SmartStream Launches Innovative RegRegistry Service to Simplify Global Regulatory Reporting
SmartStream has unveiled its latest innovation, the RegRegistry Service, designed specifically to assist financial institutions in enhancing their regulatory compliance processes. This new service emerges in response to the increasing complexity of regulations and the pressing need for effective solutions that facilitate compliance while ensuring data accuracy.
Overview of the RegRegistry Service
The launch of the RegRegistry Service aims to help organizations manage regulatory data more efficiently, as financial firms face evolving requirements across various jurisdictions. SmartStream, a leader in providing innovative data management solutions for the financial services sector, specializes in technology that automates complex post-trade operations.
Key Features of the RegRegistry Service
The RegRegistry Service consolidates critical regulatory indicators, such as counterparty and venue classifications, sourced from prominent global authorities, including:
- ESMA (European Securities and Markets Authority)
- FCA (Financial Conduct Authority)
- GLEIF (Global Legal Entity Identifier Foundation)
- CFTC (Commodity Futures Trading Commission)
- ISO MIC (Market Identifier Codes)
This service enables firms to accurately identify counterparties and trading venues, aligning with regulatory requirements for transaction reporting and post-trade processes.
Addressing Industry Challenges
The RegRegistry Service effectively tackles a significant challenge in the industry: the inconsistency and asynchronous updates of regulatory data sources. Such discrepancies can lead to errors and heightened operational risks. By automating the collection, validation, and delivery of regulatory data, the service:
- Reduces counterparty risk
- Provides accurate classifications for legal entities and trading venues
- Highlights changes and cross-references datasets using LEIs, MICs, and ISINs for seamless integration
Compliance Across Regulatory Frameworks
This robust service is designed to meet obligations across a variety of regulatory frameworks, including:
- MiFID II
- MIFIR
- EMIR Refit
- SFTR (Securities Financing Transactions Regulation)
- Dodd-Frank Act
With over 20 reportable attributes, the RegRegistry Service offers flexible subscription options and integration methods, including REST API, file-based services, and user interfaces, catering to diverse client needs.
Expert Support and Future Outlook
In addition to the technological benefits, SmartStream provides access to its regulatory subject matter experts, ensuring comprehensive operational support through advanced data sourcing and validation.
Linda Coffman, Executive Vice President at SmartStream, emphasized the significance of this new service: “With evolving regulatory requirements, our clients needed a solution that simplifies compliance while ensuring data accuracy. The RegRegistry Service addresses this demand by automating the daily collection and tracking of regulatory registry updates, significantly reducing the burden on firms.”
As the regulatory landscape continues to evolve, the RegRegistry Service positions SmartStream as a key partner for financial institutions striving to maintain compliance amid changing global regulations.
For more information about SmartStream and its offerings, visit the official website.
