TISA selects Atos to build MiFID II blockchain utility for asset managers

The Investing and Saving Alliance (TISA) has appointed Atos to build a digital utility for the asset management industry, called the TISA Universal Reporting Network (TURN).

TURN is being created to ease regulatory reporting requirements for MiFID II regulations. It will be available across Europe based on blockchain technology and is due to launch in the last quarter of this year.

This new platform will allow asset managers and distributors - including financial advisers - to capture, share and transmit MiFID II data across Europe to all relevant stakeholders, through a standardised EMT (European MiFID II Template).

All relevant parties will have access to the EMTs on a real-time basis. Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs.

All stakeholders which will have access to the data can be confident that it is correct, and in a standard format, explained a statement from TISA. It will also open up investment opportunities for end-customers too, as the platform should help make it easier for asset managers, distributors and their customers to ensure that the products being marketed and sold to them are comparable, clear about the costs, and appropriate for the target market.

Additionally, it will provide better consistency for asset managers when environmental, social and governance (ESG) reporting obligations begin in the first half of 2021.

TURN will continue to build on the open standards (downstream, upstream and template) that have been developed with TISA members. It will be run as a not-for-profit by the users, for the users.

Jeffrey Mushens, technical policy director at TISA, commented: “After a competitive pitch process, it was clear that Atos had the strongest reach and technical capability, enhanced by their clear sense of enthusiasm to be involved with this game-changing project.

“The impact will be substantial, for all types of firms working in this space, including the UK, the EU and Switzerland - the utility is clearly a sought-after ambition as we have been working with our members, including European asset managers, distributors, platforms and IT firms to identify and address their needs through TURN.

"We expect that the solution will enable the future delivery of key data for ESG as well as for feedback and other regulatory requirements," he added.

Atos was appointed as the preferred supplier after a competitive pitch process which saw 13 firms return proposals to TISA.

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