Nearly Seventy Percent Set to Use Confluence for 2018 SEC Report - Erie News Now | WICU & WSEE in Erie, PA

Nearly Seventy Percent Set to Use Confluence for 2018 SEC Reporting Modernization

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com

SOURCE Confluence

Firms Commit to Technology Readiness as Test Filing Phase Begins

PITTSBURGH, Sept. 22, 2017 /PRNewswire/ -- To date, fund administrators and asset managers servicing or managing nearly 70 percent of all '40 Act funds have selected Confluence's Unity NXT™ Regulatory Reporting platform to prepare and file their Form N-PORT and Form N-CEN filings, key requirements in the SEC Reporting Modernization.

The SEC's modernization effort focuses on collecting the data necessary to evaluate mutual funds' impact on systemic risk and to inform the SEC's examinations and rule making. Because systemic risk reporting is new to most mutual funds, the data management aspect of the rule has been a huge burden on fund firms, who have looked to proven technology providers to lessen the impact.

"Third-party fund administrators and asset managers servicing more than 8,300 of the approximately 12,000 mutual funds impacted by the SEC Modernization mandate are signed on to use Confluence.  Those firms can now focus on the next phase of SEC Modernization readiness, organizing and integrating data already available in-house and selecting new content data providers," said Tom Pfister, Global Head of Regulatory Reporting Solutions at Confluence. "The majority of the market has chosen Confluence for two reasons: first, our extensive experience with systemic risk filings, including Form CPO-PQR and Form N-MFP and others already impacting the alternative fund space; and second, our innovative platform-based approach that services the broadening scale of regulation rapidly and efficiently."

Confluence has been preparing for SEC Modernization since early 2014, revamping our infrastructure to deal with systemic risk reporting, and evaluating the unique challenges presented by each component of the rule. This early preparation has uniquely positioned Confluence to minimize the operational impact of the new requirements to their clients.

Concurrent with clients' data sourcing and management work is the first round of test filings.  On September 11, the same day on which the SEC released the technical specifications to be used in the initial test filing window, Confluence successfully submitted a test filing. This initial test period runs through the end of December. Confluence will participate at multiple intervals and will continue to provide updates to their clients on findings and progress.  Confluence will also participate in the second testing window available from March 1, 2018 to May 31, 2018.

Introduced by Confluence in May 2016, the Unity NXT Regulatory Reporting platform, powered by Synapse®, enables firms to address the challenges of data-intensive new requirements like Form N-PORT and Form N-CEN, which require a new approach that scales the massive data requirements and increased frequency of change of today's regulatory environment.

About Confluence

As a global leader in data-driven solutions for efficiency and control, Confluence solves tough data management and automation challenges for the asset management industry, including performance reporting, regulatory reporting, investor communications and fund expense management. Confluence solutions enable asset managers and third-party administrators to consolidate and leverage data across business operations, which results in lower costs, reduced risk, decreased reporting turnaround times and the scalability to automate more processes without additional resources. The platform features solutions to support a wide array of fund types – including mutual funds, ETFs, alternative investments, institutional portfolios and UCITS funds. Seven of the top 10 global service providers license Confluence products and eight of the top 10 global asset managers have business processes automated through Confluence.

Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations in Brussels, Dublin, Ho Chi Minh City, London, Luxembourg and San Francisco. For more information, visit www.confluence.com.

 

View original content:http://www.prnewswire.com/news-releases/nearly-seventy-percent-set-to-use-confluence-for-2018-sec-reporting-modernization-300524288.html

©2017 PR Newswire. All Rights Reserved.

Powered by Frankly
3514 State St. Erie, PA 16508
Newsroom: (814) 454-8812
Business offices: (814) 454-5201
WICU FCC Filing
WSEE FCC Filing
Share:
Share Stories
Submit your stories to our site!
Share Photos
Share your photos in our community galleries
RSS Feeds
All content © Copyright 2000 - 2017 WICU. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
                   WICU/WSEE - 3514 State Street Erie, PA 16508 - (814) 454-5201 - info@wicu12.com