Overview of the application of the OECD/DAC Procurement Assessment Toolicgfmconference
“Overview of the application of the OECD/DAC Procurement Assessment Tool”
Pamela Bigart, Lead Procurement Specialist, World Bank
This presentation will provide participants with a strong background on the OECD/DAC
benchmarking tool, its purpose as well as structure, benchmarking indicators and some
emerging lessons learned.
Sendyne, meeting the energy challenge. How to efficiently consume, conserve, and securely generate the energy we need. The electric grid, wind, solar, electric vehicles. The new generation of energy.
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
RRD Investment Management Solutions November Regulatory Update. Covering PRIIPs, Solvency II and also an update from the FCA on "Smarter Consumer Communications"
Overview of the application of the OECD/DAC Procurement Assessment Toolicgfmconference
“Overview of the application of the OECD/DAC Procurement Assessment Tool”
Pamela Bigart, Lead Procurement Specialist, World Bank
This presentation will provide participants with a strong background on the OECD/DAC
benchmarking tool, its purpose as well as structure, benchmarking indicators and some
emerging lessons learned.
Sendyne, meeting the energy challenge. How to efficiently consume, conserve, and securely generate the energy we need. The electric grid, wind, solar, electric vehicles. The new generation of energy.
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
RRD Investment Management Solutions November Regulatory Update. Covering PRIIPs, Solvency II and also an update from the FCA on "Smarter Consumer Communications"
Special Report: Data Management Implications Of Solvency IIConor Coughlan
This is a special report that Thomson Reuters has sponsored relating to the practical challenges facing practitioners in adhering to Solvency II. This report provides the read with some unique insights into how the industry is dealing with this matter.
if you are working for or connected to an Insurer, Asset Manager, Custodian, Fund Administrator or Prime Broker this will be of interest to you.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the FCA's latest news and publications issued in May 2017.
Highlights include:
MiFID II Topics and Challenges
FCA's increased focus on cyber resilience
Guidance on the Criminal Finances Act 2017
We were delighted to sponsor the A-teams latest Data Management Handbook for Solvency II. With so many practitioners facing the challenge of being ready for Solvency II, Thomson Reuters in conjunction with the A-Team wanted to provide some clear guidance and support to the market about the best practices that are taking place and how they can get ready. This publication is freely available to the public.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Solvency ii Association
http://www.solvency-ii-association.com
We are pleased to announce our updated Distance Learning and Online Certification programs:
1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm
2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm
Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm
Gear Up for Solvency II & IFRS 4 Phase II with the Right Partner WNS Global Services
Divergent reporting standards in the insurance industry lead to discrepancies and confusion in comparing accounting results from different geographies. Solvency II and IFRS 4 Phase II will soon address this problem. Article is also available here - http://bit.ly/15p6jhy
Special Report: Data Management Implications Of Solvency IIConor Coughlan
This is a special report that Thomson Reuters has sponsored relating to the practical challenges facing practitioners in adhering to Solvency II. This report provides the read with some unique insights into how the industry is dealing with this matter.
if you are working for or connected to an Insurer, Asset Manager, Custodian, Fund Administrator or Prime Broker this will be of interest to you.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the FCA's latest news and publications issued in May 2017.
Highlights include:
MiFID II Topics and Challenges
FCA's increased focus on cyber resilience
Guidance on the Criminal Finances Act 2017
We were delighted to sponsor the A-teams latest Data Management Handbook for Solvency II. With so many practitioners facing the challenge of being ready for Solvency II, Thomson Reuters in conjunction with the A-Team wanted to provide some clear guidance and support to the market about the best practices that are taking place and how they can get ready. This publication is freely available to the public.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Solvency ii Association
http://www.solvency-ii-association.com
We are pleased to announce our updated Distance Learning and Online Certification programs:
1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm
2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm
Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm
Gear Up for Solvency II & IFRS 4 Phase II with the Right Partner WNS Global Services
Divergent reporting standards in the insurance industry lead to discrepancies and confusion in comparing accounting results from different geographies. Solvency II and IFRS 4 Phase II will soon address this problem. Article is also available here - http://bit.ly/15p6jhy
2. 1.0 PRIIPS
1.1 News Dated 23 June 2015 – 2nd PRIIPs Technical Discussion Issued by European Supervisory
Authorities
The second discussion paper released by the European Supervisory Authorities (EBA, EIOPA & ESMA) explores
the possible methodologies to determine and display risks, performance and costs in the Key Information
Document (KID) for PRIIPs. The closing date for submission of comments to the ESAs is 17 August 2015. The
ESAs will issue a final consultation paper setting out the draft Regulatory Technical Standards under Article 8 of
the PRIIPs regulation in the autumn of 2015.
