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SD-15.3 — Product Governance & Lifecycle Management

Business Domain: BD-15 Distribution, Product & Client Management (Commercial) · Applies: BOTH

Purpose

Governs the firm’s products across their life — the product-approval process, the periodic product review, and the rationalisation of the range. SD-15.3 owns the product-governance regime: it operates the product-approval gate every new or materially changed product passes through, defines and reviews each product’s target market, runs the periodic reviews that test whether a product still delivers value, and manages the end of a product’s life — mergers, closures, share-class changes. It exists because a product is a regulated, ongoing obligation, not a one-off launch: the MiFID II product-governance regime and the UK Consumer Duty make the manufacturer answerable for the product through its life. It is not the building of the product (SD-15.2) and it is not investment-compliance monitoring of the portfolio (BD-10).

Service Operations

  • Operate the product-approval process — run the product-approval and product-governance gate every new or materially changed product passes through.
  • Define and review the target market — set and periodically review each product’s target market and distribution strategy.
  • Run periodic product review — run the periodic product reviews that test whether each product still delivers value to its target market.
  • Manage product rationalisation — manage fund mergers, closures, liquidations and share-class rationalisation across the range.
  • Govern the product register — maintain the governed register of the firm’s products and their lifecycle state.

Inputs and outputs

  • Inputs: the launched products from SD-15.2; performance and value data from BD-09 and SD-12.11; the product-governance regulation; distribution and flow data from SD-15.4.
  • Outputs: product approvals, target-market definitions, product-review outcomes and rationalisation decisions — consumed by SD-15.4 (the distribution strategy), the front office and the firm’s governance.

Entities

  • Consumes: PM-01 Fund & Vehicle, PM-10 Fund Terms, FO-01 Fund Product (the issued-fund product whose lifecycle state this Service Domain governs — SD-15.3 updates the product-governance and lifecycle-state facets of FO-01); performance and value data from BD-09 and SD-12.11; the SD-15.2 launched products; the SD-15.4 distribution and flow data.
  • Owns: the product register and the products’ lifecycle state — a process artefact. FO-01 Fund Product is the fund-form product entity; SD-13.3 is its owner; SD-15.3 contributes lifecycle-state updates to it.
  • Open question: a Product entity — the firm’s offering as a versioned, owned, governed record across all product types — anchored in SD-15.3 and shared across the product cluster. FO-01 is the fund-form instance; the generic entity is a separate, future modelling question.

Standards

  • The MiFID II product-governance regime — the manufacturer obligations and the target-market regime.
  • The UK Consumer Duty products-and-services and price-and-value outcomes.
  • The PRIIPs KID and the UCITS KIID.

Open extensions

  • A Product entity.
  • The product-review and value-assessment sub-model.
  • The Service-Operation-level input/output contracts.

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