MAP S.Platis is a specialist consultancy firm based in Cyprus and offering its services to financial services companies in located in Europe and the MENA region. The company often makes headlines because it is credited with helping many firms to obtain CIF licenses, since it is in fact responsible for obtaining more than 60 per cent of all licenses to deal in FX, issued by the Cyprus Securities and Exchange Commission under MiFID. Its most recent success story in this regard was its instrumental part in the licensing of Plus500 by CySEC.
Besides its consultative services, the firm had also designed and built a specialized platform called MAP-ERS in order to assist financial firms and enable them to comply with the requirements of their reporting obligations under EMIR. Indeed, the system created by MAP S. Platis was ready well in time and had been accepting Collateral Valuation Reports since the July 23 – i.e. three weeks ahead of the August 11th EMIR deadline for submitting daily mark-to-market valuations of positions and collateral updates.
According to a company announcement, the MAP-ERS platform has recently reached an important milestone by having successfully and promptly reported over 10,000,000 trades since the time of its initial launching. This means that all investment firms that have opted to become members of the MAP-ERS can enjoy the peace of mind ensured by the fact that the system ensures their full and timely compliance with their obligations. In the relevant announcement MAP S. Platis points out the fact that the purposely developed platform “provides ease of access, fast processing and enhanced security protection for the transferring and handling of data,” also highlighting that it is supported by the experienced in-house teams of compliance professionals and IT specialists.
They also stress that the MAP-ERS “applies fully-automated error-validation controls on the submitted files with a very detailed explanatory feedback and weekly reports which indicate the reporting frequency and the volumes of each Client for better management and monitoring, which together with the continuous guidance and assistance by our consultants, provide invaluable guidance to our members’ reporting procedure.”