Confluence has just extended the regulatory filing capacity of its “Unity NXT” regulatory reporting platform.

The firm made the software operational in May and claims that it is unique in its ability to support the entire reporting process for post-trade regulatory ‘filings’ (reports that firms have to send to regulators) from one data-centric platform, eliminating the need to use many disparate systems. The platform uses straight-through-processing with automated exception-based analysis. It also claims to be quick at offering new formats for reporting under new regulatory requirements.

Confluence has added support for Luxembourg BCL reporting, Central Bank of Ireland MMIF and MMM reporting to the platform. Last month, the US Securities and Exchange Commission promulgated Form N-PORT and Form N-CEN in accordance with its investment company modernisation rule. As the platform can present its users with new forms very quickly, this is not a problem for them. Form N-PORT is significantly burdensome; it requires '40 Act registered, non-money market funds to acquire, validate and file information about their portfolio holdings every month.

The platform also facilitates the aggregation and reuse of data in respect of many ‘filings’ and regions, simplifying and expediting the regulatory filing lifecycle for asset managers and their service providers. As a result, it can deal with the shorter compliance deadlines that have become normal for regulatory reporting. For example, one of the largest global third-party administrators in Luxembourg has been using the platform to meet the monthly CSSF U1.1 reporting requirement for hundreds of its funds under administration, doing so in weeks rather than months. It has therefore found it easy to conform to the rule’s 10-day monthly reporting timeline.