At the recent FundForum International event in Berlin, asset managers voted for MiFID II and Solvency II as the regulations most important for them this year, with data collection, enrichment and delivery the most challenging areas.

Accudelta, the data management vendor, conducted a straw poll of asset managers on their regulatory concerns and requirements. More than half (52%) stated that MiFID II was the most important and pressing regulation for their firm this year, with Solvency II coming in second (26%).

With a raft of existing and upcoming regulations to tackle, many asset managers at last month’s event were looking for ways to minimise the reporting burden, with some examining the reuse of reporting and regulatory data - a rising trend at such events.

In response to this, Oonagh O’Mahoney of Accudelta said: “It has become clear that a common regulatory language is beginning to emerge allowing asset managers to identify overlaps between a number of regulatory reporting regimes. There has been considerable discussion about the potential overlaps between areas of the PRIIPs regulation and aspects of MiFID II. It’s logical therefore for asset managers to look for overlap and reusable reporting data.”

Looking at MiFID II more closely, Accudelta’s survey found that ‘collecting, enriching and delivering trade data’ was the most worrying area for fund managers, with 59% placing this area of responsibility as most or second most challenging part of this regulation. ‘Collecting, enriching and delivering transaction data’ was also highlighted as a difficult area, with 45% of respondents stating that this was the most or second most challenging of all areas of this regulation.

Accudelta also asked the asset managers which main areas, aside from performance, they felt would help them retain customers and to win new mandates in the year ahead. The two most essential were reputation – with 59% ranking this as the most or second most important factor – and complying with new regulations which scored 36% on the same scale.

Commenting on the findings, O’Mahoney added: “It is clear from our conversations with asset managers across Europe that the new regulations are having a profound effect on the industry and that firms are keen to make sure they are in a strong position ahead of the changing rules. Although fund managers have been given a slight reprieve from MiFID II, it seems that this regulation is still the main area of concern for asset managers across Europe. There are links between the transparency requirements for PRIIPS and MiFID II so it’s only natural they are looking for reusable data. It is concerning that over a quarter of those we spoke to consider Solvency II as the most important regulation – even though this legislation came into force six months ago.”