Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting, today announced that a more flexible and efficient response to Banque Centrale du Luxembourg (BCL) and Commission de Surveillance du Secteur Financier (CSSF) regulatory reporting is now available within its Unity NXT® Regulatory Reporting Platform.
With condensed filing windows and frequent changes, administrators responsible for statistical reporting in Luxembourg are faced with the steep challenge of ensuring their firms meet the numerous monthly, quarterly and annual filings mandated by the BCL and CSSF. There are a number of forms required to be filed that adhere to different timeframes, making it time-consuming for firms to complete the process.
BCL and CSSF reporting has traditionally been accomplished manually. Confluence's new solution supports reporting to both the BCL and CSSF on eight critical forms and allows for variable mapping logic across fund complexes, data reuse across numerous forms and customizable business rules to supplement regulator checks. The solution allows for firms to integrate with accounting systems and other upstream data sources facilitating straightforward migration and uninterrupted ease of use.
“Despite tremendous leaps in regulatory compliance technology in recent years, many filing requirements have not yet been addressed with automated solutions. BCL and CSSF reporting requirements are being handled manually by most, despite the time constraints and costs,” said Confluence’s President and Chief Operating Officer Todd Moyer. “We’re excited to offer a brand-new solution that leverages the accessibility and ease-of-use of our Unity NXT platform to help our clients meet their Lux reporting requirements.”
Unity NXT Regulatory Reporting is Confluence’s solution that eases data management challenges and automates the filing processes for global regulatory reporting obligations including BCL and CSSF reporting. Unity NXT Regulatory Reporting is a flexible platform under constant development to deliver solutions to global reporting challenges in an ever-evolving regulatory landscape.
Contributed | what does this mean?