND SPACE Record and
More informationDigital finance The new superhero
Digital finance The new superhero Smart, integrated planning platforms give organisations a strong competitive advantage in the market. It is all about time to value, rate of change and agility in a market
More informationAIFMD reporting. We turn your raw data into AIFMD reports fit for regulators.
AIFMD reporting valueforfunds.com We turn your raw data into AIFMD reports fit for regulators. With our AIFMD reporting solution AIFMD reports are generated by combining, linking and enriching your raw
More informationCGMA Competency Framework
CGMA Competency Framework Technical Skills CGMA Competency Framework 8 Technical Skills : This requires a basic understanding of the business structures, operations and financial performance, and includes
More information9th PwC MiFID II Breakfast GO LIVE readiness survey & essentials
www.mifid2.lu GO LIVE readiness survey & essentials Contents Contents / Regulations Status / Readiness survey / GO LIVE essentials / Milestones in 2018 / Conclusions & Outlook 1 Regulations Status 3 2
More informationCLIENT PORTAL PERSONALISED PERSPECTIVES. DELIVERED DIGITALLY. 24/7.
With increasing competition and digital savvy consumers comes a demand for a secure and straight-forward way for clients and advisers to engage and communicate with each other 24/7. To remain relevant,
More informationSERVICE PROVIDER REPORTING FRAMEWORK 2018 Overview and guidance
SERVICE PROVIDER REPORTING FRAMEWORK 2018 Overview and guidance November 2017 reporting@unpri.org +44 (0) 20 3714 3187 THE SIX PRINCIPLES 1 2 3 4 5 6 We will incorporate ESG issues into investment analysis
More informationMODULE CAPABILITY GUIDE
MODULE CAPABILITY GUIDE powered by AX Foundation & Supply Chain Produce Dimensions Manage product through utilisation of produce dimensions for different produce types and dimension groups, such as, produce
More informationImproving your finance function effectiveness
April 2016 Financial Accounting Advisory Services Improving your finance function effectiveness Establishing a Center of Expertise framework for your teams Finance functions in many companies are evolving
More informationCapgemini s Comprehensive Capital Analysis and Review Services
Capgemini s Comprehensive Capital Analysis and Review Services Driving regulatory and compliance values to banking institutions In 2011, the US Federal Reserve issued the Capital Plan Rule, which requires
More informationThe Envestnet Platform
innovation aggregation analytics intelligence research guidance planning wellness management reporting mobility technology integration customization open architecture The Envestnet Platform At Envestnet,
More informationIAASB Main Agenda (March 2005) Page Agenda Item 12-C
IAASB Main Agenda (March 2005) Page 2005 429 Agenda Item 12-C [ISA AND IAPS SPLIT] PROPOSED INTERNATIONAL AUDITING PRACTICE STATEMENT XXX THE APPLICATION OF INTERNATIONAL STANDARDS ON AUDITING IN AN AUDIT
More informationINTELLIMATCH OPERATIONAL CONTROL FOR FASTER PAYMENTS Go Beyond Connectivity to Gain a Competitive Edge
INTELLIMATCH OPERATIONAL CONTROL FOR FASTER PAYMENTS Business overview The immediate benefits of faster payments In the fast moving world of digital commerce, the ability to make instant payments from
More informationMeet your REMIT Responsibilities with Regis-TR s Added Value Reporting Services
REGIS-TR Meet your REMIT Responsibilities with Regis-TR s Added Value Reporting Services New Regulatory Reporting Requirements Today 2011 2015 2016 28 December 2011: Entry into force of inside information
More informationTAMARAC REPORTING. Customizable Dashboard. Dynamic Reports. UMA and UMH Sleeve Level Reporting
TAMARAC REPORTING Tamarac s award-winning reporting capabilities enable your firm to easily generate elegant reports focused on what matters the most to you and your clients. For performance, holdings,
More information«Robo-Advisory» for a more efficient Front-office. ICOS/2 for KYC automation, Onboarding,.
