CASS 6 client assets: Reconciliations and reporting
Under CASS rules, firms must implement the systems and controls required to meet obligations and maintain accurate records and accounts. This is particularly important in relation to safe custody assets held for clients. And recently, the regulator’s expectations for record-keeping and retention have become even greater. This is to ensure that controls are in place…
CASS 7: Best practices
CASS audits have changed over the past few years. They have shifted from substantive sample testing methods to a more control-based approach. This is widely considered more proactive because it challenges the suitability of critical controls underpinning a firm’s operational process. In past instances of CASS breaches – or where control has proved weak and…
The regulatory reporting handbook 2023: Regulatory updates, key trends and data challenges
The list of complexities associated with regulatory reporting continues to grow year-on-year. While reporting obligations have always been onerous for firms, market volatility, evolving supervisory expectations and inflationary pressures will only magnify the challenge in the months and years ahead. Changes in these areas, and especially the regulator’s enhanced focus on data, will certainly place…
Asset management industry outlook 2023: Priorities, operations, tech & regulation
The asset management landscape The asset management industry is seen as the central pillar of financial services, thanks to high levels of profitability and rapid growth. Global assets under management (AUM) have increased year-on-year, reaching an all-time high of $123 trillion at the end of 2021. This is expected to reach $145 trillion by 2025. …
Regulatory Reporting 2023 webinar: Key tips & takeaways
Posted: 28/03/2023 | Read time: 4 minutes As regulatory reporting becomes increasingly complex, we summarise the key points discussed in our recent webinar: Regulatory Reporting 2023: Regulatory updates, key trends and data challenges. AutoRek’s CASS Consultant Murray Campbell and CBS’s Consulting Director Grant McKenzie talked about the major trends for 2023, industry insights, the…
Financial and operational resilience for asset managers: Breaking down the FCA’s recent portfolio letter
Posted: 23/02/2023 | Read time: 3 minutes In this blog, AutoRek’s Senior CASS Consultant Murray Campbell summarises some of the key messages of the FCA’s recent portfolio letter. This includes the importance of sound governance, investment in operational resilience, financial resilience and CASS. He sets out six actions asset management firms must take to…
The regulatory reporting handbook 2023: Regulatory updates, key trends and data challenges
The list of complexities associated with regulatory reporting continues to grow year-on-year. While reporting obligations have always been onerous for firms, market volatility, evolving supervisory expectations and inflationary pressures will only magnify the challenge in the months and years ahead. Changes in these areas, and especially the regulator’s enhanced focus on data, will certainly place…
Trade reconciliations: Common challenges and the role of automation
What is a trade reconciliation? Firms across the investment management industry perform trade reconciliations to verify daily trades against trade tickets, internal systems and external systems. Effectively reconciling these data points ensures every trade is accurately validated and reflected in profit/loss statements and balance sheets. Why are trade reconciliations important? Sound trading activity is the…
MiFID II post-trade reporting: The importance of 3-way reconciliations
What is MiFID II? Following the G20 meeting in 2009, EU member countries agreed to increase the transparency of global financial markets through new regulation. This regulation became known as MiFID and, later down the line, MiFID II. The introduction of MiFID II meant that rules were harmonised not only for member states but also…