FinDatEx has published the draft European MiFID Template (EMT) V4.1 for public consultation.
The draft includes 10 new data fields reflecting the upcoming UK Consumer Duty requirements for UK-based asset managers and distributors. Going forward, the UK regulator FCA requires asset managers “to act to deliver good outcomes for retail customers”. Therefore, asset managers shall provide higher standards of customer care and services and provide value for reasonable costs. The achievements need to be monitored by the asset managers and reported to the FCA. The new EMT shall capture if a fund falls under the new reporting requirements and the outcome of the latter reporting. The EMT V4.1 will be used in parallel to EMT V4.0 as it’s only relevant if a fund is distributed in the UK. The draft is under public consultation until 24th March 2023.
We support our clients with all aspects of MiFID II reporting. Feel free to reach out to our regulatory expert Alex Ehmann if you have questions related to the new fields for the UK market or our MiFID reporting solution in general.
