Wolters Kluwer Financial Services has introduced Compliance Passport, a new regulatory compliance tool to help financial firms address the regulatory obligations associated with holding shares in foreign entities.
Wolters Kluwer said that the newly launched Compliance Passport is available via Compliance Resource Network, which is a suite of regulatory compliance solutions that consolidate financial laws, regulations, news and commentary from across the globe.
Compliance Passport is expected to provide financial professionals with tools to access, identify, interpret and comply with jurisdictional variances in regulation. The first module of this new offering will be a shareholding disclosure application designed for companies and financial institutions that face the challenge of complying with detailed shareholding disclosure rules, which differ from country to country.
The tool 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, in addition to forms for filing and notification.
Wolters Kluwer is also planning to expand Compliance Passport to cover additional cross-border regulatory information, such as licensing and registration obligations and processes; marketing financial products in local jurisdictions; and other regulatory topics requested by its customers.
Anna Monteiro, senior director of global regulatory solutions at Wolters Kluwer Financial Services, said: “Having instant access to this information helps an organization’s compliance and legal professionals understand complicated disclosure rules in foreign jurisdictions and make quick, accurate business decisions.”