«Robo-Advisory» for a more efficient Front-office ICOS/2 for KYC automation, Onboarding,. IMTF stands for Excellence in Automation & Compliance for 30 years and into the future: Swiss: Founded in Switzerland
More informationIFRS 17 Vendor Solutions Event. 4 October 2018
IFRS 17 Vendor Solutions Event 4 October 2018 Agenda Agenda Items Speaker Introduction and IT insights from Survey Overview of impact on IFRS 17 requirements to data and systems Daniel Gaffney Joanne Lonergan
More informationAppCrown Wealth Plus supports financial advisors relationship building process
Delivering transformational systems that innovates how financial institutions manage their client profile & risks, measure asset exposure and firm liability across all client accounts while automating
More informationRiver and Mercantile Group Conflicts of Interest Policy
River and Mercantile Group Conflicts of Interest Policy This policy is applicable to all employees, partners, directors and contractors engaged by the following entities: River and Mercantile Asset Management
More informationcoffee 2 minute guide Due diligence and suitability: what are advisory firms and discretionary investment/fund managers to do?
coffee with corfinancial. May 2016 London 09 2 minute guide Due diligence and suitability: what are advisory firms and discretionary investment/fund managers to do? london boston new york Cor Financial
More informationYardi Voyager Commercial
Yardi Voyager Commercial Enhance the value of your portfolio with a full business solution that streamlines the property and financial management aspects of the commercial real estate cycle. Key Benefits
More informationBRITISH BANKERS ASSOCIATION
DRAFT BRITISH BANKERS ASSOCIATION Pinners Hall 105-108 Old Broad Street London EC2N 1EX Tel: +44 (0) 20 7216 8800 CESR 11-13 avenue de Friedland 75008 PARIS FRANCE Michael McKee Executive Director Direct
More informationThe New Lease Accounting Standard Made Easy With Deloitte and SAP The latest lease accounting standards require new insights and an extension of your
The New Lease Accounting Standard Made Easy With Deloitte and SAP The latest lease accounting standards require new insights and an extension of your SAP solution The latest lease accounting standards
More informationFUNCTIONAL OVERVIEW. A complete International Investment Management & Stockbroking solution. objectway.com/totalwealth
FUNCTIONAL OVERVIEW A complete International Investment Management & Stockbroking solution objectway.com/totalwealth Intro OVERVIEW TOTAL WEALTH: END-TO-END SOLUTION FOR INTERNATIONAL INVESTMENT MANAGEMENT
More informationBilling Strategies for. Innovative Business Models
Billing Strategies for Innovative Business Models How Boring Old Billing Could Be the Competitive Advantage You Never Knew You Had Billing Strategies for Innovative Business Models Page: 1 Introduction
More informationRegulatory Reporting: Implementing the proposed MAS Notice 610. Navigating the regulatory reporting and data challenge
Regulatory Reporting: Implementing the proposed MAS Notice 610 Navigating the regulatory reporting and data challenge Contents 03 Introduction 04 MAS Notice 610 timeline and implementation 05 Addressing
More informationSummary. Used by 23 of the top 25 UK accountancy firms and 43% of the FTSE 100 corporates
Alphatax Alphatax is the UK and Ireland's No. 1 enterprise Corporation tax compliance software solution with over 1,100 customers including 43% of the UK FTSE 100 and 23 of the top 25 accountancy firms.
More informationEnvestnet Advisor Portal
Envestnet Advisor Portal Leverage an enhanced advisor portal with applications that integrate all your client-focused efforts to manage wealth more effectively. Transforming Wealth Management As a financial
More informationPRODUCT SHEET. FIS Commercial Loan Origination
PRODUCT SHEET FIS Commercial Loan Origination 2 FIS Commercial Loan Origination Digitize your Corporate and Commercial Loan Process For many organizations the commercial loan origination process represents
More informationAustralian Financial Markets Association. Principles relating to product approval - retail structured financial products
Australian Financial Markets Association Principles relating to product approval - retail structured financial products October 2012 Copyright in this publication is owned by the Australian Financial Markets
More informationCredit Risk Manager CRM
Credit Risk Manager CRM The first truly integrated credit risk management system on the market. From counterparty onboarding to advanced credit analytics, Paragon combines state of the art technology with
More informationAbout LPL Financial. Serving financial professionals and their clients for four decades
About LPL Financial Serving financial professionals and their clients for four decades About LPL Financial LPL Financial is the nation s largest independent broker-dealer*, a top RIA custodian, and a leading
More informationAt the heart of your advice
At the heart of your advice Defaqto Engage Core Welcome to end-to-end financial planning Financial planning is fragmented, there are numerous tools, systems and methodologies which leads to inconsistencies
More informationYardi Voyager Commercial
Voyager Commercial Enhance the value of your portfolio with a full business solution that streamlines the property and financial management aspects of the commercial real estate cycle. Yardi Voyager Commercial
More informationSubmission on: Submission on Consultation Paper 183 Giving information, general advice and scaled advice
Submission on: Submission on Consultation Paper 183 Giving information, general advice and scaled advice Submission: Association of Financial Advisers Ltd 26 September, 2012 26 September 2012 Sophie Waller
More informationAudit Explorer The best people empowered by market-leading technologies
Audit Explorer The best people empowered by market-leading technologies At PwC, we believe it is the powerful combination of the best people, empowered by market-leading technologies, that enables us
More informationingenta.com Package: Product Manager Integrated management of intellectual property and workflows from pre-acquisition to post-production
ingenta.com Package: Product Manager Integrated management of intellectual property and workflows from pre-acquisition to post-production Information or frustration? Publishing processes generate a wealth
More informationIn addition, Angel is not involved in any regulated industry, accordingly, industry or regulatory factors are also not factors leading to the risk.
