Confluence’s RegTech Solution Selected by Fund Groups Ahead of SEC Legislation

New modernization rules from the SEC have created challenges for mutual funds and their back-office systems.

Confluence, a provider of data management automation, has had its Unity NXT Regulatory Reporting platform licensed by multiple fund groups in a bid to help meet modernization requirements by the Securities and Exchange Commission (SEC).

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The deployment of Confluence’s Unity NXT Regulatory Reporting is designed to help manage end-to-end filing processes for the current and upcoming regulatory reporting requirements lobbied by the SEC’s Investment Company Reporting Modernization rules.

In particular, these new requirements form a more tightly overseen environment for data, new formatting, and condensed reporting timeframes, which has created challenges for back-office systems. The regulator last October adopted new Form N-PORT rules, which require registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format.

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Firms will have a relatively narrow window within which to comply with the new SEC Investment Company Reporting Modernization rules, which is slated for June 1, 2018. The requirements will affect approximately 13,000 US mutual funds, creating a need for the adoption of sufficient RegTech solutions.

Confluence’s Unity NXT Regulatory Reporting platform will aim to help provide data integration and workflow automation to these four funds, which have been amongst the first in the industry to adopt the solution.

Todd Moyer
Todd Moyer

According to Todd Moyer, Executive Vice President of Global Business Development at Confluence, in a recent statement on the licensing: “As timelines for meeting regulatory mandates continue to condense, and the amount of data and number of data sources continue to increase, the biggest challenge facing the industry will be keeping up with the pace and scale of regulatory reporting.”

“Through the Unity NXT Regulatory Reporting platform, our clients can leverage a single, validated regulatory data set that can be reused across the entire enterprise—achieving the efficiency, scalability and speed required to meet reporting mandates,” he added.

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