UK cross-industry financial services membership body TISA has tapped French consulting firm Atos to build a blockchain utility for the asset management industry in Europe.

Dubbed the TISA Universal Reporting Network (TURN), the new platform aims to ease MiFID II regulatory reporting requirements.

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Using a standardised EMT (European MiFID II Template), the platform will enable asset managers and distributors including financial advisers to “capture, share and transmit MiFID II data” to stakeholders, noted Atos.

The access to the EMTs will be on a real time basis.

The platform is said to support asset managers, distributors and their customers in ensuring that the products sold are comparable, clear about the costs as well as ideal for the target market.

Atos further claims that TURN will offer more consistency for asset managers after ESG reporting obligations start in the first half of next year.

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TURN is expected to launch in the final quarter of this year.

TISA technical policy director Jeffrey Mushens said: “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.”