Mayer Brown, Factor and derivatives risk management services provider Acadia have launched ‘CAN Comply’ – a flat-fee service for the review and certification of compliance of derivatives executed under the European Market Infrastructure Regulation (EMIR).
Mayer Brown, which is an Am Law top 20 firm; and Factor, which provides legal managed services, are working with Acadia on its agreement manager platform. To date, this work, which is often costly and time consuming, has typically been absorbed by a combination of outside counsel and existing in-house departments, resulting in increased costs and difficult workloads.
“Regulations contribute to the growing avalanche of workloads facing in-house departments. By integrating our respective strengths, we’ve created a client-centric service that enables robust compliance without excess burden or cost,” said Chris DeConti, Factor’s head of strategy.
Clients simply identify the counterparty relationships they would like analysed and all relevant information is shared via the secure digital Acadia Agreement Manager platform. Factor and Mayer Brown analyze the data provided, perform cross-validation checks, and provide a certificate that the client can present demonstrating compliance, with ongoing annual checks to confirm continued compliance available too.
“Clients have been so focussed on the implementation aspect of initial margin, it would be easy to overlook some of EMIR’s ongoing obligations,” said Edmund Parker, partner and global head of derivatives at Mayer Brown. “With a simple, minimum fuss, data extraction model, our combined offering elegantly solves this problem.”