Click here to view the PRIIPs Discussion Paper:
1.2 PRIIPs ALFI Working Group
Members of the ALFI PRIIPs KID working group are currently preparing responses to the second discussion paper
issued by the European Supervisory Authorities (EBA, EIOPA & ESMA) in June. Key points in the discussion paper
highlighted by the ESAs as challenging include sections from the PRIIPs KID document: “What are the risks and
what could I get in return” and “What are the costs”. The ALFI working group aims to have a final set of responses
submitted to the ESAs by mid August. These responses will subsequently be published on the ALFI website.
Responses by ALFI on the first PRIIPs discussion paper were published in February of this year and can be viewed
here.
1.3 Word on the Street – PRIIPs
As we await the final technical standards to ascertain the layout and content of the PRIIPs KID document, one of
the biggest challenges is the implementation timeline. It is expected that we will only receive final regulatory
technical standards in March of 2016. This leaves very little time for firms to pull together a fully functioning
operational model that will adhere to the PRIIPs regulation. One key consideration is the “go live” PRIIPs date of
December 2016 which also coincides with the annual updates under the UCITS KIID regulation.
Steps which could to be taken now in preparation for implementation of the PRIIPs regulation include; classifying
the products in scope, monitoring developments in the Level 2 discussion paper and how this may impact the
operations of the business and understanding what new or existing data points are needed for the creation and
publication of the PRIIPs KID document.
3. 2.0 SOLVENCY II
2.1 News dated 11 May 2015 – PRA Solvency II Regulatory Reporting Working Group
Notes issued from the last meeting of the Prudential Regulation Authority (PRA) Solvency II regulatory reporting
working group contained questions to the PRA on the completion of asset data templates in the preparatory phase
of Solvency II, held in July 2015. Insurance firms highlighted that the biggest issue for the industry is the completion
of the asset data templates. Questions geared towards the tolerance levels the Bank of England would display if
incomplete asset data is submitted in the preparatory phase. The PRA remarked that every effort should be made
to gather the necessary asset data but will identify gaps and benchmark these against other firms to understand
the full extent of the issue. The PRA pointed out that full compliance will be required once Solvency II goes live on
the 1 January 2016.
For full article, please click here.
2.2 Word on the Street – Solvency II
With now only months to go until the Solvency II regulation goes live, asset managers will be planning to pick up
the pace to deliver Solvency II compliant asset data to their respective insurance firms. However, there is still a way
to go in terms of communication of requests from insurance firms to the asset management community.
Recent comments from asset management firms regarding Solvency II asset data:
Look through is considered an area of concern for asset managers as they will have to reveal the full exposure of
the fund holdings to include fund of funds in order to capture all material risks. This creates a further challenge for
asset managers in terms of liaison with other asset managers.
Reporting timelines are also considered an issue as it is expected insurance firms will more than likely require this
information on a monthly basis. We expect communication between insurers and asset managers to pick up in the
last quarter of 2015 as we approach the final date for Solvency II going live in 2016.
4. RR Donnelley PRIIPs KID Solution RR Donnelley Solvency II Solution
Fully outsourced, SAAS or hybrid solutions
available:
Calculation – build in calculation engines
(risk, reward)
Production – sophisticated workflow
captures activities of multiple stakeholders
Translation – in-house EU language
solutions
Review, workflow and transparency –
full audit trail
Distribution – new regulators; insurance
sales channel
Quality assured, timely provision of Solvency II
compliant asset data:
Data management – integration, enrichment
and classification
Quality approved data – automatic data
verification and audit trail
Solvency II report production – on-
demand, automated reports and SCR
calculations
Report distribution – monthly / quarterly,
bespoke reports in Solvency II template,
QRTs or customised formats
For further information on PRIIPs and Solvency II please contact our Regulatory Solutions Manager:
Patricia Myles
Tel +44 203 047 6562
patricia.myles@rrd.com
RR Donnelley (Nasdaq:RRD) helps organisation communicate more effectively by working to create, manage, produce, distribute and process
content on behalf of our customers. The company assists customers in developing and executing multichannel communication strategies that
engage audiences, reduce costs, drive revenues and increase compliance. RR Donnelley’s innovative technologies enhance digital and print
communications to deliver integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every
private and public sector. Strategically located operations provide local service and responsiveness while leveraging the economic, geographic
and technological advantages of a global organisation.
__________________________________________________________________________________________________________________
LONDON
John McCann
Tel +44 203 047 6187
john.p.mccann@rrd.com
DUBLIN
Robert McNamara
Tel +353 1 818 9971
Robert.mcnamara@rrd.com
LUXEMBOURG
André Lafeber
Tel. +352 47 17 55 24
andre.lafeber@rrd.com