The service, called the Authorised Database for Financial Markets, will make it quicker and easier to identify regulated firms and, over time, individuals operating in the securities, banking and insurance industries.
The new service is the first of its type to operate outside of the United States. Among other things, the service will provide such information as a firm’s name, any prior business names, its main office address and mailing address, the regulatory bodies that oversee the firm, as well as the types of regulated businesses that the firm performs.
The service is planned to be rolled out in four phases over the next 12 to 18 months. Phase 1 would provide information on firms doing business in the 25 countries in the European Union. Phase 2 would add data from NASD-regulated firms doing business in the United States. The third phase would add data on individuals doing business in the financial services industry from Europe and the United States consistent with relevant laws and regulations. The last phase would add data on firms and individuals doing business in Asia.
The Authorised Database for Financial Markets is designed to support the financial markets globally by providing clear, concise, accurate and consolidated information from regulators around the world.
Chris Pilling, CEO of Complinet, said: “We believe that the new verification service will help strengthen confidence in global financial markets by reducing the risk of fraud. The market will now have better access to critical business information, thereby supporting and protecting firms and the financial markets at large. We are delighted to be working with NASD as together I believe we have created a compelling offer.”
“Transparency is a foundation of investor confidence in markets,” said Robert Glauber, Chairman and CEO of NASD. “This service allows market participants to learn more about the firms in the financial services industry worldwide. This partnership with Complinet is an example of NASD’s commitment to lend its expertise to help regulators around the world and contribute to the harmonization of global capital markets regulation.”
