16 September 2014
DataArt Updates Free Application to Help Clients Meet AIFMD Requirements
Front-end Application Streamlines Automated AIFMD Filing for Fund ManagersDataArt, a custom software development company that builds advanced solutions for select industries has unveiled an update to its free front-end application for its global fund manager clients, to help meet the requirements of the Alternative Investment Fund Managers Directive (AIFMD) that took effect in July 2013.
Automating AIFMD reporting has become a priority for many fund managers, as manual aggregation of external and internal data sources feeding into AIFMD is labour-intensive, inefficient, and not a realistic solution when reporting a number of funds and fund management entities.
The updates to DataArt’s free front-end application provide support for the latest AIFMD reporting requirements outlined by ESMA, allowing clients to use the application as a front-end in order to view and validate XML reports obtained from other AIFMD compatible systems, such as custom-built reporting systems or vendor products; to export reports to Excel for use as print outs, emails, or for committee reviews; and to use ESMA Excel-based templates for manual reporting processes in conjunction with the application to generate XML reports required by regulatory authorities.
The front-end application minimizes the cost and time necessary for implementing an end-to-end automated AIFMD solution, allowing firms to focus on firm-specific data aggregation functionality. The updated application can also serve as a basis for developing rich and bespoke functional requirements, particularly around multi-users’ workflows and notifications.
“The main challenge of AIFMD as a regulation is its comprehensiveness, especially given that many of the affected fund managers have never seen regulations on this scale before,” said Alexey Utkin, financial services practice leader at DataArt UK. “With AIFMD touching on all aspects of risk – market, credit, counterparty, liquidity and operational, including stress tests – many firms do not have the risk controls in place at the level required by these regulations, and the challenge for them is to embrace and implement appropriate risk controls and reporting on a tight timeline. Our front-end application has therefore been further developed in order to help streamline that process, saving clients both time and money.”
The front-end application, which is built on top of DataArt’s existing Form PF and original AIFMD reporting tools released respectively in 2013 and early 2014, give the added benefit to global fund managers of combining supports for both AIFMD and Form PF filings. The software operates on top of the unified data model and requires a single implementation effort of integrating custom data for both AIFMD and Form PF filings.
DataArt clients can download the free application here.