As the regulatory landscape grows more complex, we’re seeing an explosion of Fintech providers stepping in to develop new solutions or upgrade their exciting offering. The latest one to do so is Leverate, a technology firm specializing in brokerage solutions, which on Monday announced new updates for its Cyprus-based Regtech solution Regyoul8.
The recent upgrade is designed to help firms comply with the vast scale of MiFID II reforms, which came into effect in January 2018. Leverate said the re-launched solution specifically helps Cypriot firms meet CySEC’s stringent regulatory requirements. The country’s venues and brokers are already gearing up for a seismic shift that has been a long time coming.
The Cypriot watchdog has previously announced that adoption of MiFID II requirements by the companies it regulates will be a key priority in 2018. It also carried out thematic reviews on the product governance requirements under MiFID II to improve the industry’s integrity, and further protect investors.
Regyoul8 is a RegTech solution that helps address a number of different regulatory challenges amidst increasing demand for automated workflows. The solution is geared towards several players including forex brokers and other trading venues. Moreover, the solution helps shore up pre- and post-trade obligations across the entire trade lifecycle.
Combining MiFIR, MiFID II, EMIR, and AML measures
Leverate has also equipped Regyoul8 with three native solutions, including Gap Analysis, Report Generation and Automated Reporting, which collectively provide several compliance features in line with MiFID II regulatory requirements.
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As such, the company’s compliance portfolio will help financial operators manage requirements as well as address regulatory matters that affect a range of functions including trading, transaction reporting, and client services.
“In addition to the increased reporting obligations and best execution demands that MiFID II brought with it, AML measures have been enhanced too. The regulatory landscape has become a minefield for non-compliant brokers, as sanctions include public statements of infringement, cease orders, and fines of millions of euros,” the company said.
Leverate added that Regyoul8 would allow many brokers that do not have in-house knowledge or resource to combine reporting requirements for MiFIR, MiFID II and EMIR, AML measures and KYC procedures.
Commenting on the news, Haim Machluf, Sales and Business Development Manager at Leverate said: “Regyoul8 has the distinction of being a compliance solution, a management tool, and a marketing booster at the same time. It proves your professional standards to your internal leadership, attracts new clients, and retains your existing customers with transparency and superior results.”
Leverate’s CEO Yasha Polyakov, concluded: “The regulatory environment keeps evolving on an ever-changing dynamic pace, and at Leverate we are always on the front line, adopting, adapting and improving our in-house developed systems to meet the requirements of our clients, and even more – to give them a distinctive competitive advantage in their respective markets”.