Regulatory data exchange

As part of the CSS Fund Reporting platform, Silverfinch is a regulatory data exchange that enables for efficient and secure exchange of regulatory fund data from one centralized venue. The platform serves Solvency II, PRIIPs, MiFID II, UK pension reporting and the German regulations; GroMkVi and VAG.

Silverfinch is currently used today by over 600 asset managers to exchange their regulatory data templates with investors, insurers and fund-of-fund managers. The platform contains data for over 120,000 share classes with additional funds being added daily.

There are three distinct service options available:

  • Data Dissemination
  • Data Aggregation
  • Template Creation & Calculations

Data Dissemination:

Asset managers can subscribe to the Premium Dissemination Service on Silverfinch. This allows them to disseminate their regulatory data to all their downstream clients from one centralised venue for an annual fee.

Once an asset manager subscribes to the Premium Dissemination Service and loads up their regulatory data files for distribution, the data is then made available to be requested by any user of the platform. Asset managers can direct their clients to the platform to obtain their data for no fee.

When disseminating data via the Silverfinch platform, asset managers still have full control over who gets access to their data. Users of Silverfinch must request access to the regulatory data files they require. Each asset manager then gets to “permission” who gets access to their data. This access control is particularly important for the likes of Solvency II TPT data which can be time sensitive information.

Data Aggregation:

Investors can use the Silverfinch platform to source all their required regulatory data from one centralised venue. (e.g. Fund-of-fund managers can use the platform to obtain the EMT costs & charges data under MiFID II and Insurers can use it to obtain TPT files to offset their capital exposure under Solvency II.)

There is no fee for investors to register for Silverfinch and get access to any data that the asset managers have subscribed to disseminate (once permissioned).

Investors also have the option of subscribing to the Premium Aggregation Service. This allows the investor to upload a target fund list for regulatory data capture. The investor will immediately be able to request access to data from any asset manager on the platform. In addition, for any funds not currently on the platform, the Silverfinch client service team will put a capture project in place to capture the fund data directly from the asset manager. In cases where the asset manager is requested to upload their regulatory data on Silverfinch for a Premium Aggregation subscriber, no charge applies. Note: For Solvency II TPT data, an NDA will likely be required between the asset manager and the investor before the asset manager will permission access to the data.

The Silverfinch platform also provides look-through functionality for fund-of-funds (both internal and third-party fund look-through). This enables insurers to get the full Solvency II look-through on their fund-of-fund investments.

Template Creation & Calculations:

In addition to providing a regulatory data exchange platform, CSS can also provide service around the creation of the regulatory templates themselves. This can include fully outsourced managed services to create the templates as per the regulatory guidelines along with services around production of the necessary regulatory calculations and third-party data enrichment.

Template examples include: EMT, EPT, CEPT, TPT, QRTs, GroMkVi, VAG, MiFID ex-post and ex-ante reports.

Calculations services include: SCR analytics, apportionment calculations and PRIIPs performance scenarios.

Silverfinch Advantages:

  • One centralized venue for regulatory data
  • Coverage: 600+ asset managers, 120,000+ share classes
  • Data aggregation – single file for all required funds
  • Scheduled file deliveries
  • Quality checks on all data added to platform
  • Secure exchange of regulatory data
  • Permissioned access to data
  • Cost & charges look-through
  • Latest regulatory templates

To learn more about Silverfinch, schedule a call below with a CSS regulatory expert.