The current suite of data delivery templates covers a range of UK and European requirements. The templates will be reviewed on a periodic basis and updates will be issued where appropriate.
The Cost Transparency Initiative (CTI) launched a new cost transparency framework in May 2019. The framework builds on proposals put forward by the IA in March 2017 and the recommendations of the Institutional Disclosure Working Group (IDWG) in June 2018. The framework is underpinned by the Institutional Cost Template (a machine-readable codification of the data set). An excel data sheet also provides a visual representation of the data fields.
IA has provided additional tools to assist in the production of cost data using the CTI framework:
These are both beta test tools and we would welcome feedback about experiences of using them. Please submit your comments to [email protected].
Additional guidance for real estate funds can be found on the AREF website.
A joint ABI/IA working group developed the DC Workplace Pensions Template (DCPT) and the Fair Value mid-Price Template (FVPT) for the purpose of providing insurers with transaction costs data in accordance with COBS 19.8.4R. DCPT V1.0 was issued in December 2017 and FVPT V1.0 was issued in May 2018.
The IA and ABI modified the DCPT to take account of changes to the rules in COBS 19.8 and issued DCPT V1.1 issued in April 2020. The changes are minor and affect only the definitions of existing fields 02010 and 02080. DCPT V1.1 should be used only when reporting for periods ending on or after 1 April 2020.
FinDatEx for MiFID II, PRIIPs and Solvency II
The Financial Data Exchange group (FinDatEx) was launched in February 2019 to replace the European Working Group (EWG). The EWG was originally formed as a tripartite initiative between the IA, BVI and Club Ampere together with asset managers and insurers and was later expanded to take in a wider range of jurisdictions and industry sectors. More details of FinDatEx and a comprehensive library of all the current European templates and supporting Q&As can be found at FinDatEx.eu. Individuals can also register to receive updates about each of the working groups.
European template development
Registered users can view the latest progress of each of the working groups at FinDatEx.eu.
As a result of the work of the MiFID working group, FinDatEx issued V3.0 of the EMT in December 2019, together with a table of the changes made compared to V1.0. Migration to V3 should be completed by 10 December 2020 after which V1 will be withdrawn. During the transition period, EMT producers that have already migrated to V3 should continue to issue V1 upon request and EMT recipients that have migrated to V3 should continue to accept V1.
The group is now focusing on creating a MiFID feedback template (EFT) allowing distributors to provide relevant information to manufacturers.
The PRIIPs working group will consider changes to EPT in 2020 once the outcome of the PRIIPs review is finalised. In the meantime a form has been provided for logging issues.
The Solvency II working group completed its latest review in December 2019 which resulted in an updated version, 5, which takes effect from 31 March 2020. Previous version 3 is invalid from this point, but version 4 is valid for three further months. Guidance on the use of version 5, and a general Q&A, is available here, and a marked-up comparison with v4 is available here.
The updated version intends to enable the TPT to be used to comply with ECB/EIOPA reporting requirements (EU regulation 2018/231), without the need for supplementary information (subject to local applicability of the IORP Directive in some jurisdictions). See column AE for how the TPT achieves this.