Research & News

JUN 12, 2026

SolvencyAnalytics Responds to EIOPA Discussion Paper on Integrated Data Collection

We contributed to EIOPA's public consultation, sharing technical insights on the data ownership, validation, and implementation challenges of fund look-through reporting between insurers and asset managers.

Fund RegulationEuropeUK

MAY 13, 2026

KVG-Schnittstelle prepares for Version 6.0 – ESG and Real Estate Data in Focus

On 12 May 2026, financial.com released a new update on the KVG-Schnittstelle, outlining the next development phase of the framework and the planned version 6.0 release scheduled for January 2027.

GermanyEuropeCRR

MAY 8, 2026

ESMA sets the direction for integrated fund reporting in Europe

ESMA’s Final Report on Integrated Supervisory Data Collection outlines a harmonised EU reporting framework for UCITS and AIFs, with technical standards due by 2027 and phased implementation through 2029.

Fund RegulationEuropeUK

APR 16, 2026

AIFMD II and UCITS VI: The Transposition Milestone and the Reporting Roadmap Ahead

April 16, 2026 marked the AIFMD II and UCITS VI transposition deadline, while firms now prepare for April 2027 reporting implementation requirements.

Fund RegulationEuropeUK

MAR 24, 2026

Solvency II Review: Tailwind for securitisations

In a joint paper with Union Investment, we explore how revised Solvency II rules are improving the attractiveness of securitisations for insurers through lower capital requirements.

Solvency IIEuropeUK

JAN 26, 2026

A Look Back: The UCITS Transition to PRIIPs KID

Following the UCITS transition to PRIIPs KID, fund managers are moving from project implementation to operational delivery at scale. The transition required new analytics, longer historical data series and robust production workflows for both ongoing and pre-launch KIDs.

Fund RegulationEuropeUK

OCT 24, 2025

Innovation in RegTech: Transforming Regulatory Compliance

At Funds Symposium 2025, SolvencyAnalytics presented on RegTech evolution and AI in compliance. The talk highlighted AI’s efficiency gains and data-quality risks, and its potential to improve consistency in regulatory interpretation.

Innovation

AUG 6, 2025

FinDatEx Launches Industry-Wide Survey on Template Usage

FinDatEx has launched an industry survey on the use of its regulatory templates (TPT, EMT, EPT, EET) to support future standard enhancements and evolving requirements. Feedback will help shape future developments, with submissions open until 10 October.

Solvency IIEuropeUK

JAN 25, 2025

FinDatEx Webinar on TPT V7

FinDatEx’s January 2025 webinar covered the TPT V7 transition and highlighted ongoing challenges around data quality, reporting delays, and operational complexity for insurers and asset managers.

Solvency IIEuropeUK

JAN 15, 2025

FinDatEx Webinar on Latest Developments in TPT V7

FinDatEx will host a webinar on 23 January 2025 covering the TPT V7 transition, key implementation challenges, and data quality survey results. SolvencyAnalytics will also share practical insights on TPT reporting and data quality.

Solvency IIEuropeUK

JAN 10, 2025

FINMA Datenerhebung – Consolidating Reporting Framework for Swiss Insurers

FINMA’s Datenerhebung, effective from 2025, combines SST and AVO reporting but increases complexity around look-through, data quality, and implementation.

Switzerland

DEC 17, 2024

FinDatEx Introduces TPT V7 with Enhanced Regulatory Alignment

FinDatEx has released TPT V7, the latest Solvency II Tripartite Template update. It aligns with recent regulatory changes, introduces NACE Rev.2.1, new maturity and risk fields, and improves treatment of complex instruments. Applicable from March 2025 with transition period.

Solvency IIEuropeUK

SEP 17, 2024

FinDatEx Opens Public Consultation on TPT V7

FinDatEx has launched a consultation on TPT V7, open until 15 October 2024. Updates include new fields for PIK bonds and loans, improved definitions, and refinements for complex structures to enhance Solvency II data quality and consistency.

Solvency IIEuropeUK

JUN 27, 2024

EU publishes CRR III effective as of January 2025

CRR III brings the final Basel III standards into EU law, increasing capital and data requirements for fund look-through reporting. The changes strengthen the need for scalable, transparent and ESG-ready regulatory reporting infrastructures from 2025 onward.

CRREuropeGermany

JUN 20, 2024

The KVG-Schnittstelle: from regulatory interface to continuous reporting challenge

The KVG-Schnittstelle has become an increasingly complex and fast-evolving reporting standard in the German Depot A market, creating major operational challenges for asset managers.

CRRGermanyEurope

MAR 26, 2024

Official Publication of AIFMD and UCITS Amendments

AIFMD II introduces new rules for loan-originating AIFs, tighter delegation requirements, enhanced liquidity tools, and expanded reporting, while aligning key UCITS requirements. Transposition is due by 16 April 2026.

