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Confluence, the global leader in investment data management automation, today announced that the first four clients have licensed Confluence’s Unity NXT Regulatory Reporting platform to manage end-to-end filing processes for the new and onerous regulatory reporting requirements imposed by the SEC Investment Company Reporting Modernization rules. Following the announcement of the final rules in October of 2016, Confluence has seen unprecedented urgency in the market to solve the data-intensive reporting challenges imposed by Form N-PORT and Form N-CEN to ensure preparedness well in advance of the initial filing deadlines in 2018.
The Unity NXT Regulatory Reporting platform, powered by Synapse™ and introduced by Confluence in May 2016, will assist these firms in addressing the challenges of data-intensive new requirements like Form N-PORT and Form N-CEN. These mandates require new data, new formatting and condensed reporting timeframes that present a monumental operating challenge to back-offices. Firms will need to comply with the SEC Investment Company Reporting Modernization rules as soon as June 1, 2018, and new requirements will affect approximately 13,000 U.S. mutual funds.
Synapse provides powerful data integration and workflow automation that easily accommodates changes to regulatory requirements. The platform’s agile design enables asset managers and servicers to quickly develop new reporting capabilities with minimal cost and complexity as regulators continue to mandate new and changing regulations.
“As timelines for meeting regulatory mandates continue to condense, and the amount of data and number of data sources continue to increase, the biggest challenge facing the industry will be keeping up with the pace and scale of regulatory reporting,” said Todd Moyer, Executive Vice President of Global Business Development at Confluence. “Through the Unity NXT Regulatory Reporting platform, our clients can leverage a single, validated regulatory data set that can be reused across the entire enterprise—achieving the efficiency, scalability and speed required to meet reporting mandates.”
