Press Release (ePRNews.com) - LONDON - Sep 02, 2020 - Proxymity, the digital investor communications platform announced today that it has launched its shareholder disclosure solution, Proxymity ID, in all EU Markets ahead of the implementation date of the EU’s Revised Shareholder Rights’ Directive (SRD II) with State Street (NYSE: STT) and Citi as customers.
Proxymity ID is the first new product to launch from the London-based FinTech since it announced its investment raise of $20.5m from a consortium of world-leading financial institutions earlier this year.
SRD II takes effect on Sept. 3, 2020, reflecting the need for transparency between public companies and their shareholders. The new regulation introduces stricter rules to ensure that issuers wishing to know the identity of their shareholders receive a timely response to disclosure requests. Intermediaries (CSDs, custodians, brokers, etc.) must now respond to these requests in a machine-readable format by the next business day, with non-compliance leading to potential fines or even jail time.
“We’re confident that Proxymity ID will make it easier and more cost-effective for custodians and intermediaries to manage the new burdens imposed by SRD II,” explained Dean Little, CEO and Co-Founder of Proxymity. “With Proxymity’s enhanced technology and digital onboarding experience, intermediaries can sign up and start using Proxymity ID within 24 hours and immediately comply with the SRD II legislation, without having to develop their own solution. We expect this to be an incredible value add as financial institutions navigate this new legislation.”
Proxymity ID allows any participants in the custody chain to automatically forward shareholder disclosure requests in a compliant digital format and respond to them instantly (or within a compliant timeframe). A key feature of the product is that Proxymity ID automatically verifies that disclosure requests come from an authorised source, which prevents unsolicited and unapproved requests from being processed, avoiding risk and wasted effort.
“We are excited to implement Proxymity ID in advance of the SRD II deadline. As this new regulation rolls out across the EU, this will help us efficiently address disclosure requests and maintain a strong focus on delivering solutions for our clients,” said Akbar Sheriff, Global Product Head for Custody at State Street.
The new disclosure solution complements Proxymity’s core proxy voting solution, Proxymity PV, which was launched last year to acclaim from issuers, investors and intermediaries in Europe and Australia.
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Proxymity is an end-to-end digital investor communications platform that directly connects issuers, investors, and their intermediaries to provide accurate, transparent and more immediate data to improve business relations. Proxymity is an enterprise-ready solution that provides real-time transparency, allowing instant amendment of instructions and much sought after confirmation that votes have been recorded at shareholder meetings. Eliminating manual input and interpretation of data, Proxymity helps remove potential data corruption and reduces risk for all participants. Proxymity was founded by Dean Little and Jonathan Smalley through Citi’s D10XSM program, and named “Best Innovation in Service Provision” by Global Custodian.
For more information, visit www.proxymity.io Source :