Fund RegulationEuropeUK

MAR 7, 2024

FinDatEx Launches TPT Data Quality Survey

FinDatEx has launched its first TPT data quality survey, inviting asset managers, insurers and service providers to identify reporting challenges. Feedback will support improved consistency, reliability and best practices in Solvency II reporting, open until end of April 2024.

Solvency IIEuropeUK

DEC 1, 2023

Tied Assets – Transition from FINMA Circular 2016/5 to AVO and FINMA-AVO

Switzerland’s revised insurance framework (VAG/AVO/FINMA-AVO) shifts tied asset regulation toward a principle-based approach while preserving key quantitative limits. It increases reliance on the prudent person principle, look-through analysis, and internal risk governance.

Switzerland

JUL 24, 2023

MMFR Review – Towards Enhanced Reporting and Systemic Risk Monitoring

The EU MMFR review confirms the framework’s resilience during COVID-19 and rate shocks, while highlighting areas for improvement in liquidity tools, transparency, and systemic risk monitoring. Future reforms will further align MMF rules with broader EU fund regulation.

Fund RegulationEuropeUK

MAR 28, 2022

PRIIPs RTS: The Regulatory Alignment the Market Awaited

The European Commission has published the final PRIIPs RTS amendment, aligning timelines by synchronising the expiration of the UCITS exemption with the activation of the revised PRIIPs calculation rules on 1 January 2023.

Fund RegulationEuropeUK

JAN 10, 2022

FinDatEx Introduces TPT V6: Incremental Enhancements to the Solvency II Reporting Framework

FinDatEx has released TPT V6 of the Solvency II Tripartite Template, adding limited new collateral data fields, clearer definitions and improved guidance for complex instruments. The update enhances reporting consistency while keeping changes minimal and operational impact low.

Solvency IIEuropeUK

DEC 20, 2021

BVI Introduces Revised VAG Reporting Template

The revised BVI VAG template strengthens transparency and look-through requirements for German insurer investment reporting. Asset managers must update data models, classifications, and reporting processes to ensure compliant and efficient reporting.

Germany

DEC 7, 2021

FinDatEx launches public consultation on TPT V6

FinDatEx has launched a consultation on TPT Version 6 of the Solvency II Tripartite Template, with feedback open until 21 Dec 2021. Changes are limited, adding a few fields on collateral in SCR and clarifying definitions to improve consistency while keeping continuity with V5.

Solvency IIEuropeUK

MAY 13, 2021

Help needed on the KVG-Schnittstelle? A fund reporting interface towards your savings banks clients

The KVG-Schnittstelle enables automated fund look-through reporting for German savings banks under CRR requirements. SolvencyAnalytics supports asset managers with onboarding, data delivery, analytics calculation and ongoing regulatory reporting services.

CRRGermany

DEC 12, 2020

MMFR stress testing and liquidity monitoring – Increasing regulatory scrutiny

Following the 2020 market turmoil, ESMA strengthened MMFR stress testing requirements with stricter liquidity, redemption, and concentration risk scenarios. Asset managers must integrate stress testing, liquidity monitoring, and reporting into a robust operational framework.

Fund RegulationEuropeUK

OCT 29, 2020

First MMFR Reporting Cycles Completed – Data Quality and Consistency in Focus

Following the first MMFR reporting cycles, asset managers are shifting focus from implementation to operational stability, data quality, and repeatable processes. Early reporting rounds highlighted challenges in data integration, validation, and XML reporting requirements.

Fund RegulationEuropeUK

OCT 13, 2020

Are you ready for the new WM Datenservice template for fund reporting under CRR II?

CRR II introduced stricter transparency and attestation requirements for fund look-through reporting. Without audited calculations and disclosure, banks face capital charges of up to 1,250%, increasing the importance of transparent and compliant fund reporting.

CRREuropeGermany

JUN 26, 2020

Release of Commission Assessment on AIFMD

The European Commission’s AIFMD assessment confirmed strong growth in the EU alternative fund industry, improved investor protection, and enhanced supervisory oversight. The review also signals future reforms in reporting, liquidity management, and governance.

Fund RegulationEuropeUK

JUL 31, 2019

ESMA Finalises MMFR Reporting Guidance – Industry Prepares for First Submissions

ESMA’s MMFR reporting guidance clarifies technical and validation requirements, but also highlights operational challenges for asset managers. Firms must align data, systems, and workflows to build a scalable and reliable reporting process.

Fund RegulationEuropeUK

JUL 16, 2018

MMFR Implementation Begins – New Reporting and Transparency Requirements for Money Market Funds

The EU MMFR introduced a harmonised framework for money market funds, strengthening liquidity, risk management, and reporting requirements. Asset managers must enhance data governance and reporting processes to ensure efficient and ongoing compliance.

