An Investor s Guide to Silverfinch

Transcription

1 An Investor s Guide to Silverfinch Silverfinch Guide v4.0 1

2 Table of Contents Account Access... 3 Finding and Viewing Products... 3 Removing Products from the Target Products List... 3 I. File Upload... 4 II. Load Status File Status Dashboard... 4 File Status... 5 File Status Notifications... 6 III. File & Data Validation... 7 Validation Severity... 7 Validation Review... 7 Listing Products... 8 I. Report Configuration... 8 II. Target Product Access Status III. Look-through Access Status IV. Previewing Products with Look-Through Permission Status Summary Reporting I. Creating a Report Scheduling Reports II. Saved Report Configurations User Management III. Standard User Management IV. Company Level Administration Company Management User Management Silverfinch Guide v4.0 2

3 Account Access Creation of a Silverfinch Account generates an automatic account verification , including an activation link, with which an access password is created. This activation link is valid for 72 hours. Silverfinch passwords must be reset every 40 days. Passwords must be at least 8 characters, and contain at least one: Uppercase letter (e.g. A) Lowercase letter (e.g. a) Number (e.g. 1) Symbol (e.g.!, Finding and Viewing Products The Target File is used to indicate which products you wish to receive data for. During the file load process, Silverfinch will search for a match between the product listed in the Target file and a product in Silverfinch s global universe. If a match exists, the product will appear in the Target Products list. An access permission request will also be generated to the asset manager owner of the product for the Regulation targetted. Once the asset manager grants access, Silverfinch will determine if that product has investments in any other products (a fund-of-fund structure where applicable) requiring look-through. If this is the case, Silverfinch will again send access permission requests, until a full investment graph of the target product has been identified. Look-Through functionality is available for Solvency II, VAG and GroMiKV reports and is not applicable for PRIIPs EPT or MiFID EMT reports. As data access is dependent on permission being granted by each asset manager, full access to the investment tree is built as asset managers at various levels of the tree grant permission. Removing Products from the Target Products List Products can be removed from the Target Product List through file upload. If a target Product is removed, any scheduled reports or saved report configurations are impacted. If a report containing the removed product is run, Silverfinch will alert the user of this within the output warning that the requested product ID is no longer in the Target List. Fig. 1 Missing fund indicator When viewing a saved report configuration, if it contains a product that has been removed from the target product list, it will be displayed with a red icon as a warning. Silverfinch Guide v4.0 3

4 I. File Upload Fig. 2 File Upload Navigation Data is added to the Silverfinch Platform via an input file. Files can be delivered on a via SFTP, or uploaded manually through the Silverfinch platform. SFTP details must be provided during the onboarding process to avail of the SFTP delivery functionality. Fig. 3 Uploading Data to Silverfinch All input files must meet the Silverfinch defined acceptance criteria. More information on acceptance criteria can be found in the Investor s File Specification document available from our customer support team. II. Load Status File Status Dashboard Fig. 4 File Status Dashboard Navigation Silverfinch Guide v4.0 4

5 All uploaded files are displayed on the File Status dashboard: Fig. 5 File Status Dashboard Each file is shown with: File Type File Name Uploaded By the user who uploaded the file (including the sftp user ) Uploaded Date the date and time of file load Status the load status of the file File Status Files can show one of 6 statuses: Waiting the file is queued for processing Running the file is being processed Succeeded file load is complete, and data loaded into the system with no issues Warnings indicates that some data in the file failed validation rules of the lowest severity type. Data has still been successfully loaded into the system, but it is advised that all warnings are reviewed. Exceptions indicates that some data in the file failed validation rules of the highest severity, blocking some or all data from loading into the system. If there is a mix of warnings and exceptions, the highest severity status will be shown. Error the file failed to process successfully. In this instance, contact Silverfinch s technical support team. Search for specific files by File or Uploader name, or filter files by Type, Status or Date: Fig. 6 Search Uploaded Files Silverfinch Guide v4.0 5

6 Previously uploaded files can also be subsequently downloaded from this page: Fig. 7 Input File Download File Status Notifications notifications can be sent to inform you when File Load is complete either successfully, or with exceptions. To enable this notification, click on your name from the top right of the screen to access your user settings. Fig. 8 Notification Settings Navigation Then select to turn ON File Status Notifications, and finally save your Notification settings. Fig. 7 Notifications Settings One will be sent per uploaded file, including details of the file name and date and time of upload. There are four types of file status notifications: File successfully loaded File loaded with warnings including a summary of the number of warnings for review File loaded with exceptions including a summary of the number of exceptions for correction File error Silverfinch Guide v4.0 6

