Timeliness critical for PRIIPs
December 6, 2016

Following its PRIIPs (packaged retail and insurance-based investment products) event earlier this year, Silverfinch, a look-through and data distribution utility for client regulatory reporting, recently hosted a dedicated PRIIPs event in Dublin, examining the industry's readiness and understanding of the impending regulation.

It says that while the PRIIPs deadline has been pushed back to January 2018, the overwhelming view from the industry was that both asset managers and insurers need to get ahead to prepare for the regulation well ahead of this date. Both have experienced significant leeway from the regulator with regards to Solvency II, which came into effect this year, but with PRIIPs the data form part of the legal engagement between the investor and the PRIIPs provider – and without this data exchange, business will simply stop.

Silverfinch says that a poll at the event showed that 20 percent of product manufacturers have paused on their preparations following the delay. Karl Murray, Consulting Actuary at Milliman, warned that this pause is "a bad idea", particularly as PRIIPs and MiFID II will now be implemented on the same date – providing a double headache for the industry. "The scale of regulation is massive," added Jeff Willems, Senior Vice President Business Development, Silverfinch. "Even with this extra year we will still be tight on time."

The changing deadline for PRIIPs has meant that insurers and asset managers are now communicating much better with each other in order to work together. However, this preparation is not consistent across the market. Willems commented: "When speaking with our contacts about PRIIPs implementation…life firms are less prepared."

Robert McNamara, Sales Director at Donnelley Financial Solutions pointed out that "fund managers and product managers need to work on communicating".





This site, like many others, uses small files called cookies to customize your experience. Cookies appear to be blocked on this browser. Please consider allowing cookies so that you can enjoy more content across globalcustody.net.

How do I enable cookies in my browser?

Internet Explorer
1. Click the Tools button (or press ALT and T on the keyboard), and then click Internet Options.
2. Click the Privacy tab
3. Move the slider away from 'Block all cookies' to a setting you're comfortable with.

Firefox
1. At the top of the Firefox window, click on the Tools menu and select Options...
2. Select the Privacy panel.
3. Set Firefox will: to Use custom settings for history.
4. Make sure Accept cookies from sites is selected.

Safari Browser
1. Click Safari icon in Menu Bar
2. Click Preferences (gear icon)
3. Click Security icon
4. Accept cookies: select Radio button "only from sites I visit"

Chrome
1. Click the menu icon to the right of the address bar (looks like 3 lines)
2. Click Settings
3. Click the "Show advanced settings" tab at the bottom
4. Click the "Content settings..." button in the Privacy section
5. At the top under Cookies make sure it is set to "Allow local data to be set (recommended)"

Opera
1. Click the red O button in the upper left hand corner
2. Select Settings -> Preferences
3. Select the Advanced Tab
4. Select Cookies in the list on the left side
5. Set it to "Accept cookies" or "Accept cookies only from the sites I visit"
6. Click OK

Following its PRIIPs (packaged retail and insurance-based investment products) event earlier this year, Silverfinch, a look-through and data distribution utility for client regulatory reporting, recently hosted a dedicated PRIIPs event in Dublin, examining the industry's readiness and understanding of the impending regulation.

It says that while the PRIIPs deadline has been pushed back to January 2018, the overwhelming view from the industry was that both asset managers and insurers need to get ahead to prepare for the regulation well ahead of this date. Both have experienced significant leeway from the regulator with regards to Solvency II, which came into effect this year, but with PRIIPs the data form part of the legal engagement between the investor and the PRIIPs provider – and without this data exchange, business will simply stop.

Silverfinch says that a poll at the event showed that 20 percent of product manufacturers have paused on their preparations following the delay. Karl Murray, Consulting Actuary at Milliman, warned that this pause is "a bad idea", particularly as PRIIPs and MiFID II will now be implemented on the same date – providing a double headache for the industry. "The scale of regulation is massive," added Jeff Willems, Senior Vice President Business Development, Silverfinch. "Even with this extra year we will still be tight on time."

The changing deadline for PRIIPs has meant that insurers and asset managers are now communicating much better with each other in order to work together. However, this preparation is not consistent across the market. Willems commented: "When speaking with our contacts about PRIIPs implementation…life firms are less prepared."

Robert McNamara, Sales Director at Donnelley Financial Solutions pointed out that "fund managers and product managers need to work on communicating".



Free subscription - selected news and optional newsletter
Premium subscription
  • All latest news
  • Latest special reports
  • Your choice of newsletter timing and topics
Full-access magazine subscription
  • 7-year archive of news
  • All past special reports
  • Newsletter with your choice of timing and topics
  • Access to more content across the site