RegTek.Solutions, leading provider of global regulatory reporting solutions, today announced the extension of its award-winning platform to include a full reporting solution for the Securities Financing Transactions Regulation (SFTR).

Built on a proven reporting quality engine, RegTek’s SFTR solution helps operations and technology throughout their compliance journey from analysis and testing to production and oversight. Delivering the most comprehensive validations for all data and reporting scenarios, the solution is designed as a data quality gatekeeper prior to submission to trade repositories. This gives clients the ability to visualise and analyse their data within a rich user interface before regulatory scrutiny. The solution also handles SFTR action type determination and ISO20022 generation for all reports, simplifying the complexities of reporting under SFTR. With connectivity to leading trade repositories, the solution covers all interactions and controls, allowing clients to focus on the internal data sourcing and business process changes demanded by SFTR.

“To ensure the availability of data in a timely and reportable fashion, firms will have to consolidate a vast number of data points and fragmented data sets from sources inside and outside impacted firms, and make a lot of changes to their business process. This means that despite its synergies with EMIR, SFTR is one of the most challenging regulatory reporting regimes to date,” commented Chris Cornish, SFTR SME and Senior BA Consultant at RegTek.Solutions. “The reporting methodology imposed by the RTS and the enforcement of ISO20022 for all TR interactions also increases the burden. Our mission is to simplify SFTR reporting and allow firms to concentrate on the upstream challenges.”

As is the case for all RegTek’s offerings, the new SFTR solution is backed by a strategic service level agreement (SLA) to keep rules and market integrations up to date with the expectations and best practices of regulators, trade repositories, and the securities financing market in general. In addition to ‘out-of-the-box’ regulatory, repository and enhanced reporting quality checks (ERQ), clients are also able to write custom rules. This functionality helps firms ensure reports are not simply structurally correct and formatted appropriately, but also conform to their specific securities finance activities and in line with the accuracy standards defined by regulators.  

“The market has responded with new approaches and solutions to deal with the complexity of SFTR,” commented Brian Lynch, CEO and Co-Founder of RegTek.Solutions. “The flexibility of our modular platform has allowed us to create a unique set of tools that fills gaps that firms can’t fill on their own. By supporting the testing and readiness projects, while also offering a full reporting platform, we’re giving firms a simple and cost-effective alternative to large utility solutions or internal build options. We’re also actively working on extending our unique completeness and accuracy reconciliations platform to provide controls so critical to the long-term success and sustainability of any reporting regime.”

SFTR’s Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) determining the timing of the reporting regime were published in the Official Journal of the EU on March 22, 2019. This sets the start of the phased-in implementation period to April 2020, leaving firms a little over 12 months to implement a reporting solution, add controls and improve data quality.

RegTek’s SFTR Solution was named “Best Solutions for SFTR” at the 2018 RegTech Insight Awards. It is already used by a number of the world’s largest banks as a strategic solution in their preparations for the April 2020 deadline.