Simmons & Simmons has launched a new online tool to help financial institutions remain compliant when doing business across the EU, in another sign of firms’ efforts to address client needs with new technologies.
The MiFID2 Manager advises companies on the regulations that apply within the UK and other EU regions. The product differentiates itself from others through its ability to tailor the information it delivers depending on the user’s business and the clients it is dealing with.
Simmons partner Charlotte Stalin led the team responsible for the tool’s creation.
Stalin said: “We decided to come up with a tool which as a manager filters down the relevant rules as to its application depending on who you are. So if you’re a hedge fund manager for example, it will identify the rules and requirements that are applicable to you.
“It also tries to identify in the key European markets any member state that is going to legislate over and above the European requirement.”
The product will be updated regularly to make sure that new regulations are flagged to users but it will also include the practical steps the company needs to take to remain compliant.
This is not Simmons’ only online compliance product currently in the market. The firm first launched its Navigator product in 2007, which is designed to provide companies with information about regulatory and tax issues. The firm has also recently released a similar product designed to assist start-up hedge fund managers called LaunchPlus. The product was created by a team of lawyers, including partner Devarshi Saksena.
The products are the most recent example of the growing trend in law firms providing additional services to their clients through the use of technology. Pinsent Masons recently acquired a majority stake in Cerico, a cloud-based compliance venture the firm launched with technology company Campbell Nash.
The firm originally launched the product in 2013 but has increased its investment in the company and appointed former McGrigors managing partner Richard Masters as its chairman.