The European Banking Association (EBA) and the U.K. Financial Conduct Authority (FCA) have responded to requests by investment firms to define a new prudential regime that better reflects the risks those firms face rather than the one-size-fits-all banking package defined by the CRD and CRR. Through the introduction of the Investment Firm Directive (IFD) and Investment Firm Regulation (IFR) by the EBA - also known as IFPR in the U.K, which the FCA will legislate for locally as it’s a post Brexit change, investment firms will have to comply with a new set of rules and reporting requirements to meet their prudential obligations.
With the deadline for the new prudential regime for investment firms arriving soon, having the right approach in place to successfully meet the requirements has become a top priority for every CEO, CFO and CRO at MiFID firms. To meet the June 2021 deadline - January 1, 2022 for the U.K. - firms will require strong and focused project management and strategic partnerships.
In the countdown to these deadlines, it is becoming increasingly important for firms to understand the full scope of the new rules and the reporting challenges they pose. OneSumX Regulatory Reporting for Investment Firms is an end-to-end prudential calculator, regulatory reporting, and Pillar 3 disclosure solution specifically for Class 2 and Class 3 firms. The offering provides firms with a fully automated regulatory reporting solution based on a structured logical data model that leverages K-factor calculators with reporting capabilities across capital and liquidity requirements, helping to save time and money that otherwise would be spent on business analysis and development.