Fund RegulationEuropeUK

OCT 13, 2017

Solvency II Fields

Our white paper “Solvency II Fields” introduces 13 fields of the openfunds format to allow asset managers to provide share class level risk information.

Solvency IIEuropeUKInnovation

SEP 13, 2017

Solvency II reporting: How to interpret funds’ aggregate solvency capital requirement figures

The paper studies Solvency II and how a fund investment affects an insurer’s Solvency Capital Requirement (SCR). It derives a worst-case upper bound for a fund’s SCR contribution without knowing the insurer’s portfolio, enabling conservative risk classification of funds.

Solvency IIEuropeUKInnovation

AUG 6, 2016

A Note on Yield Curve Steepness and Solvency II Capital Requirement

The note shows that under Solvency II, interest rate SCR depends on the shape of the yield curve. Steeper curves reduce the price impact of interest rate shocks compared to flat curves, leading to lower SCR levels.

Solvency IIEuropeUKInnovation

MAR 13, 2016

Classifying Solvency Capital Requirement Contribution of Collective Investments under Solvency II

This paper defines a fund’s SCR contribution under Solvency II and derives a worst-case upper bound independent of the insurer’s portfolio using the standard correlation matrix. It enables conservative risk classification of funds into low, medium and high profiles.

Solvency IIEuropeUKInnovation

MAR 13, 2016

Solvency II Reporting – Fondsindustrie stark unter Druck

Solvency II requires insurers and asset managers to provide detailed look-through reporting and SCR calculations on fund investments. This creates significant operational and time pressure, often leading firms to rely on external specialists to meet regulatory requirements.

Solvency IIInnovation

OCT 13, 2015

Convertible Bond Pricing

Convertible bonds combine bond and equity features and can reduce Solvency II SCR versus equities. The paper develops a binomial-tree pricing model including interest rates, credit risk, and embedded options (call/put/convertibility) to value complex CB structures.

Solvency IIEuropeUKInnovation

AUG 13, 2015

A Partial Internal Model for Credit and Market Risk Under Solvency II

The paper proposes a partial internal model under Solvency II linking credit and market risk for fixed income portfolios. It extends Lando (1998) with stochastic rating transition intensities to incorporate market risk factors into credit risk assessment.

Solvency IIEuropeUKInnovation

NOV 13, 2014

The Effect of Transactions on Capital Charges under the Swiss Solvency Test

This paper derives an analytical framework for assessing how asset transactions affect SST target capital and solvency coverage ratios under FINMA’s linear market model, including liquidity constraints and Basel III capital charges.

Solvency IISwitzerlandInnovation

APR 6, 2014

Implementing the SST Standard Market Model

This article describes the concrete steps for modelling the SST Standard Market Model and serves as guidance for the implementation of SolvencyAnalytics’ quant software.

SwitzerlandInnovation

MAR 26, 2014

Convertible Bonds – Fundamentals, Asset Allocation, Solvency

This Credit Suisse White Paper on Convertible bonds and their role in asset allocation and under Solvency II / Swiss Solvency Test.

Solvency IIEuropeUKSwitzerlandInnovation

NOV 13, 2013

The Standard Market Risk Model of the Swiss Solvency Test: An Analytic Solution

Fast algorithm for Swiss Solvency Test SCR uses FFT of the characteristic function of a quadratic-normal model with scenario adjustments. It replaces Monte Carlo, achieving high accuracy and up to ~200x speedups for target capital (expected shortfall) calculations.

SwitzerlandSolvency IIInnovation

SEP 11, 2012

Applying Markowitz’s Critical Line Algorithm in Handbook of Portfolio Construction: Contemporary Applications of Markowitz Techniques

We contributed to this publication on portfolio construction using Markowitz’s efficient frontier framework, combining theory with practical applications across diversification, portfolio selection, and multi-factor risk models.

Innovation

JUL 31, 2012

Convertible bonds fulfill their defensive role

We contributed to this Credit Suisse publication on convertible bonds, highlighting their defensive characteristics, downside protection, equity upside participation, and favourable Solvency II capital treatment for insurers.

Solvency IIEuropeUKInnovation

MAR 13, 2012

Die Vorzüge von Wandelanleihen unter Solvency II und dem Swiss Solvency Test

The paper presents a fast and precise algorithm for calculating the Swiss Solvency Test target capital. Using Fast Fourier Transformation instead of Monte Carlo simulation, it significantly improves computational efficiency for solvency and investment strategy analyses.

Solvency IIEuropeUKSwitzerlandInnovation

JAN 13, 2012

Exchange Traded Funds und Anlagestrategien

This book explains how ETFs work, their risks, opportunities, and role in investment strategies. It covers diversification, portfolio optimization, tracking error, index selection, and practical applications for private and institutional investors.

Solvency IIInnovation