www.fefundinfo.com Open in urlscan Pro
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Form analysis
8 forms found in the DOM

<form>
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonNecessaryInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelButtonDisabled" disabled="disabled" checked="checked"> <span
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonPreferencesInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonPreferences"
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonStatisticsInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonStatistics"
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonMarketingInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonMarketing" checked="checked"
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---

<form class="CybotCookiebotDialogBodyLevelButtonSliderWrapper"><input type="checkbox" id="CybotCookiebotDialogBodyContentCheckboxPersonalInformation" class="CybotCookiebotDialogBodyLevelButton"> <span
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---

GET /search/

<form class="c-mobileheader__search-form" action="/search/" method="get">
  <input class="c-mobileheader__search-input" type="text" name="q" placeholder="Search" x-ref="input">
  <button aria-label="search" class="c-mobileheader__search-submit">
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</form>

---

GET /search/

<form class="c-secondaryheader__search-form" action="/search/" method="get">
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    <svg viewBox="0 0 18 18" fill="none" xmlns="http://www.w3.org/2000/svg">
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---

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 * Necessary 28
   
   Necessary cookies help make a website usable by enabling basic functions like
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    * Azure
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      AI_bufferUsed in context with the "AI_sentBuffer" in order to limit the
      number of data-server-updates (Azure). This synergy also allows the
      website to detect any duplicate data-server-updates.
      Maximum Storage Duration: SessionType: HTML Local Storage
      AI_sentBufferUsed in context with the "AI_buffer" in order to limit the
      number of data-server-updates (Azure). This synergy also allows the
      website to detect any duplicate data-server-updates.
      Maximum Storage Duration: SessionType: HTML Local Storage
      ai_sessionPreserves users states across page requests.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
    * Cookiebot
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      1.gifUsed to count the number of sessions to the website, necessary for
      optimizing CMP product delivery.
      Maximum Storage Duration: SessionType: Pixel Tracker
      CookieConsentStores the user's cookie consent state for the current domain
      Maximum Storage Duration: 1 yearType: HTTP Cookie
    * Google
      2
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      Some of the data collected by this provider is for the purposes of
      personalization and measuring advertising effectiveness.
      
      test_cookieUsed to check if the user's browser supports cookies.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
      _GRECAPTCHAPending
      Maximum Storage Duration: 180 daysType: HTTP Cookie
    * Hubspot
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      rc::aThis cookie is used to distinguish between humans and bots. This is
      beneficial for the website, in order to make valid reports on the use of
      their website.
      Maximum Storage Duration: PersistentType: HTML Local Storage
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      rc::d-15#This cookie is used to distinguish between humans and bots.
      Maximum Storage Duration: PersistentType: HTML Local Storage
      rc::fThis cookie is used to distinguish between humans and bots.
      Maximum Storage Duration: PersistentType: HTML Local Storage
      __cfruidThis cookie is a part of the services provided by Cloudflare -
      Including load-balancing, deliverance of website content and serving DNS
      connection for website operators.
      Maximum Storage Duration: SessionType: HTTP Cookie
    * LinkedIn
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      li_gcStores the user's cookie consent state for the current domain
      Maximum Storage Duration: 180 daysType: HTTP Cookie
    * New Relic
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      JSESSIONIDPreserves users states across page requests.
      Maximum Storage Duration: SessionType: HTTP Cookie
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      9
      __cf_bm [x5]This cookie is used to distinguish between humans and bots.
      This is beneficial for the website, in order to make valid reports on the
      use of their website.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
      _cfuvid [x4]This cookie is a part of the services provided by Cloudflare -
      Including load-balancing, deliverance of website content and serving DNS
      connection for website operators.
      Maximum Storage Duration: SessionType: HTTP Cookie
    * www.fefundinfo.com
      4
      .AspNetCore.Antiforgery.#Helps prevent Cross-Site Request Forgery (CSRF)
      attacks.
      Maximum Storage Duration: SessionType: HTTP Cookie
      .AspNetCore.Mvc.CookieTempDataProviderPreserves the visitor's session
      state across page requests.
      Maximum Storage Duration: SessionType: HTTP Cookie
      ARRAffinityUsed to distribute traffic to the website on several servers in
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      Maximum Storage Duration: SessionType: HTTP Cookie
      ARRAffinitySameSiteUsed to distribute traffic to the website on several
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      Maximum Storage Duration: SessionType: HTTP Cookie

