RIMES, the global leader in data management and RegTech solutions, today announced the launch of the RIMES RegFocusSM BMR Dashboard, a new, cost-effective and simple-to-use service 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 centralized 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’ new 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% 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
• Drilldown 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, commented: “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.”
RIMES—recently awarded Best Vendor Solution for Benchmark Regulation at the 2020 RegTech Insight Awards—provides a full suite of BMR compliance services to suit the varying business models and requirements of financial sector firms:
1. RegFocus BMR Control provides a complete benchmark inventory management, enrichment and control platform, tailor-made for the benchmark compliance needs of the sell-side, asset managers, banks and insurance companies.
2. RegFocus BMR Data Feed is a complete repository of all indices authorized for use in the EU under BMR - including from administrators based in third-country jurisdictions - made available as a single feed into firms’ operational systems.
3. and RegFocus BMR Dashboard, the latest BMR service from RIMES, providing users with an intuitive online dashboard report that summarizes key data and metrics relating to the status of BMR on any benchmark.