MUFG taps AxiomSL for reporting automation
Mitsubishi UFJ Financial Group (MUFG) has picked AxiomSL’s Global Shareholding Disclosures system.
Through the software, AxiomSL will provide cloud-based, automated daily position monitoring and reporting for MUFG’s shareholding disclosure requirements.
AxiomSL says the system helps to consolidate and aggregate reporting across a complex global structure.
MUFG will implement the solution on AxiomSL’s cloud-based cloud platform RegCloud.
Regulators need firms to make specific disclosures when they accumulate shares in a security, invest in a sensitive industry, become involved in a takeover bid, or engage in short selling.
The methodology for disclosure lacks standardisation. Regulators are prone to their own unique needs. This creates what AxiomSL calls a “significant compliance challenge”.
Gaurav Chandra, global product manager for AxiomSL, says MUFG is the type of firm that benefits greatly from automation in its reporting.
He adds that the COVID-19 crisis means equity investments are attracting more scrutiny than usual. This makes now “an opportune time” to implement a cloud-based solution that adjusts “instantly” to changes in investment thresholds.
Founded in 2005 following the merger of Mitsubishi and United Financial of Japan, MUFG is the largest financial group in Japan.
The bank holds more than $3 trillion in assets, with $679 billion in long-term investments.