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      messagesUtkStores a unique ID string for each chat-box session. This
      allows the website-support to see previous issues and reconnect with the
      previous supporter.
      Maximum Storage Duration: 180 daysType: HTTP Cookie
    * LinkedIn
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      lidcRegisters which server-cluster is serving the visitor. This is used in
      context with load balancing, in order to optimize user experience.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
    * Vimeo
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      playerSaves the user's preferences when playing embedded videos from
      Vimeo.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
      sync_activeContains data on visitor's video-content preferences - This
      allows the website to remember parameters such as preferred volume or
      video quality. The service is provided by Vimeo.com.
      Maximum Storage Duration: PersistentType: HTML Local Storage

 * Statistics 12
   
   Statistic cookies help website owners to understand how visitors interact
   with websites by collecting and reporting information anonymously.
    * Azure
      1
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      ai_userUsed by Microsoft Application Insights software to collect
      statistical usage and telemetry information. The cookie stores a unique
      identifier to recognize users on returning visits over time.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
    * Google
      2
      Learn more about this provider
      
      Some of the data collected by this provider is for the purposes of
      personalization and measuring advertising effectiveness.
      
      _gaRegisters a unique ID that is used to generate statistical data on how
      the visitor uses the website.
      Maximum Storage Duration: 2 yearsType: HTTP Cookie
      _ga_#Used by Google Analytics to collect data on the number of times a
      user has visited the website as well as dates for the first and most
      recent visit.
      Maximum Storage Duration: 2 yearsType: HTTP Cookie
    * Hotjar
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      Learn more about this provider
      _hjSession_#Collects statistics on the visitor's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been read.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
      _hjSessionUser_#Collects statistics on the visitor's visits to the
      website, such as the number of visits, average time spent on the website
      and what pages have been read.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
      _hjTLDTestRegisters statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Maximum Storage Duration: SessionType: HTTP Cookie
    * Hubspot
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      __hsscIdentifies if the cookie data needs to be updated in the visitor's
      browser.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
      __hssrcUsed to recognise the visitor's browser upon reentry on the
      website.
      Maximum Storage Duration: SessionType: HTTP Cookie
      __hstcSets a unique ID for the session. This allows the website to obtain
      data on visitor behaviour for statistical purposes.
      Maximum Storage Duration: 180 daysType: HTTP Cookie
      hubspotutkSets a unique ID for the session. This allows the website to
      obtain data on visitor behaviour for statistical purposes.
      Maximum Storage Duration: 180 daysType: HTTP Cookie
    * Twitter Inc.
      1
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      personalization_idThis cookie is set by Twitter - The cookie allows the
      visitor to share content from the website onto their Twitter profile.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
    * Vimeo
      1
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      vuidCollects data on the user's visits to the website, such as which pages
      have been read.
      Maximum Storage Duration: 2 yearsType: HTTP Cookie

 * Marketing 52
   
   Marketing cookies are used to track visitors across websites. The intention
   is to display ads that are relevant and engaging for the individual user and
   thereby more valuable for publishers and third party advertisers.
    * Casale Media
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      CMIDCollects visitor data related to the user's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been loaded, with the purpose of displaying targeted ads.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
      CMPROCollects data on visitor behaviour from multiple websites, in order
      to present more relevant advertisement - This also allows the website to
      limit the number of times that they are shown the same advertisement.
      Maximum Storage Duration: 3 monthsType: HTTP Cookie
      CMPSCollects visitor data related to the user's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been loaded, with the purpose of displaying targeted ads.
      Maximum Storage Duration: 3 monthsType: HTTP Cookie
      rumCollects data related to the user's visits to the website, such as the
      number of visits, average time spent on the website and what pages have
      been loaded, with the purpose of displaying targeted ads.
      Maximum Storage Duration: SessionType: Pixel Tracker
    * DemandBase
      2
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      tuuidCollects visitor data related to the user's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been loaded, with the purpose of displaying targeted ads.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      tuuid_luContains a unique visitor ID, which allows Bidswitch.com to track
      the visitor across multiple websites. This allows Bidswitch to optimize
      advertisement relevance and ensure that the visitor does not see the same
      ads multiple times.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
    * Google
      5
      Learn more about this provider
      
      Some of the data collected by this provider is for the purposes of
      personalization and measuring advertising effectiveness.
      
