Asset managers risk missing MiFID II and PRIIPs deadline
September 11, 2017

Asset managers may miss the deadlines of their insurance and wealth management partners for MiFID II (markets in financial instruments directive II) and PRIIPs (Packaged Retail and Insurance-based Investment Products) data delivery as they are too focused on the end of year regulatory starting point and ignoring full preparation time, according to panellists and contributors at a recent conference hosted by regulatory data exchange Silverfinch.

The majority of asset managers are collating their data to be delivered to distributors for the January introduction of MiFID II and PRIIPs next year, leaving no time for distributors to road-test and finesse their own data processes. Industry experts recommend that insurers and wealth managers need the relevant information at least two months ahead of the regulatory deadline in order to prepare their own internal operations.

Fund managers may also struggle in amassing the correct data as it often comes from a multitude of external and internal sources. A failure to present distributors with data before the end of October could hamper the sales process and expose distributors to both regulatory and legal challenges if it means that end investors are left without adequate information when the new rules come in. As a result, this could lead distributors to having to remove certain products from their sales offering.

"You cannot reasonably expect people to get data at the end of December and then be ready to give that data out to clients the next day," said John Dowdall, Silverfinch Managing Director.





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Asset managers may miss the deadlines of their insurance and wealth management partners for MiFID II (markets in financial instruments directive II) and PRIIPs (Packaged Retail and Insurance-based Investment Products) data delivery as they are too focused on the end of year regulatory starting point and ignoring full preparation time, according to panellists and contributors at a recent conference hosted by regulatory data exchange Silverfinch.

The majority of asset managers are collating their data to be delivered to distributors for the January introduction of MiFID II and PRIIPs next year, leaving no time for distributors to road-test and finesse their own data processes. Industry experts recommend that insurers and wealth managers need the relevant information at least two months ahead of the regulatory deadline in order to prepare their own internal operations.

Fund managers may also struggle in amassing the correct data as it often comes from a multitude of external and internal sources. A failure to present distributors with data before the end of October could hamper the sales process and expose distributors to both regulatory and legal challenges if it means that end investors are left without adequate information when the new rules come in. As a result, this could lead distributors to having to remove certain products from their sales offering.

"You cannot reasonably expect people to get data at the end of December and then be ready to give that data out to clients the next day," said John Dowdall, Silverfinch Managing Director.



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