On April 22, 2024, FinDatEx announced the release of an updated version of the European MiFID Template (EMT), labeled as v4.2. This new version replaces the previous v4.1 and introduces important changes aimed at enhancing disclosures related to costs, charges, and SFDR Client Facing Disclosures for the UK Market. As a leading provider of regulatory technology solutions, Funds-Axis is proactively updating its offerings to ensure compliance with these latest requirements.
Key Changes in EMT v4.2
The updated version of EMT, v4.2, introduces specific additional disclosures required for the UK Market. Notable changes include:
- Enhanced Disclosures on Costs and Charges: EMT v4.2 mandates disclosure of the component of ongoing charges attributable to underlying fund costs for different types of funds, including open-ended funds, closed-ended funds, and real assets. These disclosures provide investors with greater transparency regarding the breakdown of costs associated with their investments.
- SFDR Client Facing Disclosures: Under SFDR regulations, EMT v4.2 requires disclosure of whether a Client Facing Disclosure (CFD) has been made, if there is an intention to create one, or if no CFD has been issued. This requirement aims to improve transparency and accountability in sustainable finance reporting.
Funds-Axis Response
At Funds-Axis, we recognise the importance of staying ahead of regulatory changes to support our clients’ compliance efforts. In response to the release of EMT v4.2, our team is diligently updating our solution to ensure seamless integration of these new requirements.
Quote from Seamus O’Cuill, Head of Investor & Digital Solutions
According to Seamus O’Cuill, Head of Investor & Digital Solutions at Funds-Axis,
“The release of EMT v4.2 underscores the evolving regulatory landscape and the need for investment firms to adapt swiftly. At Funds-Axis, we are committed to providing our clients with innovative solutions that facilitate compliance and enhance transparency.”
Conclusion
The release of EMT v4.2 by FinDatEx marks a significant development in regulatory reporting requirements for the UK Market. By ensuring timely updates and proactive compliance measures, Funds-Axis remains at the forefront of regulatory technology, empowering investment firms to meet their obligations effectively and efficiently.
For more information on our EMT services and how Funds-Axis can assist you in navigating regulatory changes, please contact Seamus O’Cuill at seamus.ocuill@funds-axis.com.
