Regulatory Reporting

Asset managers and insurers are facing constantly growing regulatory requirements and a strong demand for digitalization. Our regulatory reporting service helps you to fulfil this increasing demand with comprehensive managed solutions tailored to your needs.

EY’s Regulatory Reporting platform enables innovative business perspectives. We will provide you with high-quality digital service, driving your customer experience to the next level. Through the platform, we offer an end-to-end solution, ensuring process transparency, from data gathering to distribution of your reports. Our managed services team will keep you updated with the latest regulatory changes.

Furthermore, through the EY Financial Managed Services platform, you have a faster and more efficient access to EY’s services supporting the fund lifecycle, sector relevant news and events and thought leaderships.

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Why EY?

Cutting-edge reporting platform

Time and efficiency gains through improved data collection and controls
Flexible architecture which ensures efficient onboarding of future regulations
Compelling commercials

Regulatory knowledge as our DNA

Up to date with market practices
Monitoring of the regulatory landscape and impact assessment
One-stop shop for regulatory reporting (30+ reports and commitment to expand further to meet clients' upcoming needs)

Exceptional Client Service

Dedicated multilingual team
Unique combination of technology, regulatory expertise, and access to EY's vast network of resources
Rigid governance model in delivering our service

How EY can help

One-stop shop

EY regulatory reporting platform collects data automatically from various sources including daily feeds from 15+ fund administrators, performs data assessment, utilizes a flexible classification and cutting-edge calculation engine, and disseminates the generated reports to regulators, distributors or investors.
AIFMD - Annex IV
The Alternative Investment Fund Managers Directive 2011/61/EU ("AIFMD") is an EU law on the financial regulation of hedge funds, private equity, real estate funds, and other "Alternative Investment Fund Managers" (AIFMs) in the European Union and requires to report Annex IV reports to local regulators according to a predefined frequency.
Key features:

Annex IV reporting according to the formats ESMA XML for AIFM 24(1), AIF 24(1), 24(2) and 24(4)

Data collection from various parties – client internal teams, fund administrators, transfer agent, etc., taken over by EY

EY standard template for static data delivery

Flexible classification engine for holdings and trades

Dashboard to compare current and previous filings and highlight outliers

Automatic filing to regulators
Alternative monitor and review
To help AIFMs in mastering the main hurdles in their risk management process of alternative investments, EY developed the cutting-edge Alternatives Risk Monitor. It improves operational decision-making and increases transparency and efficiency while maintaining regulatory compliance in the risk management function. EY can support clients in ad-hoc or continuous risk assessement.
Key features:

Extensive out of the box KRI inventory and possibility to add specific KRIs

Apply group of risks (e.g., on the investment strategy and sector) to facilitate an easy/automatic mapping process

Easing the assessment through central capturing of global values and and automatic feeds from various sources

Flexible KRI configuration enables you to set-up frequency, priority, risk model, etc.

Audit trail – e.g., access to all previously conducted assessments

Automated sourcing of holding and NAV data from the fund administrator

Dashboard for insightful analytics
Basel III (GroMiKV, CRR, CRD IV)
Funds are required to provide the below mentioned reports to bank investors in order to meet their Basel III look-through requirement and reduce capital adequacy.
GroMiKV - The GroMiKV reporting enables investors from the banking sector to identify their concentrated exposures according to the regulation of large exposures and loans

CRR - According to the Capital Requirements Regulation (CRR), for financial institutional investors we need to identify the fund’s CVA risk, own fund deduction quotes, FX exposure and risk weights.
CRD IV - The Capital Requirements Directive IV (CRD IV) is an EU legislative package that contains prudential rules for banks, building societies and investment firms. It includes enhanced requirements for the quality and quantity of capital, a basis for new liquidity and leverage requirements, rules for counterparty risk, macroprudential standards including a countercyclical capital buffer and capital buffers for systemically important institutions.
BVI Property Return

The "Property Return Model" established by the German industry association BVI is intended to supplement the previous methods of risk measurement in real estate funds and to map relevant market risk figures for any real estate in a fund. The report can be shared internally or with investors.
Delegation oversight
The delegation of investment management functions by UCITS management companies and alternative investment fund managers (AIFMs) has been under the lens of the ESMA (e.g. review AIFM directive) and the CSSF (circ. 18/698). EY’s Oversight solution enables you to manage and document your delegated functions centrally, to link to due diligence platforms and to monitor KPIs and SLAs centrally.
Oversight Management

Managing the delegation policy and procedure

Centralized repository of delegation and its required information (e.g., SLAs)

Intuitive and overview report and all relevant information at your fingertips
Due diligence process

Links to the due diligence platforms or central storage of due diligence answers

Review of the due diligence questionnaire

Review of delegates' answers
KPI measurability

Individual assessment of KPIs

Tailored KPI configuration

Centralized storage of external KPI report
Factsheets
Key features
Flexible presentation of essentials

Tailored templates

End-to-end process, e.g.,

Efficient data gathering from various sources

Enrichment through market data

Narratives configuration allows to set up narratives at umbrella, fund and share class level

Publishing of the latest Factsheet on website after validation by client

Factsheet comparison feature on dashboard allows to quickly review any changes from last published version
MIFID II - EMT, OpenFunds, WM
The Markets in Financial Instruments Directive (MiFID II) requires that the funds are being made available only to the right investor groups and fund’s cost information are disclosed pre-trade and on regular basis. The industry defined a standard template to exchange this information efficiently: European MiFID II Template (EMT) entails the target market data, distribution strategy, as well as ex-ante and ex-post costs. In addition to the EMT, certain distributors may request to utilize different platforms of exchange with their bespoke formats (WM Daten, Allfunds, OpenFunds).

