New software release: fund administration solution DIAMOS-F focuses on regulation

Sulzbach, 10/12/17 00:00 Age: 3 Jahre

The German law to reform investment taxation adopted on 19 July 2016 introduced manifold changes, the most significant of which are coming into force on 1 January 2018. Taxation for special funds largely remains the same, while some topics should be observed in detail. The taxation principle for public funds, however, is set to change fundamentally. While the fund investor was effectively treated as a direct investor under the old regulatory regime, from 2018 the fund itself will have to pay corporate tax of 15 % on domestic income from shareholdings (dividends), domestic income from real estate (rent and all capital gains) and other domestic income. The tax burden of German funds is hereby placed on an equal footing with that of foreign funds (incl. their income).

After the summer release of fund administration solution DIAMOS-F created the fundamental basis for implementing the investment tax reform law, the latest Release 1.22 adds further functionalities. These include the expansion of data transfer of WM data (effective with the 84th WM-update service on 23 October 2017), as well as the calculation of the equity participation rate in the NAV-calculation, which also takes into consideration the correct add-back calculation of target funds. This means that users with funds outside Germany also have access to this information and can disclose it to their clients.

Besides regulatory and legal requirements such as adjusting the trade repository notifications for OTC derivatives, valuable client feedback as well as functional enhancements specifically driven by our product management are included in the DIAMOS Releases. For example, the administration of entitlements was optimized and the process carrying out the consolidation of funds was streamlined. Furthermore, a new report is available in fund accounting, which discloses accounting information on a daily basis, including simulated closing entries. Additionally, the functionalities regarding collateral notifications, which are of high regulatory importance to customers, have been extended.

FundsXML Standard 4 is particularly relevant for the overview of investment compliance and has been actively used by DIAMOS customers since the summer. With the new release, DIAMOS also supports the export of data straight from the system. This enables the seamless supply of information about the funds in a structured format.

"Effective market observation and analysis of the demands placed on our fund administration solution, in addition to an active exchange with our customers, is indispensable when it comes to continuously enhancing our software and supporting our clients in regulatory and supervisory matters", says Ralf Gutensohn, Manager Product Design/Product Owner DIAMOS-F. "This year has been marked by topics such as MiFID and the investment tax reform. With our solutions we actively support our clients to manage the current challenges that regulations place on them”, emphasises Domingo Santos Marañón, Managing Director Product Management at DIAMOS AG.

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