7 III. File & Data Validation All input files go through a validation process before being loaded into the Silverfinch platform to ensure they meet specific acceptance criteria. Validation Severity Validation rules have three severity levels: Warning suggests the need for data review; data has been fully loaded into the Silverfinch platform, but it may not fully match the relevant input spec Exception: Fund/Shareclass Blocked indicates that specific Fund(s)/Shareclass(es) contained a fundamental error, causing that particular row of data (Fund or Shareclass) to be blocked from loading. This validation error must be corrected in the file, and the full file reloaded. Exception: File Blocked indicates that there was an issue with the structure of the input file, and no data was loaded to the Silverfinch platform. The file must be corrected and reloaded. Validation Review To review any exceptions or warnings on a file, click on the magnifying glass icon for that file: Fig. 8 Validation Details Navigation This link opens the Validation Details view, where you can review all validation warnings or exceptions, as well as see all rules applied successfully to the file. The file name, details of when the file was uploaded and by whom, and the file upload status are also displayed. Fig. 9 Validation Details per File Silverfinch Guide v4.0 7

8 Failed validation rules are shown with: Rule type Exception message detailing the exact issue encountered Failures the number of instances of each rule failing Severity the impact of the failure, i.e. if data was blocked or not Row indicates on which row(s) the validation failure occurred Column indicates in which column(s) the validation failure occurred From this screen, you can download the original file for direct amendments, as well as download all triggered exceptions and warnings as an.xls Fig. 10 Exception Information & File Download If the file or file data has been blocked from loading due to failure of acceptance criteria, the file structure or data in the file need to be amended, and the file re-loaded. Listing Products I. Report Configuration Fig. 11 Report Configuration Navigation Silverfinch Guide v4.0 8

9 All Products uploaded in the Target Product input file that have been located on the Silverfinch platform are displayed in the Report Configuration view. The Report Configuration view has two main functionalities. The first functionality is to view the status of each request sent for a Product (Approved, Pending, Declined etc.) and the second functionality is to generate or schedule a regulatory report. Fig. 12 Report Configuration View The Report Configuration view will display all products targeted by the Investor Company including the Product Name, Identifier Type, Identifier Code, Status of request and Asset Manager s Name that the request was sent to. Selecting the Name of the Asset Manager will display further contact details in case you wish to make any enquiries about your request. Fig. 16 Report Type Categorisation All Products displayed in the Report Configuration view are categorised by Report Type. Before generating any type of report, please select first the report type from the dropdown menu as shown in fig.16. When selecting the report type, then all products that you have requested access to the regulation linked to the report type will be displayed. For Example, if you have requested access to a product in the input Target File for Solvency II data then by selecting either Silverfinch or TPT 3.0 Report Type it will display all products that have been targeted for Solvency II data. (Silverfinch and TPT 3.0 data models are standard formats for delivering holdings data for Solvency II) Silverfinch Guide v4.0 9

10 Fig. 17 Report Details After selecting the report type and choosing the Products to include in the report, you have three options. You can either download the report as a once-off directly from UI in the format specified, schedule a report to be delivered in an sftp location, or Save the Report Configuration for future reference. The report name (Fig. 17) is a mandatory field that should be populated as it keeps a track of all report configurations. Fig. 18 Saved Reports Once you download or save a report configuration, then the report details will be stored in the Saved Reports Section. (Fig. 17). From here you can edit/delete any previously report configuration or cancel/edit a scheduled report. II. Target Product Access Status Each fund and shareclass is displayed with an icon indicating the permission status given by the relevant asset manager. Permission statuses are: 1. Permission is pending. The asset manager has not yet granted or denied access to the product s data. 2. Permission is denied. The asset manager has denied the request for data access. Silverfinch Guide v4.0 10

