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the ASIC Rewrite
Stay ahead of the demands of the ASIC Rewrite with an agile post-reporting solution.
ASIC alignment with global requirements brings benefits and challenges
The ASIC Rewrite goes live on 21 October, 2024, tightening reporting rules in line with the EMIR and CFTC rewrites happening in Europe and North America. While the move to ISO XML formats and unified processes for things like UTI generation may make things more consistent, they may also make reporting more complex.
Be ready for the Rewrite.
ASIC Rewrite goes live in
Agile reporting controls
for the ASIC Rewrite
ASIC Rewrite changes will make upstream data quality even more important. Finding and managing the data for new required fields will bring new challenges, and the ISO XML format will mean you can no longer use the workarounds you did in CSV. And the removal of safe harbour means firms that delegate reporting will need new and robust processes to ensure accurate reporting.
Duco has extensive regulatory experience across regimes including ASIC, MAS, EMIR and CFTC. Our no-code, SaaS platform along with expert professional services and out-of-the-box ASIC Rewrite solution can help ensure controls meet requirements while reducing cost, complexity and time to value.
Challenge
Avoiding fines and sanctions
Problem
Inaccurate or incomplete data can lead to attention from the regulator. And it’s not just the fines that are expensive. Audits and remediation programmes are costly and reputational damage can be significant.
Solution
Duco can help you ensure that the data you’re sending to the Trade Repository is accurate, complete and in the right format. Our solution can help you quickly identify issues that need correcting upstream to avoid repeated errors.
Challenge
Removal of delegated reporting safe harbour
Problem
Delegating your reporting no longer means delegating responsibility for the data. Firms must ensure data is accurate, complete and timely regardless of whether they delegate reporting or not.
Solution
Duco’s preconfigured process templates for the ASIC Rewrite ensure that post-reporting reconciliation is easy, whether you delegate the reporting or decide to send it yourself.
Challenge
Futureproofing processes
Problem
Adding or changing data inputs is a challenge with inflexible tech and huge internal change control projects as regulations – and your business – evolve.
Solution
Our pre-configured solution is already mapped to the relevant ISO XML fields and linked to our Data Prep module, meaning you can normalise data quickly and easily in the platform. Scale quickly without adding cost or sacrificing controls for speed.
Challenge
Managing divergent regimes
Problem
ASIC, MAS, EMIR UK, EMIR EU and CFTC are sharing key reporting requirements, but diverging fields and formats may mean headaches for reporting and maintenance. Particularly as the market moves toward regular regulatory ‘tweaks’ rather than infrequent large changes.
Solution
Our preconfigured processes make it easy to map internal data to submission formats. And the preconfigured templates are maintained by Duco, so there’s no need to manage change projects as regulations evolve.
ASIC Rewrite solution
Duco offers an accelerated solution for ASIC Rewrite readiness that combines the expertise of our professional services (PS) team with our robust platform capabilities.
Health check
Operating model diagnostic
- Get clarity on business architecture
- Map systems, data flows, processes and control points
- Uncover gaps, risk areas and opportunities for control improvements
Scope & build
PS-supported custom configurations
- Validate, transform and enrich data
- Smooth UAT and deployment to production
- Optimise for future change
Assurance controls
Intersystem and post-reporting
- Eliminate maintenance with preconfigured ASIC processes and automatic XML schema updates
- Improve visibility with operational dashboards
- Self documenting, auditable and transparent controls
Regulatory data quality. Simplified.
The Duco platform is the only choice when you need to respond fast, stay in control of your data, create transparency and future-proof your operations.
You’re in control
From our no-code Natural Rule Language to the Duco Alpha machine learning engine, our solution is designed to be user-friendly in every way, from setup to documentation.
Agile compliance
Adapt to the changing demands of regulators with ease and at short notice. From remapping existing processes to handling new data types, Duco’s data quality solution for the ASIC Rewrite keeps you one step ahead.
See everything
Get end-to-end transparency of your regulatory data quality processes and manage permissions on a granular level. Every action is recorded for complete auditability.
Always ready
Our platform is data agnostic and easily connects to both upstream and downstream systems. Whether it’s the regulation that evolves or your tech stack, Duco’s data quality solution comes with flexibility baked in to keep you future-proofed.
With Duco we were finally able to reach the high level of quality we strived for in regulatory reconciliations.
Transaction data needs to undergo a number of enrichment processes between front office capture and the final report, which need to be replicated in the reconciliation process, covering large complex data sets. The quick deployment, flexibility and usability of Duco’s self service application enables us to efficiently build towards this reconciliation process with very little technical support.
Unlock the power of your data with Duco
Fill in the form to watch an extended demo of the Duco Platform in action.