TURN (TISA Universal Reporting Network) is an Industry blockchain solution for the collection & dissemination of EMT regulatory data. The overall aim of this solution is to increase market compliance, reduce regulatory costs and provide a better service to investors. TURN is the result of TISA’s MIFID II Project under the oversight of a Governance Steering Committee.

Origination of TURN through TISA’s MiFID II Project

Firms are required to design products that meet target market criteria (appetite for risk, tolerance for losses, etc) and include data on costs and charges for pre-sale disclosure and (at least annually) post sale disclosures.

Firms use EMTs (European MiFID Templates) to efficiently do this and there are c130,000 ISINS (for which an EMT is required) and other requirements for production and consumption of data relating to financial products across Europe.

The MiFID II Project was initiated, at industry request, to address issues around accuracy, timeliness and reliability and to find a solution.

1. TURN was originally conceived in 2018 by TISA and a committee of leading fund management manufacturers and distributors. A Blockchain Hackathon was successfully undertaken by the market to test suitability of blockchain solution to collect and disseminate EMT data.

2. This led to TISA refining the solution and going to market to find a suitable provider to build the platform.

3. In April 2020 Atos were appointed as technology partner, and this was communicated to the market, with work now currently underway to build the blockchain for EMT.

Problems

What problems are we going to resolve?

Manufacturers

Poor data quality: unsure whether clients are receiving the latest and most up to date version of EMT data

Lack of visibility: wrong information could be given to clients but manufacturers have no way of checking

Inefficient distribution processes: current processes are costly, slow and susceptible to human error

Lack of traceability: Current processes lack any auditability and traceability, making regulatory compliance difficult and issue troubleshooting complex

Risk of non-compliance: all of the issues above could lead to the risk of non compliance

Distributors/ Platforms

Poor data quality: distributors are unsure if they are working with the latest set of EMT data

Poor customer service: Customers may be provided with incorrect data

Data variability and quality: data is submitted in many formats and from many different channels

Inefficient processes: current processes are costly, slow and susceptible to human error

Lack of traceability: Current processes lack any auditability and traceability, making regulatory compliance difficult and issue troubleshooting complex

Risk of non-compliance: all of the issues above could lead to the risk of non-compliance

Data Vendors/ Agents

Data variability and quality: different methods of collecting and disseminating EMT data

Partial market coverage: data only collected from clients therefore provide only a partial market view

Resolutions

How do we propose to resolve these issues working with the Industry

Future Vision

Future Vision of other Value-Added Services & Regulatory Demand