Advise Technologies, a provider of regulatory reporting software, today announced the addition of the Bank of Israel Derivatives Reporting module to the expanding regulatory reporting capacity of the Consensus RMS platform.
The Bank of Israel Derivatives Reporting module joins a list of over 20 global regulatory filing modules on the Consensus RMS platform, which covers regulations such as AIFMD Annex IV, Form PF, Form ADV and PRIIPs KID.
Consensus RMS allows firms to prepare, manage, and store all relevant regulatory information on one system. By enabling the use of one set of data across all filings and regulations, Consensus RMS ensures consistency and operational efficiency. It also includes assisted workflow processes, such as regulatory validations and electronic submission.
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Roger van Elderen, Head of Business Development Europe, Advise, commented: “As new regulations come out and requirements change, Consensus RMS can calculate, format, and populate the data as the regulators expect. This can be done on all the forms we support, including Bank of Israel reporting. Firms need a built-in workflow and a repeatable process.”
The Bank of Israel reporting requirement, which is effective from 1st January 2017, aims to gather detailed data on foreign currency, index, and interest rate derivative trades executed by relevant entities.
In scope are all Israeli banks, including domestic branches of foreign banks, as well as both Israeli financial institutions and non-Israeli firms whose foreign currency derivative trades in the preceding year exceeded a daily average of USD $15 million.
Once the threshold is met, the reporting requirement applies to all executed trades. The reporting obligation also includes FX spot, which is not typically considered a derivative.
Reports are to be submitted no later than one trading day after the trade was executed. A monthly report of the inventory of open such trades should be submitted no later than one trading day after the end of the month being reported. Firms are required to submit these reports to the Bank of Israel for one year following when the $15 million threshold was met.