Key features
Automatic dissemination to distributors and platforms

Seamless integration with EY’s Transaction Cost module

Comparison with previously approved reports to optimize review and approve process

Optional calculation of additional cost information

Look-through into external target funds
Money Market Fund Reporting
The Money Market Fund Regulation EU 2017/1131 (in short “MMFR”) is an EU regulation for money market funds (“MMF”), which requires to report stress tests and other information (in particular classification of investors) to local regulators. The stress tests calculations are standard for all MMFs, as per the methodology described in ESMA guidelines ESM34-49-164 and ESMA34-49-168.
General challenges:

Sourcing the relevant data and check granularity

Determine rules to map with correct codes

Take and document assumptions e.g. when data is unavailable

Automation of different process steps
Classifications

Classifications of assets and issuer types

CFI/UPI/FISN codes

Classification of investors – example where the information was hard to reach
Stress tests

Mapping data from various sources or systems

Assumptions on liquidity stress tests

Macro-systemic shocks affecting the economy as a whole
Xml

Assumptions when the MMFR regulation, the ESMA guidelines and the technical specifications seem to differ

Enable validation/review in a readable way

Filing process

Migration to version 1.1
Pension reporting

Funds are required to provide the below PKG report to Austrian pension funds which are investing into the funds so that the pension funds can perform their asset look-through requirement.

VAG (Versicherungsaufsichtsgesetz) is German pension fund reporting. The German insurers and pension funds are required to perform a certain asset look-through. This report is provided by asset managers on a quarterly basis.

FTK, (Financieel Toezichtskader) is a Dutch pension fund reporting. The Dutch pension funds are required to perform a certain asset look-through. This report is provided by asset managers on a quarterly basis.

Traffic-light model is a Sweden pension fund reporting where a company’s solvency risk is categorized as green, amber or red and according to the colour some actions are taken.

COVIP reporting is an Italian reporting required by Italian regulators for pension funds.
PRIIPs KID for insurer
Key Information Documents for insurers (KID), in which product information, risk, performance scenarios and costs (in particular transaction costs) are disclosed.
Key features:

KIDs and SIDs

Monitoring of product features and figures

Monitoring of trigger events of ‘material change’ or annual review

Flexible narratives management

Translation

Website integration and hosting of documents

Calculations

Collection of EPTs from ~300 asset managers

Up to daily calculations of Systemic Risk Indicator (SRI), performance scenarios and cost information

On the fly simulation for specific investment scenarios (illustration to insurer’s end-client)

Sourcing of proxy data for new insurance and allocation funds
PRIIPs KID, EPT and CEPT for asset managers
Key Requirements:

Rule book approach

Monitoring of product features and figures

Monitoring of small amount of free text fields

Trigger event of ‘material change’ or annual review (every 12 months)

Monthly calculation not required but recommended (SRI and performance scenario monitoring, transaction cost)

Once drafted – less maintenance needed on text fields

Translation only on free text fields
Solvency II - TPT and SCR Market

Asset managers need to send a TPT (Tripartite Template) in a given format to their insurance investor in order to meet their look-through and capital adequacy requirement. EY supports asset managers in the creation of the TPT report and SCR calculation and collects for insurer and fund of funds the TPTs from asset managers. More and more insurers are asking for alternative investment funds (AIF) for instance for the right real estate capital adequacy or perform an eligabilty assessment (long-term equity and infrastructure information).
Transaction cost calculation
EY Regulatory Reporting platform calculates both PRIIPs transaction cost calculation methods – the arrival price/slippage method and the new PRIIPs/estimate method. Asset managers can choose one of the methodology for EMT and EPT reporting.
Key features:

Tracked changes of ex-post and ex-ante figures

Arrival price and estimate methodology comparison

Sourcing of arrival price

Detailed classification of asset classes for estimate methodology application

For Fund-of-Funds:

sourcing of Fair-Value-Price-Template FVPT (arrival price of funds) to calculate transaction costs of (de-) investing into funds

cost look-through (EY collects EPTs from ~300 asset managers)
UCITS KIID
Key features
Tailored templates to meet client branding guidelines

End-to-end process, e.g.,

Efficient data gathering from various sources

Enrichment through market data

SRRI monitoring

Narratives configuration allows to set up narratives at umbrella, fund and share class level

File and publish latest KIID on website after validation by client

Translation service

UCITS KIID comparison feature on dashboard allows to quickly review any changes from last published version
UK pension schemes (DCPT, FVPT, CTI)
DC Workplace Pensions Template (DCPT) and Fair Value Mid-Price Template (FVPT) are required by DC Workplace providers to disclose the transaction costs data in accordance with COBS 19.8.4R.

Cost Transparency Initiative (CTI) is used to report costs of segregated mandates and pooled funds to UK institutional investors, under the PS17/20 detailed cost disclosure.
Key features:

For asset manager

Costs look-through

Transaction costs and ADO monitoring from previous reporting period

Flexible classification rules to categorize different costs into the various CTI categories

Generation of all DCPT, FVPT and CTI templates

Pension scheme provider

DCPT and FVPT collection from Asset Managers and monitoring

Calculation of transaction cost for pension funds investing into external funds

Customizable reporting