Regulatory data exchange Silverfinch has added a MiFID II-specific solution to its data model in preparation for the regulations, which come into force in January 2018.
The solution allows asset management clients to build a tailored template, which aggregates the data from different sources and securely delivers it to distributors.
MiFID II, an EU regulatory initiative that looks to improve transparency across financial markets, impacts a broad array of asset management business, encompassing everything from transaction reporting to research acquisition.
A 2016 report from Boston Consulting Group found that asset managers and investment banks are expected to spend in excess of $1bn to comply with the directive.
The FCA has publicly raised concerns about market readiness for the implementation of MiFID II, specifically identifying smaller firms as behind.
Its implementation has been delayed twice, but experts indicate any further delays are highly unlikely.
"MiFID II looks set to be the largest shake-up the industry has seen in many years," said Silverfinch's managing director John Dowdall.
"Whilst improved communication and increased transparency will certainly benefit the investor community as well as the end investor, the sheer volume of data required means the industry cannot wait and needs to start to prepare now."
In a second stream to the solution, Silverfinch also offers guidance for distributors, allowing them to use the standardised template, allowing them to meet their obligations under the directive.
In addition, the solution facilitates the return delivery to asset managers of sales suitability reporting, based on target market criteria.
"Our MiFID II offering ensures that all parties will be able to meet their regulatory obligations in a secure environment, whilst still enabling asset managers to efficiently distribute their funds and distributors to meet their clients' investment needs," said Dowdall.
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