Paladyne Adds HK Regulatory Requirements
Paladyne Systems has announced the extension of its Portfolio Master product to meet incoming regulation from the Hong Kong Securities and Future Commission (HKSFC).
From next month, fund managers will be required to disclose their net short positions to the HKSFC. The rules come into force on 18 June, with the first reporting day and deadline being 22 June and 26 June. Any fund manager taking a short position in Hong Kong stocks will be required to comply. Portfolio Master, Paladyne's combined order and portfolio management system, will automate the process by extracting relevant data on short positions, and generate daily reports as appropriate. The required weekly reports for specified thresholds, as well as daily data, can also be generated.
"Paladyne has built an institutional framework that positions investment firms to be able to respond to global rule changes and other regulatory and compliance requirements rapidly and on time," says Sameer Shalaby, president at Paladyne Systems. "As a result, fund managers and service providers can fulfill their reporting obligations, including internal compliance and approvals checks, in a timely manner with minimal manual intervention."
The rules come into force on 18 June, with the first reporting day and deadline being 22 June and 26 June. Any fund manager taking a short position in Hong Kong stocks will be required to comply.
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