      IDEUsed by Google DoubleClick to register and report the website user's
      actions after viewing or clicking one of the advertiser's ads with the
      purpose of measuring the efficacy of an ad and to present targeted ads to
      the user.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      pagead/landing [x2]Collects data on visitor behaviour from multiple
      websites, in order to present more relevant advertisement - This also
      allows the website to limit the number of times that they are shown the
      same advertisement.
      Maximum Storage Duration: SessionType: Pixel Tracker
      _gcl_auUsed by Google AdSense for experimenting with advertisement
      efficiency across websites using their services.
      Maximum Storage Duration: 3 monthsType: HTTP Cookie
      NIDPending
      Maximum Storage Duration: 6 monthsType: HTTP Cookie
    * Hubspot
      2
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      pagead/1p-user-list/#Tracks if the user has shown interest in specific
      products or events across multiple websites and detects how the user
      navigates between sites. This is used for measurement of advertisement
      efforts and facilitates payment of referral-fees between websites.
      Maximum Storage Duration: SessionType: Pixel Tracker
      __ptq.gifSends data to the marketing platform Hubspot about the visitor's
      device and behaviour. Tracks the visitor across devices and marketing
      channels.
      Maximum Storage Duration: SessionType: Pixel Tracker
    * Leadfeeder
      1
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      (unnamed)Tracks the individual sessions on the website, allowing the
      website to compile statistical data from multiple visits. This data can
      also be used to create leads for marketing purposes.
      Maximum Storage Duration: SessionType: Pixel Tracker
    * LinkedIn
      1
      Learn more about this provider
      bcookieUsed by the social networking service, LinkedIn, for tracking the
      use of embedded services.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
    * Telaria
      2
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      tv_UIDMPending
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      tvidPresents the user with relevant content and advertisement. The service
      is provided by third-party advertisement hubs, which facilitate real-time
      bidding for advertisers.
      Maximum Storage Duration: 1 yearType: HTTP Cookie
    * Twitter Inc.
      8
      Learn more about this provider
      1/i/adsct [x2]Collects data on user behaviour and interaction in order to
      optimize the website and make advertisement on the website more relevant.
      Maximum Storage Duration: SessionType: Pixel Tracker
      i/adsct [x2]The cookie is used by Twitter.com in order to determine the
      number of visitors accessing the website through Twitter advertisement
      content.
      Maximum Storage Duration: SessionType: Pixel Tracker
      muc_adsCollects data on user behaviour and interaction in order to
      optimize the website and make advertisement on the website more relevant.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      guest_idCollects data related to the user's visits to the website, such as
      the number of visits, average time spent on the website and which pages
      have been loaded, with the purpose of personalising and improving the
      Twitter service.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      guest_id_adsCollects information on user behaviour on multiple websites.
      This information is used in order to optimize the relevance of
      advertisement on the website.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
      guest_id_marketingCollects information on user behaviour on multiple
      websites. This information is used in order to optimize the relevance of
      advertisement on the website.
      Maximum Storage Duration: 400 daysType: HTTP Cookie
    * YouTube
      22
      Learn more about this provider
      #-#Used to track user’s interaction with embedded content.
      Maximum Storage Duration: SessionType: HTML Local Storage
      -136939f-b6015Pending
      Maximum Storage Duration: SessionType: HTML Local Storage
      iU5q-!O9@$Registers a unique ID to keep statistics of what videos from
      YouTube the user has seen.
      Maximum Storage Duration: SessionType: HTML Local Storage
