Broadridge Financial Solutions has collaborated with FundsLibrary to develop new regulatory technology solutions for wealth and asset managers in Europe.

The collaboration will focus on creating platforms that will assist the wealth and asset managers to comply with the new regulations under MiFID II Ex-Post Costs and Charges and Solvency II.

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The new rules, which require additional transparency from investors, resulted in greater examination on the fees that wealth and asset managers charge from their on clients.

In the initial phase of MiFID2 Article 50 implementation, over 1,300 firms confessed with Financial Conduct Authority (FCA) that their reporting had inaccuracies.

The authorities also enforced Solvency II regulations aggressively to address recent fund liquidity concerns.

The collaboration will aim to provide the European wealth and asset managers with a technology suite to address these regulatory concerns.

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Broadridge head of strategy in EMEA and Asia-Pacific Philip Taliaferro said: “At Broadridge, we are focused on providing asset managers with innovative, data-centric solutions, and this new technology suite with FundsLibrary is a natural fit with our existing regulatory solutions capability.

“Leveraging FundsLibrary’s Solvency II along with Broadridge’s MiFID II Ex-Post Costs and Charges solutions will help clients drive more efficient and cost-effective processes in regulatory reporting.”

Currently, Broadridge’s European fund regulatory communications business offers regulatory and distribution support to more than 70 clients.

Recently, the company acquired wealth management technology provider Financial Database Services to bolster its adviser compensation management capabilities.