Article 50 of the MiFID Delegated Regulation requires investment firms to provide annual ex-post information about all costs and charges related to both the financial instruments and investment services provided to their clients. The information for calendar year 2018 must be provided to clients no later than the end of April 2019 and must be personalized, based on actual incurred costs and show the cumulative effect that these costs have on the return on investment.
Patricia Rosch, president of Broadridge’s international Investor Communication Solutions business, commented:
“MiFID II compliance adds to the scale and complexity of regulatory change affecting firms operating in European jurisdictions. Delivering proprietary end-to-end solutions, based on advanced technology and combined with our exceptional depth of regulatory expertise, helps investment firms manage this highly complex regulatory issue and be prepared to capitalize on what’s next.”
The solution is part of a suite of MiFID II services developed by Broadridge’s FundAssist business – regulatory and distribution solutions provider to the global investments industry acquired by the company in May 2018 to further expand its best-in-class fund management capabilities and help global funds increase efficiency and transform their compliance frameworks in response to new regulations, and market practices.
Broadridge’s new MiFID II solution aggregates and processes investor and product data, calculates the personalized cost information and produces the end investor statements. The highly automated, straight through process will help enable investment firms to meet their regulatory obligations and deliver investor statements ahead of the regulation deadline.
With over 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than $5 trillion in fixed income and equity trades per day. Broadridge employs over 10,000 full-time associates in 18 countries. The company was added to the S&P 500 Index on June 18, 2018.