Financial services utility, APIR Systems, and listed software solutions provider, Objective Keystone, have entered into an integration partnership allowing product issuers to disseminate Target Market Determination (TMD) data and the final TMD PDF through a secure API.
Objective Keystone has some of Australia’s largest financial product issuers using its technology to create a range of their disclosure documents, including TMDs. The initial development facilitates the dissemination of TMD information into APIR’s centralised TMD repository.
According to APIR Systems chief executive, Chris Donohoe, the integration between the partners is now complete, with Objective Keystone clients now able to take advantage of APIRs functionality.
“The partnership means our mutual clients will be able to pass through the TMD information any time it is updated, resulting in significant time and administration efficiencies for them.
“The process of integrating TMDs from Objective Keystone’s system with our repository has been a smooth one. The engagement has been constructive and we are confident it will further simplify product issuers connectivity with distributors,” Mr Donohoe said.
Objective Keystone chief executive officer, Tony Walls, said: “We have been impressed with the seamless integration and have successfully uploaded a number of test TMDs to APIR’s infrastructure. We’re looking forward to building the relationship further as the legislation takes effect.
“We need our clients to be able to upload TMDs quickly and efficiently, and combining this with APIRs system is a win for the industry and its participants.”
The DDO legislation, which is being overseen by the Australian Securities and Investments Commission, will impact issuers and distributors of financial products.
The TMD is one of several new design obligations for product issuers and distributors under the Design and Distribution Obligations legislation scheduled to come into effect from 5 October 2021. The TMD requirement will place the onus of responsibility on product issuers and platform providers to ensure products are suitable for the market being distributed to.
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For more information, please contact:
Chris Donohoe
02 6181 0590/ 0410 425 634 chris.donohoe@apir.com.au
About APIR Systems
APIR Systems Limited (APIR), LEI code 261700K5E45DJCF5Z735, is an independent, privately owned utility that provides a critical component of the wealth management industry's infrastructure.
Since 1993, APIR has been identifying, coding and managing reference data for unlisted financial products. During that time, we have identified over 30,000 unlisted financial products of which nearly 15,000 are actively trading in today's market.
The "APIR Code" is universal across the Australian wealth management industry, being used by all the distribution platforms, custodians and fund administrators. Our supporting data services are used by leading research houses, data houses, major software developers and financial planning desktops.
APIR is also the issuer of ISIN (International Securities Identification Numbers) for unlisted managed investment schemes and superannuation funds in Australia.
Additionally, in partnership with RapidLEI, the world’s fastest growing issuer of LEIs, we are the leading Australian based GLEIF approved Registration Agent. Through our partnership we have assisted thousands of Australian companies, SMSFs, trusts and funds efficiently register, renew and maintain their LEI and reference data.
About Objective
Objective Corporation (ASX:OCL) creates software to make a difference.
Using Objective software, thousands of public sector organisations are developing policies with impact, accelerating processes and delivering innovative services. We help organisations shift to being completely digital. Where our customers can work from anywhere; with access to information, governance guaranteed, and security assured. Innovation is our lifeblood. We invest significantly in the ongoing development of our products to deliver outstanding solutions to the public sector and regulated industries. The result - stronger outcomes for communities and accountability that builds trust in government.