RIMES, a data management and regtech provider, has launched a new dashboard to help asset managers quickly understand their exposure under the EU Benchmarks Regulation (BMR).
The BMR has provided a significant compliance challenge for the buy-side. The systems and processes needed to track the benchmarks landscape in-house are costly and resource-intensive. Some firms lack the centralised and robust data management practices needed to manage the compliance risk effectively and many have found it a challenge to keep up with which administrators and benchmarks are, and are not, authorised for use in the EU.
RIMES RegFocusSM BMR Dashboard, accessible via RIMES Online, leverages relationships with the European Securities and Markets Authority (ESMA), national regulators and benchmark administrators to track the index landscape and generate accurate and timely reports for firms’ compliance needs.
With fines for non-compliance as high as 10 per cent of a firm’s annual income, BMR authorisation tracking is an absolute necessity. With the RIMES BMR Dashboard, asset management firms can:
- Understand their BMR exposure with simple graphs
- Drill down into the status of actual benchmarks and individual index return variants
- View administrators’ Benchmark Statements and related documentation
- Check if given indices are permitted under BMR
- Research 3.3 million indices for onboarding workflows
Diarmuid O’Donovan, COO, RIMES, comments: “Despite the EU Benchmark Regulation (BMR) coming into effect from January 1st 2018, it is still a significant compliance headache for firms to identify which benchmarks have and haven’t been authorised for use in the EU.
“Our BMR Dashboard further enhances our suite of RegFocus BMR services, by making compliance accessible for asset management firms who are struggling with the in-house cost and resource required to manage compliance with the BMR effectively. RIMES does all the heavy lifting for clients so they can understand their true exposure under the regulation and act accordingly.”
