Eighty-five percent of buy-side firms are unprepared for regulatory changes, a survey by MoneyMate, a data management firm, found.

Among North American firms, 73% say the Dodd-Frank bill is a major concern, 30% are worried about 12b-1 reforms, and 25% are focused on money market fund reforms. In Europe, 60% are most concerned with UCITS IV, as well as the AIFM Directive and Newcits.

Among all respondents, 75% say the regulatory reforms will impact their firm’s data management processes, and although 66% say their data management system delivers product information in a timely matter, many are still using manual processes.

“The results of this survey clearly show that firms are struggling to prepare for the enforcement of regulatory reform, particularly in terms of their product data,” said Ronan Brennan, chief technology officer of MoneyMate. “Firms must address their ability to comply with regulatory changes.”

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