Silverfinch has entered into an agreement with ICE Data Services, part of Intercontinental Exchange (NYSE:ICE), to allow ICE’s wealth, asset management and insurance clients to receive information required for the new MiFID II and Packaged Retail and Insurance-based Investment Products (PRIIPs) regulations through ICE Data Services. The new rules come into effect in January 2018.
The agreement between Silverfinch and ICE Data Services provides a framework for customers to quickly implement MiFID II and PRIIPs solutions for ICE’s network of clients. This includes MiFID II product governance, costs and charges structures and PRIIPs KID data. The Silverfinch exchange also allows distributors to send key MiFID II sales data back to asset managers in compliance with product governance requirements. The Silverfinch exchange uses the industry standard European PRIIPs Template (EPT) and European MiFID II Template (EMT) for the distribution of regulatory data.
The PRIIPs regulation requires financial institutions to provide retail investors with a Key Information Document (KID) when selling or advising on a range of investment products. This document provides additional details on risk and performance analytics of products.
Commenting on the agreement, Silverfinch Managing Director John Dowdall said: “Working to solve the regulatory challenges for the financial community has always been at the heart of the Silverfinch data exchange and we remain committed to working with our customers to provide the most effective solutions for meeting their regulatory requirements.
“We are excited to be working with ICE to help financial companies securely and seamlessly get regulatory data where and whenever it’s needed.”