27 October 2020

We have joined TISA network to ease regulatory reporting for clients

Today we are excited to announce that Kneip has joined TISA’s Universal Reporting Network (TURN). TURN is predicted to cut data and analytics costs for asset managers by between 80-90% per annum from year one and the utility, powered by Atos, aims to ease regulatory reporting requirements of MiFID II. The collaborative blockchain solution will be rolled out across Europe this quarter.

At Kneip we are on a mission to make it easier for clients to stay compliant, and we are a member of other similar associations to provide accessible solutions to Europe’s regulatory requirements. We have joined TISA’s Universal Network as the solution will ease regulatory reporting requirements of MiFID for asset management. Through our involvement, all our clients will have access to the EMTs (European MiFID II Template) on a real time basis and this will be of a high and consistent quality.

Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs. TURN will ensure better transparency of funds so that they can be more easily and accurately profiled. This will allow for better comparison between funds on both the genetic make-up of the fund and its costs. The availability of more transparent profiling is in response to demands by retail investors. With the industry seeing a significant increase of interest in ESG’s, this will also ease pressure on firms when ESG reporting obligations become mandatory next year

Commenting on our involvement, Lauri Paal, our Chief Product Officer, says, “We are delighted to be a founding partner of TISA’s Universal Reporting Network – TURN. At Kneip we are absolutely determined to solve our clients’ problems so recognise how valuable it is for the industry to come together and help make it easier for asset managers to comply with the ever-changing regulatory world and to make fund distribution more effective.

“This collaborative blockchain solution is a great step in the right direction. It will make reporting and exchange of data simpler and more efficient, as well as encourage asset managers to share and have access to EMT data. Our belief is that this will help drive EU data standardisation which will ultimately improve outcomes for investors. We’re looking forward to working closely with TURN on this journey to create a fully transparent way of data reporting and make positive changes for our clients and the market as a whole.”

Gary Bond, CEO of TURN, said: “We are thrilled that Kneip has joined the TISA Universal Reporting Network as another notable founding member, to help build and test this industry-led and run utility. The impact will be substantial, for all types of firms working in this space, including the UK, the EU and Switzerland. The utility is clearly a sought-after ambition as we have been working with our members, including European asset managers, distributors, platforms, and IT firms to identify and address their needs through TURN.”

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