Since Solvency II came into force on 1st January 2016, organising the exchange of information needed by insurers to calculate their SCRs (Solvency Capital Requirements) and carrying out regulatory reporting has proved complex, because of the large number of funds and asset management companies involved. The complexity is restricting the circulation of the Tripartite template (TPT), which is made worse by asset managers’ demands that insurers sign non-disclosure agreements (NDA).
Given these constraints, CACEIS has developed a collaborative platform that is open to all asset managers and institutional investors in France and abroad, whether they are CACEIS clients or not, to make it easier to disseminate and collect TPT files within an organised framework.
CACEIS's teams have designed and built a platform with a web interface named TEEPI (Tailored Electronic Exchange Platform for Investors). It gives participants the benefit of a trusted third party in the form of CACEIS. It makes it easier to manage the exchange of data between asset management companies and their institutional investors, and centralises TPT v3.0 within a single secure platform.
In practical terms, when an asset management company joins TEEPI, it can set up its company home page as a front end, which is visible to all users of the platform, and send out periodic TPT files free of charge with one click.
On the other side, insurers can also set up their home page, upload the ISIN codes of funds in which they are invested into a private area, update the list, and test the availability of funds within their investment scope on the platform. The insurer can easily download historical or the latest available TPT files, either as a batch or on an individual basis, and can help increase coverage by sending out invitations to others to join TEEPI.
Each participant can send invitations to connect with other participants, and can accept or refuse any connection requests received; a connection is a mandatory step in the process of authorising the download of TPT data. The system means that the asset management company maintains control over the dissemination of its TPT data and avoids signing confidentiality agreements due to the acceptance of the platform's General Terms and Conditions of Use.
Asset management companies managing funds of funds can also connect with other asset management companies, and will benefit from the same functionality as institutional investors.
The platform facilitates information flows between asset management companies and institutional investors, within a secure environment and gives a guarantee of confidentiality. Each participant can build its own network and, in the near future, will be able to use TEEPI to exchange standard files to generate PRIIPs KIDS (once professional associations have decided on a standard template like the Tripartite file for Solvency II).
The TEEPI platform will go live in October 2016, and CACEIS’s Products and Sales teams will be available to demonstrate the platform's features and set up access for participants wishing to use it.