SECTION A CASE QUESTIONS (Total: 50 marks) Answer 1(a) The risks of material misstatements at the financial statement level refer to risks of material misstatements that relate pervasively to the financial
More informationMichael Diet Director, Intensum Luxembourg
Optimize your Liquidity & Treasury with the Treasury applications from SAP Michael Diet Director, Intensum Luxembourg Sofitel Luxembourg Europe October 7, 2009 Agenda 1. Treasury Applications from SAP
More informationA tool for assessing your agency s information and records management
A tool for assessing your agency s information and records management Copyright Commonwealth of Australia 2010 Updated on 14 June 2012 Copyright of Check-up 2.0 rests with the Commonwealth of Australia.
More informationPowered by technology, our experts are unlocking the value of your audit. Dynamic Audit
Dynamic Audit Powered by technology, our experts are unlocking the value of your audit 1 Audit is evolving The world is changing. By harnessing the power of data, companies are seizing opportunities to
More informationOracle Cloud ERP - Oil and Gas Industry Enabler for Digital Finance Transformation
GLOBAL SPONSOR October 25, 2018 Oracle Cloud ERP - Oil and Gas Industry Enabler for Digital Finance Transformation Introductions Introductions Howard Glanville Managing Director Deloitte Consulting LLP
More informationYardi Investment Management
Yardi Investment Management A solution that fully automates the real estate asset and investment management lifecycle and helps drive investor value. Yardi Investment Management Yardi Investment Management
More informationSmart Solutions for Managing your Energy
Smart Solutions for Managing your Energy Products and services to help meet your energy objectives. Maximising your energy productivity In a complex energy environment, we understand that effective energy
More informationBriefing note. ESMA Q&A on MiFID II inducements rules (research) (Latest update by ESMA: 12 July 2018)
Briefing note ESMA Q&A on MiFID II inducements rules (research) (Latest update by ESMA: 12 July 2018) Introduction The European Securities and Markets Authority (ESMA) has issued Q&A for research (as inducements)
More informationMiFID II To protect and to serve, but at what cost?
MiFID II To protect and to serve, but at what cost? Pascal Eber Partner Operations Excellence & Human Capital Deloitte Simon Ramos Partner Strategy, Regulatory & Corporate Finance Deloitte Julie van Cleemput
More informationMaking budgeting, forecasting and analytics easy in the Cloud.
Create a single source of truth and improve collaboration. Shorten your budgeting and forecasting cycle times. Reduce or eliminate errorprone manual processes. Empower users with automated reporting and
More informationBanking and Capital Markets. Shaji Farooq VP & Head - BCM - USA
Banking and Capital Markets Shaji Farooq VP & Head - BCM - USA Safe Harbor Certain statements made in this Analyst Meet concerning our future growth prospects are forward looking statements, which involve
More informationTurning MiFID II into Competitive Advantage
Turning MiFID II into Competitive Advantage An examination of how the challenges of MiFID II call recording can be an opportunity and how data can be harnessed for business success. December 2016 Introduction
More informationSimCorp s Product Positioning. SimCorp Capital Market day 27/5 2009
SimCorp s Product Positioning SimCorp Capital Market day 27/5 2009 Scalability positioned for growth 2 February 2009 Know-how based development organisation Front Office Middle Office Back Office Portfolio
More informationMultifonds Global Accounting
Multifonds Global Accounting Transform your fund administration activity with sophisticated workflow and production control techniques. Drive dramatic increases in operational efficiency via advanced global
More informationStatutory Report on Corporate Governance
Statutory Report on Corporate Governance CF. ARTICLE 107B OF THE DANISH FINANCIAL STATEMENTS ACT 1 This statutory report on corporate governance covers the period 1 January 31 December 2017 and is pursuant
More informationCOMPLIANCE AND RISK MANAGEMENT AS A CATALYST FOR CHANGE
COMPLIANCE AND RISK MANAGEMENT AS A CATALYST FOR CHANGE There is sufficient evidence to prove the organizational importance of treating compliance and risk management as a top priority in the coming years.
