APIR and Objective Keystone align ahead of TMDs
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,” 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 Design and Distribution Obligations (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 DDO 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.