      LAST_RESULT_ENTRY_KEYUsed to track user’s interaction with embedded
      content.
      Maximum Storage Duration: SessionType: HTTP Cookie
      LogsDatabaseV2:V#||LogsRequestsStoreUsed to track user’s interaction with
      embedded content.
      Maximum Storage Duration: PersistentType: IndexedDB
      nextIdUsed to track user’s interaction with embedded content.
      Maximum Storage Duration: SessionType: HTTP Cookie
      remote_sidNecessary for the implementation and functionality of YouTube
      video-content on the website.
      Maximum Storage Duration: SessionType: HTTP Cookie
      requestsUsed to track user’s interaction with embedded content.
      Maximum Storage Duration: SessionType: HTTP Cookie
      ServiceWorkerLogsDatabase#SWHealthLogNecessary for the implementation and
      functionality of YouTube video-content on the website.
      Maximum Storage Duration: PersistentType: IndexedDB
      TESTCOOKIESENABLEDUsed to track user’s interaction with embedded content.
      Maximum Storage Duration: 1 dayType: HTTP Cookie
      VISITOR_INFO1_LIVETries to estimate the users' bandwidth on pages with
      integrated YouTube videos.
      Maximum Storage Duration: 180 daysType: HTTP Cookie
      YSCRegisters a unique ID to keep statistics of what videos from YouTube
      the user has seen.
      Maximum Storage Duration: SessionType: HTTP Cookie
      yt.innertube::nextIdRegisters a unique ID to keep statistics of what
      videos from YouTube the user has seen.
      Maximum Storage Duration: PersistentType: HTML Local Storage
      ytidb::LAST_RESULT_ENTRY_KEYUsed to track user’s interaction with embedded
      content.
      Maximum Storage Duration: PersistentType: HTML Local Storage
      YtIdbMeta#databasesUsed to track user’s interaction with embedded content.
      Maximum Storage Duration: PersistentType: IndexedDB
      yt-remote-cast-availableStores the user's video player preferences using
      embedded YouTube video
      Maximum Storage Duration: SessionType: HTML Local Storage
      yt-remote-cast-installedStores the user's video player preferences using
      embedded YouTube video
      Maximum Storage Duration: SessionType: HTML Local Storage
      yt-remote-connected-devicesStores the user's video player preferences
      using embedded YouTube video
      Maximum Storage Duration: PersistentType: HTML Local Storage
      yt-remote-device-idStores the user's video player preferences using
      embedded YouTube video
      Maximum Storage Duration: PersistentType: HTML Local Storage
      yt-remote-fast-check-periodStores the user's video player preferences
      using embedded YouTube video
      Maximum Storage Duration: SessionType: HTML Local Storage
      yt-remote-session-appStores the user's video player preferences using
      embedded YouTube video
      Maximum Storage Duration: SessionType: HTML Local Storage
      yt-remote-session-nameStores the user's video player preferences using
      embedded YouTube video
      Maximum Storage Duration: SessionType: HTML Local Storage
    * sc.lfeeder.com
      5
      _lfaUsed in context with Account-Based-Marketing (ABM). The cookie
      registers data such as IP-addresses, time spent on the website and page
      requests for the visit. This is used for retargeting of multiple users
      rooting from the same IP-addresses. ABM usually facilitates B2B marketing
      purposes.
      Maximum Storage Duration: 2 yearsType: HTTP Cookie
      _lfa_test_cookie_stored [x2]Used in context with Account-Based-Marketing
      (ABM). The cookie registers data such as IP-addresses, time spent on the
      website and page requests for the visit. This is used for retargeting of
      multiple users rooting from the same IP-addresses. ABM usually facilitates
      B2B marketing purposes.
      Maximum Storage Duration: SessionType: HTTP Cookie
      _lfaUsed in context with Account-Based-Marketing (ABM). The cookie
      registers data such as IP-addresses, time spent on the website and page
      requests for the visit. This is used for retargeting of multiple users
      rooting from the same IP-addresses. ABM usually facilitates B2B marketing
      purposes.
      Maximum Storage Duration: PersistentType: HTML Local Storage
      _lfa_expiryContains the expiry-date for the cookie with corresponding
      name.
      Maximum Storage Duration: PersistentType: HTML Local Storage