11 3. Permission is granted The asset manager has granted data access. This fund does not have any holdings in other products (in the current month). III. Look-through Access Status Where a fund has holdings that invest directly in another fund (fund-of-fund structure), and where this fund is also present on the Silverfinch platform, an additional permission access request is generated to the asset manager who manages that fund at the next level of the product s investment tree. Fund-of-fund structures are illustrated on the Silverfinch platform by selecting the View Details option from the Target Product Screen. If a product contains look through then you will automatically redirected to the Look Through Preview screen (Fig. 19) where you can check the level of look through available. If the product does not contain any look through investments then it will be displayed as below: Fig. 19 Single Fund Preview IV. Previewing Products with Look-Through In order to view the known depth of the investment tree and see where permissions have been granted, the investment tree can be viewed by clicking the View Details symbol. (above) Silverfinch Guide v4.0 11

12 Fig. 19 Look-through preview Permission Status Summary Fig. 20 Investment Tree Summary An overview of access permission status at each level of the investment tree is displayed at the top the preview screen. This view shows you how many investment levels are present, and the access status of each investment in the tree. Fund-of-fund structures are defined in the Silverfinch system as investment levels: Level 0 the target fund, a direct investment. Level 1 all funds in which the target fund invests directly. Level 2 all funds in which Level 1 funds invest directly. Etc. Permission statuses are shown by colour indicators: Fig. 21 Look-through access status Green all funds with data access granted Amber all funds with pending data access requests Red all funds with data access denied Black all blocked funds. These are funds which the Silverfinch system has estimated are held a level below a fund which has had data access denied. Each level is shown with a percentage of funds in each status: e.g. if level 2 is 60% green and 40% amber, 60% of the funds at level 2 of the investment tree have granted access permission, and 40% of the funds are pending a decision. Silverfinch Guide v4.0 12

13 Reporting Fig. 23 Reporting Navigation Reporting available through Silverfinch includes: Solvency II Silverfinch Regulatory Data Model (csv or xml formats) Solvency II TPT 3.0 (csv format) VAG (xls format, zip file generated for multiple products) Run at shareclass level only GroMiKV (csv format, zip file generated for multiple products) Run at shareclass level only PRIIPs EPT (csv format) PRIIPs CEPT (Comfort EPT data csv format, zip file generated for multiple products) Prices Narratives RHPs MiFID - EMT (csv format) You must be subscribed to the relevant Silverfinch services to access all reports please contact sales@silverfinch.com with any queries on reporting access. I. Creating a Report Silverfinch Guide v4.0 13

14 Fig. 24 Creating a Report Product selection The first step in creating a report is selecting which products to include. Use the checkboxes to select which products to include in your report, or use the select all option to include all products. You can also search by product name, Asset Manager s name or primary identifier. Next, select a date for which your report should be run. All reports are run on a monthly target date basis. For PRIIPs EPT/CEPT and MiFID EMT Reports, the effective date is not applicable. The system will generate a report based on the latest available data. You can also give your report configuration a name, for future reference, and save your report configuration. Any name given to the report configuration will not affect the file name of any generated reports. Fig. 25 Creating a Report - Select Report Type Finally, select which report you would like to run, and if you would like the report to include lookthrough (Where Applicable). You can either have the report delivered via SFTP, or download it directly. Please note: you must have an output SFTP enabled to avail of this functionality. Silverfinch Guide v4.0 14

15 PRIIPs EPT & CEPT Reports EPT & CEPT reports are generated for the latest available data no target date needs to be selected, and any selected target date will be ignored. VAG & GroMiKV Reports VAG and GroMiKV reports can only be run at a shareclass level. Attempting to run a VAG or GroMiKV report containing Funds will trigger an error message prompting you to remove any funds from your product selection before re-running the report. VAG Red Flag Report Silverfinch s VAG report production uses the most conservative approach in all cases to categorise data. Positions that are particularly affected by the conservative approach will be summarised in a Red flag report that is generated to accompany the VAG report for each shareclass. This report outlines all positions that the asset manager may wish to review. Silverfinch Solvency II Report Where the reporting contains look-through (fund-of-fund structures), only the final level (leaf) position is displayed in the report, so as to avoid double counting on the sum of weights. There are two columns explaining look-through status of each position in the Silverfinch Solvency II report: IS_LEAF: TRUE if a position is reported a leaf level ; this indicates the end of an investment tree, where no further look-through is required. Where FALSE, this indicates a non-leaf position, where look-through is expected but not available. An FALSE output may be due to: The fund is not listed on Silverfinch Permission has not been granted to access the look-through fund data The data has not been delivered for the effective date of the report The position s CIC code indicates that look-through is expected (i.e. the third character of the CIC is 4). STATUS: This field can be populated with: OK position is being reported at the most granular level, and no further lookthrough is required. CYCLE indicates a look-through loop, where Silverfinch will not continue lookthrough down the investment tree due to encountering a security that is a fund already present further up the investment tree. Only applicable to non-leaf positions. UNKNOWN_INVESTABLE_FUND the product that is being targeted cannot be found on the Silverfinch platform. NO LOOK-THROUGH DATA the product is present in Silverfinch, but no data is available for the requested month. NO PERMISSION permission to access the product s data has not been granted the permission request is either pending or declined. MiFID EMT Reports MiFID EMT reports are generated for the latest available data no target date needs to be selected, and any selected target date will be ignored. Silverfinch Guide v4.0 15

