Thomson Reuters helps financial industry meet European AnaCredit regulations


Thomson Reuters (NYSE:TRI)

Information giant Thomson Reuters (NYSE:TRI) has announced that it has expanded its legal entity data service to help the financial community comply with the new AnaCredit European lending regulation that takes effect in September.

AnaCredit (Analytical Credit Datasets) requires Eurozone-domiciled lending institutions to report up to 98 data attributes about their corporate debtors on a loan by loan basis, where the client total debt exceeds €25,000 (some countries have opted for a lower threshold). After two years of preparation, this EU legislation comes into full force from September and impacts financial reporting for banks domiciled across the Eurozone and their branches located outside the area. Denmark and Sweden have also elected to participate.

The legislation has been introduced to provide the European Central Bank and National Central Banks of the Eurozone System of Central Banks with detailed, current and harmonized knowledge on the debt exposures across the region in order to identify and avert potential financial shock.

The AnaCredit service is a new regulation module from Thomson Reuters Verified Entity Data as a Service. The module exclusively focuses on assisting firms to comply with the Counterparty Reference Dataset requirements of the AnaCredit regulation, delivering and maintaining the information that must be reported each month on the institutions’ counterparties.

Thomson Reuters Verified Entity Data as a Service provides financial institutions with independently researched quality legal entity data to support their core client information needs. Entity verification and knowledge enrichment is provided on all legal entity forms registered in jurisdictions worldwide.

AnaCredit is the latest of a long line of regulations that financial firms need to manage that requires comprehensive entity reference data, making a robust data strategy across their business essential,” says Stuart Martin, Managing Director for Risk Information and Learning Services for the Financial & Risk business at Thomson Reuters. “Digital tools and a trusted source of trusted data are the only way for the financial community to succeed in the face of multiple needs to report accurate and timely data to the regulators.

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Thomson Reuters helps financial industry meet European AnaCredit regulations

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