More informationEDI. Buyer s Guide. Finding the Best Total Solution for Your Business
EDI Buyer s Guide Finding the Best Total Solution for Your Business TABLE OF CONTENTS Introduction 2 EDI 101 3-4 Selecting the Right Solution 5-7 Product Decision Making Process 8 About 1 EDI Source 9
More informationThe EU and its Partners: Banks and Investors in a Digital World
The EU and its Partners: Banks and Investors in a Digital World Introducing Panel I - The Digital Client Veronica Lange Head of Innovation, UBS Introducing Panel II - The Digital Bank Anke Bridge Head
More informationMarkit delivers an end-to-end solution that supports client reporting processes.
Client reporting Markit helps firms automate processes around the creation and distribution of portfolio reports, product factsheets, account statements and sales proposals to enhance client communications.
More informationIndependent Wealth Management in Luxembourg Perspective on a sector at crossroads 22 June 2018
Independent Wealth Management in Luxembourg Perspective on a sector at crossroads 22 June 2018 Key figures of the Luxembourg External Asset Managers (EAMs) sector 94 External Asset Managers (EAMs) 0.4
More information16 October SINGAPORE. Yardi. Advanced Solutions Conference 2018
16 October SINGAPORE Yardi Craft your agenda Choose from a wide range of classes, demos, and more to create a schedule that fits your learning objectives. Attend a class and discover the latest software
More informationYardi Investment Management
Yardi Investment Management Help drive investor value by fully automating the real estate asset and investment management cycle. Key Benefits Increases productivity and reduces the risk of errors by eliminating
More informationUNDERSTANDING THE DEFINITION OF ADVICE UNDER MIFID
UNDERSTANDING THE DEFINITION OF ADVICE UNDER MIFID The ABI s response to CESR s consultation on the definition of advice Introduction 1. The Association of British Insurers (ABI) 1 is the voice of the
More informationTrax Report. Your Fast Track to European Regulatory Change. Comply with Confidence
Trax Report Your Fast Track to European Regulatory Change Comply with Confidence European Markets are Experiencing Unprecedented Change With the introduction of transaction reporting obligations under
More informationTREASURY TREASURY AND RISK SOLUTIONS
Treasury and Risk Solutions TREASURY TREASURY AND RISK SOLUTIONS A Treasury and Risk Solutions B TREASURY INCREASE VISIBILITY TO CASH AND RISK 1 Treasury and Risk Solutions FIS offers a full range of solutions
More informationIFRS 8 Operat a i t ng S e S gme m nts
IFRS 8 Operating Segments Agenda Scope Definitions Operating segments Reportable segments Measurement Disclosure Other considerations Background IFRS 8 was issued by the IASB in November 2006 It replaces
More informationAdvanced e5 for Higher Education
Advanced e5 for Higher Education Advanced e5 Empower you and your colleagues to meet your organisation s requirements, industry standards and best practice procedures; our solution delivers comprehensive
More informationSage HRMS. Stay in Control: The Benefits of In-House Payroll Software
Sage HRMS Stay in Control: The Benefits of In-House Payroll Software How in-house payroll systems deliver long-term control and flexibility over the payroll process. 1 Table of Contents Introduction...
More informationENERGY SUPPLY AND DEMAND
MEETING THE ENERGY SUPPLY AND DEMAND CHALLENGE Investor Briefing 29 May 2018 AGENDA 11.30 11.50 OVERVIEW Jon Stretch CEO 11.50 12.15 ENERGY SUPPLY Steve Rogers EGM Business Energy (AU) 12.15 12.35 LUNCH
More informationSegment Reporting. Simplifying the Aggregation Criteria and Improving Disclosure. Lauren Mottley, Supervising Project Manager.
