Erste Group automates PRIIPs and MiFID II reg requirements

Erste Group automates PRIIPs and MiFID II reg requirements

Erste Group Bank has opted for Asset Control’s AC Plus financial data management platform to support its PRIIPs and MiFID II regulatory requirements.

The vendor says it will create a central security master for Erste Group and most of its subsidiaries in seven countries across Central and Eastern Europe: Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia and Serbia.

“The central security master will enable the input, aggregation, normalisation and distribution of various central and local data sources to aid the production of key information documents (KIDs), as required under the Packaged Retail Investment and Insurance-based Investment Products (PRIIPs) regulation due to come into force in January 2018,” according to Asset Control.

Go-live for the PRIIPs initiative is scheduled for September 2017. The group will then apply the same central security master architecture for the MiFID II reporting.

Michael Wilhelm, CIO group corporates and markets at Erste Group, says “a strong data technology solution” was needed.

“We required a platform that could manage tenant-specific data sets side-by-side with a global master data set,” he explains. “Having worked with Asset Control on a previous initiative, we selected AC Plus for the strength of its core functionality in modelling, normalising, consolidating and distributing reference data.”