In a few days, Susanne Schartz (Chief Operating Officer, SEQVOIA) will share her knowledge on stage during the 2019 edition of RegTech Summit. Today, she tells us more about regulation changes in the funds industry and the pioneering role of Luxembourg.
How have the latest regulations impacted the funds industry? What is technology bringing to the table and how can it be leveraged to turn regulatory constraints into new opportunities?
What I see in regulation are two big trends, towards accessibility and transparency. PSD2 clearly is about opening up the banking and payments sector – to competition and also to innovation. PRIIPs and MiFID on the other hand, are essentially about transparency – investors should get access to information that allows them to make their own decisions. Companies need to control what they are doing and how – this is not new, but the requirements around it have become more granular.
Regulation has become more complex and is appearing at a higher pace than before, forcing the industry to move and to modernize rapidly. But the problem is that many companies don’t know how. I believe technology opens up opportunities both for the IT communities and for the finance industry. Today you cannot meet regulatory requirements without technology. If you still want to be there in the next century, you need to embrace technology, understand the opportunities it brings, and use it for your goals.
Let’s take the examples of PRIIPs and MiFID cost disclosures: the real challenge is getting the data together and knowing what to do with it, and that’s something you cannot do without technology. Once you have a good solution to do this work, you can leverage the information you have. And if you do that right, your technology will be the basis for the future success of your company, telling you more about your business than you expected.
How and why can the country of Luxembourg become an international RegTech hub? What are your thoughts on the overall Fintech/Regtech ecosystem that is developing at a fast pace in Luxembourg?
Luxembourg is very, very international to its core and therefore has the diversity to service the world. I keep saying that nothing seems rarer than a Luxembourger marrying another Luxembourger! Clearly, we have a great ecosystem with closely aligned partners and a supportive government. This fast-developing Fintech / Regtech ecosystem is a good start for positioning the country as a leader on both European and International scenes.
What are the main advantages of the fundD solution provided by SEQVOIA? What are the next steps for fundD and SEQVOIA?
FundD is a web-based platform allowing the fund industry to save time and money that has been servicing large asset managers for years. It consolidates data input, produces and disseminates fund documents and reports, thus fulfilling regulatory compliance needs. The system was built years back with vision and technology for now. We were happy to see our clients satisfied when recent PRIIPS and MiFID regulations came up and they were able to deliver in time and consistently.
SEQVOIA is always looking ahead, anticipating change and preparing the future. We have successfully integrated PRIIPs calculations into the existing solution. But we have also been on a journey that will bring innovation to product management early next year.
Publié le 10 octobre 2019