Post-trade services firm Pirum will extend its collaborative Securities Financing Transaction Regulation (SFTR) solution with S&P Global Market Intelligence Cappitech to cover SEC 10c-1a reporting regulations.
Following the two firms’ collaboration on the SFTR solution, the new reporting solution will assist clients to meet the US Securities and Exchange Commission’s (SEC) incoming 10c-1a requirements.
It will combine Cappitech’s data validation, event creation, and regulatory connectivity, with Pirum’s UTI generation and reconciliation abilities, to form an efficient and streamlined reporting solution.
The two companies began collaborating on this project when the SEC first proposed 10c-1a in November 2021.
Both entities have worked closely with their clients and industry associations, as well as engaging with regulators, to arrive at an understanding of the incoming rules and requirements, they say.
There was a “significant appetite” for such a solution, according to the firms. Key use cases for this included participants who were keen to avoid bifurcating current processes.
Participants also hoped to enable faster time to market, leverage existing SFTR connectivity and data flows, and facilitate easier integration.
Commenting on the solution, Struan Lloyd, managing director and head of S&P Global Market Intelligence Cappitech, says: “Building on the success of our joint collaboration in SFTR, the solution will be enhanced to cover the specific requirements and workflows required by the new regulation.
“The SFTR community has trusted Cappitech and Pirum to deliver a comprehensive reporting solution, and we take that obligation and responsibility very seriously to ensure our clients can satisfy their reporting obligations with a critical focus on complete, reliable and timely reporting.”
Pirum CEO Phil Morgan adds: “By enhancing RegConnect to deliver a robust and reliable 10c-1a solution, Pirum and S&P Global Market Intelligence Cappitech have taken another leap together on our journey to keep our clients on the right side of ever-changing regulatory requirements.
“Having previously built and rolled out a reporting solution that successfully handles the complexity of SFTR reporting, extending it to cover the less onerous, but equally important 10c-1a requirements, was a logical evolution of the existing product.”