Segment Reporting Simplifying the Aggregation Criteria and Improving Disclosure Lauren Mottley, Supervising Project Manager June 19, 2018 This The presentation views expressed has in this been presentation
More informationWinning Advantage. Seeking Profitability through Technology Integration
Raef Lee Managing Director SEI Advisor Network rlee@seic.com 610-676-1044 @SEIRaefL Winning Advantage Seeking Profitability through Technology Integration Agenda Who is SEI? The Problem What is Technology
More informationEMEA TMC client conference Operationalising transfer pricing. The Crystal, London 9-10 June 2015
EMEA TMC client conference Operationalising transfer pricing The Crystal, London 9-10 June 2015 1 Agenda Overview of environment Operational transfer pricing overview Key considerations Technology options
More informationCGMA Competency Framework
CGMA Competency Framework Technical skills CGMA Competency Framework 1 Technical skills : This requires a basic understanding of the business structures, operations and financial performance, and includes
More informationMANHATTAN ACTIVE INVENTORY PLANNING
MANHATTAN ACTIVE INVENTORY PLANNING COMPREHENSIVE ENTERPRISE PLANNING, IMPROVED PROFITS Every enterprise does some type of planning, regardless of which vertical you re in and whether you sell B2B, B2C,
More informationSAP S/4HANA. James Wade March 20, 2017
SAP S/4HANA James Wade March 20, 2017 Agenda Introduction to S/4HANA Introduction to Central Finance Demonstration Benefits 2 Digital Finance: What Digitalization Means Digitalization is transforming your
More informationSAP Product Brief SAP SME Solutions SAP Business One
SAP Product Brief SAP SME s SAP Business One Objectives Integrated, comprehensive financial management Integrated, comprehensive financial management As your small business or midsize company grows, so
More informationTowards transparency and freedom of choice An unbundled pricing model for retail banks
Towards transparency and freedom of choice An unbundled pricing model for retail banks Tian Yu Wu Manager Advisory & Consulting Strategy, Regulatory & Corporate Finance Deloitte Arek Kwapien Manager Advisory
More informationBUSINESS PROCESS OUTSOURCING PRESENTATION FOR US JURISDICTION
BUSINESS PROCESS OUTSOURCING PRESENTATION FOR US JURISDICTION Background Vikash Kabra & Co. was founded in the year 2007 with the aim to provide business process outsourcing services for small and medium-sized
More informationSupplier Spend Solutions Redesigning Your Supply Chain Payment Architecture
Treasury and Trade Solutions 8 May 2014 Supplier Spend Solutions Redesigning Your Supply Chain Payment Architecture Panel Discussion Supplier Spend From Cost Savings to Value Creation Need for Cash Access
More informationWhitepaper: Benefits of an open-source approach to IoT Application Enablement
Whitepaper: Benefits of an open-source approach to IoT Application Enablement Enterprises and service providers building IoT solutions evaluate myriad software and hardware options to assemble an IoT stack.
More informationMicroBankingSuite. A scaleable, world-class solution bringing ultimate efficiency to MicroBanking and financial inclusion in emerging markets.
A scaleable, world-class solution bringing ultimate efficiency to MicroBanking and financial inclusion in emerging markets. Productivity of our back office has increased by around 60 percent and therefore
More informationPillar II. Institutional Framework and Management Capacity
PILLAR II. INSTITUTIONAL FRAMEWORK AND MANAGEMENT CAPACITY Pillar II. Institutional Framework and Management Capacity Pillar II assesses how the procurement system defined by the legal and regulatory framework
More informationProgressus PSA: Capabilities That Drive Your People to Perform
Progressus PSA: Capabilities That Drive Your People to Perform It s All About the People Progressus PSA is people-centric, cloud power for emerging professional services firms and project-based businesses
More informationFor personal use only
ASX Announcement 2 March 2018 CAPITAL RAISING & OPERATIONS UPDATE (Manalto or the Company) provides the following update on its operations. Capital Raising Manalto is pleased to advise that placement funds
More informationReady for review: Business Model Assessment
ECB application of EBA SREP guidelines EU Supervisory Center: Ongoing supervision BMA Viability and sustainability of the business model Governance management Adequacy of governance and internal control
More informationLeading Solutions for Investment Services. Copyright 2017 Silver Management Group, Inc. All Rights Reserved
Leading Solutions for Investment Services Silver is a trusted provider of enterprise-class business and technology solutions for investment services companies Silver Solutions. Accurate Data Easy to Operate
More informationAccurate performance measurement is a
Accurate performance measurement is a cornerstone in the investment management process. For both monitoring success and communicating results, the Archer platform delivers performance that supports GIPS
More informationAccelerating your financial close arrangements
Accelerating your financial close arrangements EY Think Piece Contents at a glance Local government accounting, auditing and governance preserving quality financial reporting in light of the new reporting
More information