 * Unclassified 0
   Unclassified cookies are cookies that we are in the process of classifying,
   together with the providers of individual cookies.
   
   We do not use cookies of this type.

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Published on

19 Aug 2024


THE HIDDEN COSTS OF "FREE" TOOLS: KEY CONSIDERATIONS FOR SELECTING YOUR
REGULATORY REPORTING MODEL


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 * 
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THE SHIFTING SANDS OF EUROPEAN FUND REGULATION 

The European asset management industry is experiencing a period of significant
regulatory change. Recent developments include:

 * The revision of PRIIPS (Packaged Retail and Insurance-based Investment
   Products) regulation, requiring standardised key information documents.  
 * Updates to AIFMD (Alternative Investment Fund Managers Directive) reporting
   requirements.
 * ESMA's ongoing efforts to standardise regulatory reporting across EU member
   states.
 * National regulatory bodies turning to open architecture reporting channels,
   such as S3 API by the Commission de Surveillance du Secteur Financier (CSSF)
   in Luxembourg and ROSA portal by the L'Autorité des Marchés Financiers (AMF)
   in France, known as direct access solutions.

These changes underscore the need for robust, adaptable compliance solutions
that can keep pace with evolving requirements.


THE TECH RESPONSE: DIRECT ACCESS VS. COMPLETE SOLUTION

In response to these challenges, some regulators are “leveling the playing
field” by implementing open-source solutions for regulatory reporting. An
example could be the S3 API direct access transmission channel by the Commission
de Surveillance du Secteur Financier (CSSF). While these may seem to offer a
simpler model at first glance, they often lack the comprehensive features and
support that asset managers and their fund administrators actually need to
report consistently, accurately and on time. 


WHAT THE CHANGES MEAN FOR YOU

In theory, the shift by the regulators to open architecture aiming to digitise
reporting transmission processes creates a seemingly uncomplicated solution for
reporting transmission. However, there are several considerations regulators
wouldn’t necessarily be aware of that firms must make before fully embracing a
new operating model. 

Broadly putting the direct access model into perspective, it could be compared
to a rail track taking you to a destination, without giving you any information
on which train, going which direction, at what time will take you there along
with the connecting journeys. On the other hand, e-file offers a train station
with a complete array of destinations and facilities to facilitate your journey.
All you need to know is where you want to go. 

Each model could have its benefits for the right type of user. Let’s explore the
difference so you can determine the suitability of each for your organisation. 


WHAT TO LOOK FOR WHEN EVALUATING REGULATORY SOLUTIONS 

The hidden functions essential to periodic regulatory reporting we categorise as
compliance oversight and user functionality.

Ideally, compliance oversight includes a dashboard that offers progress tracking
of all transmitted and submission-pending documents across domiciles, across
providers (such as fund administrators, if present), as well as submission
confirmation information (date, time, feedback from regulator). With the right
solution in place, users can simply press a button to determine which documents,
for which jurisdictions, are pending action or submission to the regulator. 

User functionality should include features that make lives easier, such as
archive functionality for all submissions for up to 10 years and pre-defined,
compliant and up to date document templates, along with permission controls down
to the per-template level.

Now that we’ve covered the positives, let’s explore some of the challenges that
may arise when implementing a hyper-focused solution over a comprehensive one. 


THE SINGLETRACK VS. THE STATION: CHALLENGES AND CONSIDERATIONS 

The illusion of simplicity 

While direct access provides a "rail track" for transmitting fund information
directly to the regulator, it lacks crucial features that are less obvious but
can prove fundamental to facilitating this already complex process. The
administrative burden of setting up entities, creating profiles and buckets per
reporting types, not to mention keys per bucket, will be significant. 

With regards to the CSSF's solution, fund administrators will also face the
process of selecting and installing the proper user interface with which to
access it. 

The resource drain

Switching to a direct access model may lead to increased time and resource
allocation for managing reporting tasks internally or development of relevant
functions from scratch. The API lacks the features and dedicated support
compared to specialist tools like e-file. As a result, the burden will fall on
IT teams to maintain and adapt to the system, sapping resources and stunting
operational efficiency.

The compliance conundrum 

As an example, S3 is a CSSF domestic Luxembourg channel supporting registration
and regulatory reporting procedures including those under Circular 19/708 and
UCITS IV frameworks. However, for Luxembourg funds distributed across multiple
European countries, a single-jurisdiction tool falls short. 

Asset managers will need to consider how they'll manage regulatory registration
and maintenance of funds across multiple jurisdictions, potentially juggling
multiple systems and processes.

The data management dilemma 

Direct access is a basic transmission tool which fails to offer critical data
management capabilities. It lacks robust data management features including
validation checks and data consistency controls. These features are crucial for
maintaining high data quality and reducing the risk of errors in regulatory
submissions. Without them, asset managers face increased risk of compliance
issues and potential penalties.

The future-proofing fallacy 

We know from experience that regulatory requirements will only continue to
evolve. The scope of regulatory reporting capabilities needs to be continuously
adjusted to meet new reporting requirements, which have been known to be
introduced rapidly across jurisdictions. Adapting to changes independently with
a direct access API will likely require a lot of specialist knowledge and a
dedication to scanning the regulatory horizon.  


OUR CONCLUSION

While the introduction of direct access by the regulators represents a step
towards digitalisation and self-serve in regulatory reporting, it remains
crucial for asset managers to look beyond the outside potential for short-term
cost savings. The complexities of fund reporting, especially in a
multi-jurisdictional context, will always require a more comprehensive approach.

Before switching to a "free" solution, consider how the resource reallocation
will play out over 6-month, 1-year, and 5-year timelines. The true cost of
regulatory reporting goes far beyond the price tag of the transmission tool. It
encompasses the resources needed for adaptation, the potential for errors, and
the ability to stay ahead in an ever-changing regulatory landscape.

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 * 


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