Fund Recs contracted by Innocap for EMIR and SFTR compliance

Fund Recs contracted by Innocap for EMIR and SFTR complianceIrish regtech Fund Recs has been selected by managed accounts platform Innocap to assist with its compliance with European Market Infrastructure Regulation (EMIR) and Securities Financing Transactions Regulation (SFTR) regulations.

Under the terms of the arrangement, Fund Recs will provide reconciliation for EMIR and SFTR reporting.

In addition, Fund Recs will also offer services for “related data management and operational workflows”.

Both the EMIR and SFTR regulations are concerned with capital markets activity and place a heavy transaction reporting burden on firms, especially those on the buy-side with typically fewer IT resources than their sell-side counterparts.

According to Innocap’s chief risk officer Andrew Sacino, the deal with Fund Recs “strengthens our compliance infrastructure and ensures we’re equipped to handle the complexities of today’s regulatory environment”.

In addition, said Sacino, by using a third-party provider for its reporting, Innocap is able to “focus more on the execution of our regulatory data strategy”.

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