TISA, the UK’s cross-industry financial services membership body, has appointed Atos, a digital transformation firm, to build a blockchain regulation tool called the TISA Universal Reporting Network (TURN).

TURN is being created to ease regulatory reporting requirements for MiFID II. It will be available across Europe based on blockchain technology and is due to launch in the last quarter of 2020.

This new platform will allow asset managers and distributors-including financial advisers-to capture, share and transmit MiFID II data across Europe to all relevant stakeholders, through a standardised EMT (European MiFID II Template).

All relevant parties will have access to the EMTs on a real time basis. Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs.

Additionally, it will provide better consistency for asset managers when Environmental, Social and Governance (ESG) reporting obligations begin in the first half of 2021. This will also ensure the end customer is more informed about their investment options.

TURN will continue to build on the open standards that has been developed with TISA members. It will be run as a not-for-profit by the users.

Jeffrey Mushens, Technical Policy Director, TISA, commented: “Atos has been appointed as the vendor to collate and share the data collected. After a competitive pitch process, it was clear that Atos had the strongest reach and technical capability, enhanced by their clear sense of enthusiasm to be involved with this game-changing project.

“The impact will be substantial, for all types of firms working in this space, including the UK, the EU and Switzerland. The utility is clearly a sought-after ambition as we have been working with our members, including European asset managers, distributors, platforms, and IT firms to identify and address their needs through TURN. We expect that the solution will enable the future delivery of key data for ESG as well as for feedback and other regulatory requirements. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products.”