Societe Generale Securities Services (SGSS) has launched a complete Alternative Investment Fund Managers Directive (AIFMD) reporting package for asset managers and their funds. This new offer responds to the different needs of its asset management clients, allowing them to concentrate on their core investment activities whilst ensuring they are fully compliant with AIFMD. With transposition of AIFMD into law in EU member states currently underway, reporting requirements will be progressively reinforced throughout Europe. Asset managers will be required to provide regulators with detailed reports for their companies as well as for the funds they manage or promote. This involves coordinating a variety of aspects, including the aggregation of extensive amounts of data from numerous suppliers and adapting it to different reporting formats, managing “seasonal” resource peaks in order to meet quarterly deadlines and building up regulatory expertise to provide follow-up to local regulators in the countries where their funds are either managed or promoted. SGSS has developed a complete, modular AIFMD reporting package for asset managers containing three different reporting options. These range from basic data compilation and AIFMD compliant reports, to complete “A-Z” reporting outsourcing:
1. Basic Fund Reports. SGSS manages the compilation of internal data. The asset manager remains responsible for completing these reports and filing them with local regulators.
2. Complete Fund Reports involve data collection and consolidation, both internally from SGSS and from the asset management company. SGSS prepares AIFMD compliant reports for client validation, files them with the local regulators in the countries where the funds are either managed or promoted and deals with any requests from regulators concerning the reports.
3. Complete Fund and Asset Management Company Reports involve data consolidation from third parties, such as the fund administrator if this is not SGSS, and the preparation of AIFMD compliant reports for the full range of funds and a consolidated report for the asset management company. SGSS submits the consolidated report for validation by the client, before filing it with the local regulators in the countries where the funds are either managed or promoted. SGSS then deals with any requests from the regulator concerning these reports.
A complement to SGSS’ existing “AIFMD Trilogy” offer, which addresses depositary needs, distribution opportunities and technical services, such as OTC pricing, this modular package can be adapted to clients’ structures and specific needs and rolled-out on a pan-European basis, thanks to SGSS’ standardised reporting platform. Dedicated teams of experts at SGSS advise and accompany their asset management clients throughout the entire reporting procedure, ensuring that they are fully compliant with the requirements of traceability, auditability and transparency imposed by the AIFMD directive.
We also invite you to read the article by Laurent Plumet, Head of Business Development for Fund Administration at SGSS entitled:
AIFMD Reporting: A Real Headache http://www.securities-services.societegenerale.com/en/regulatory-watch/aifm/aifmd-reporting-real-headache/
