WKFS launches offshore compliance tool
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Wolters Kluwer Financial Services has launched a new tool, Compliance Passport, that allows firms with shares in foreign entities to identify and comply with jurisdiction-specific regulation.
WKFS says the first module is a shareholding disclosure application designed for companies and financial institutions that must comply with shareholding disclosure rules, which differ from country to country.
It shows how disclosure rules apply to a range of investment vehicles in relation to large shareholding positions in multiple regulatory jurisdictions.
It also provides access to the underlying rules and regulations driving these obligations, plus forms for filing and notification.
WKFS says it will continue to expand Compliance Passport to cover additional cross-border regulatory information, such as licensing and registration obligations and processes and marketing financial products in local jurisdictions.
WKFS senior director of global regulatory solutions Anna Monteiro says: “Having instant access to this information helps an organisation’s compliance and legal professionals understand complicated disclosure rules in foreign jurisdictions and make quick, accurate business decisions.
“In turn, they spend less time relying on external counsel, which can be very costly.”
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