16 Scheduling Reports Fig. 13 Scheduling Reports Reports can also be scheduled to automatically generate and deliver via SFTP. Specify the day and time and report type, and then save your reoccurring report configuration. Please note: you must have an output SFTP enabled to avail of this functionality. Viewing Scheduled Reports Fig. 14 Monitoring Scheduled Reports You can track the status of created reports via the Downloads tab on the File Status dashboard. Here you can view: Name of scheduled report Look-Through (Whether the Look-Through has been enabled or not) Report owner (user who set up the report schedule) Last generation date Silverfinch Guide v4.0 16

17 Destination (Delivery Method) Report generation status There are several statuses relating to the generation and delivery of a report. Succeeded: Your scheduled report has been successfully delivered to the SFTP location Generation Problem: Something went wrong when generating report, e.g. the Silverfinch server was down Connection Problem: Your report was generated successfully, but Silverfinch was unable to connect to the specified SFTP to deliver it Authentication Problem: Your report was generated successfully, but Silverfinch was unable to log in to the SFTP location to deliver it Delivery Problem: Silverfinch encountered an unknown problem in trying to access the SFTP. If you encounter a problem with the delivery of a scheduled report, please contact the Silverfinch technical support team (support@silverfinch.com) II. Saved Report Configurations Fig. 15 Saved Report Configurations All saved report configuration can be found in the Saved Reports section. Fig. 16 Edit & Delete Report Configurations Any saved report can be selected and re-run against a new target date, or edited and re-saved. Report configurations can also be deleted from the editing screen. (Fig. 28) User Management There are two levels of user management within the Silverfinch platform: Standard User, and Company Administrator. In order to be given the user management privileges of Company Administrator, please contact support@silverfinch.com. III. Standard User Management Silverfinch Guide v4.0 17

18 To access your user management screen, simply click on your user name shown on the top right of the screen header on any page. The following screen will then be shown: Fig. 17 User Management Here you can edit your displayed user name, change your password as required and set up notifications. IV. Company Level Administration User with Company Administrator access will be shown a new header navigation area Admin. From here, select User Management or Company Management. Silverfinch Guide v4.0 18

19 Company Management Fig. 18 Company Management Company details that can be edited by Company Administrators include: Company Name Company LEI Parent Company Name Parent Company LEI Commercial Contact Details (including primary contact details) From this screen, you can also specify which data licences you hold, and therefore which to receive data for. All data for which a current licence is not specified will be blocked in any generated output file, displaying the text Licence Block instead. Finally, delivery SFTP details can be set up for your company; an SFTP delivery address is required to set up any scheduled reports. Please note: the use of a private key is the preferred method of authentication. User Management All users within your company will be displayed, including any inactive users. Click on any user name to edit their details or access privileges, or add a new user from the top right of the screen. Fig. 19 Company Admin User List User information that can be edited includes: Name (as displayed on the platform) address (used to log-in to the platform) Silverfinch Guide v4.0 19

20 Status (Active/Inactive account) Fig. 20 Company Admin User Management Each user s access privileges can also be configured by the Company Administrator. Privileges include: Target Funds Control o View Target List o Upload Target List Reporting Privileges o Edit Report Configurations o Delete Report Configurations o See File Downloads (historical) o Generate Silverfinch Solvency II reports o Generate TPT Reports o Generate VAG reports o Generate GroMiKV reports o Generate PRIIPs reports Dashboard Privileges o View File Status dashboard (uploads) Silverfinch Guide v4.0 20