Members of VFF came together.
The Norwegian Fund and Asset Management Association (Verdipapirfondenes Forening, VFF) has chosen to recommend the GRC WATCH network and compliance tool in order to simplify due diligence on distributors.
The EU Directive MiFID II requires a stricter control of fund distributors in order to secure that funds are sold to the right clients and that the assets are secure at all times. Controlling distributors is a very time-consuming process if you’re sending documents via email to one partner at a time.
Mutual effort in Norway
A joint effort to invite distributors to GRC WATCH has now been made by among others Storebrand, Alfred Berg, Danske Invest and ODIN Forvaltning.
“We wanted to avoid that distributors get a unique questionnaire from each fund management company. This type of mutual database gives us immediate access to information about distributors and they can share the same information with all of us. We can analyze the information in a more structured way so it’s a benefit for both sides” says Kurt Hauge, Head of Distribution at Storebrand Asset Management AS.
“We also think it’s valuable that we can share our own asset manager profile with distributors and use GRC WATCH for due diligence in both directions” says Petter Nordeng, Director Business Development, ODIN Forvaltning AS.
“We’re truly grateful for having members of VFF as clients,” adds Linda Hellström, CEO and founder of GRC WATCH. “My partner Susanna von Langsdorff and I have worked for many years as legal counsels and we have been on both sides in this type of due diligence. We wanted to make the process fast and easy and raise the level of compliance by offering immediate access to better data.”
Swedish RegTech solution for due diligence
GRC WATCH is a Swedish company offering a network of company profiles for compliance and due diligence purposes. It’s a database where one can easily find structured information in company profiles. You can create and send different types of reports in order to prove compliance with regulations like MiFID II. Each profile contains a questionnaire, a document library and a list of responsible people. The owner of the profile decides if the content of the profile should be visible to other companies.
The Norwegian Fund and Asset Management Association (Verdipapirfondenes Forening, VFF) is a membership organization that works to promote a healthy development and distribution of funds in Norway. Key activities include developing standards for market practice and advising members on issues related to fund management and compliance.
Avanza: Due diligence in many directions.
Linnea Wiklund, Head of Fund Selection at Avanza Bank, is sharing her view about the smartness of “network due diligence”. Also, the great value of sharing their profile with asset managers and companies like transfer agents.
Lannebo: Expansion in other countries.
In today’s post, we are sharing comments by Daniel Sundqvist, Head of Sales and Marketing at Lannebo Fonder. They are expanding in other countries and had to solve the challenges related to regular monitoring of distributors.