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[ CASE STUDIES ]

EMIR Trade Reporting Remediation

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CORSA’s ability to uncover, own, and resolve a major compliance issue was nothing short of exceptional. They helped us engage with regulators proactively and transparently, rebuild trust, and get to a place of full compliance.

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Client Overview

The client, a global asset manager preparing to launch a new suite of global credit funds, engaged CORSA to develop and implement EMIR-compliant trade reporting. During the early assessment phase, CORSA uncovered significant issues with the client’s existing EMIR reporting framework, which had gone undetected for over three years.

 

The errors, originating from a flawed original implementation, constituted a compliance breach and exposed the firm to reputational risk, regulatory scrutiny, and potential fines. Immediate action was required—not only to enable the new fund launch but also to address historical non-compliance.

The Challenge

01
Three years of incorrect EMIR trade reporting stemming from flawed implementation. Risk of regulatory penalties and reputational damage.
02
Need to rebuild trust with ESMA and the FCA through transparency and cooperation.
03
Urgent requirement to design a scalable, accurate reporting framework for launch of new global credit fund range.
04
Limited internal understanding of reporting logic and source system configuration.

Our Solution

CORSA led a comprehensive regulatory remediation and reimplementation project:

Current State Assessment

Performed detailed root cause analysis to identify systemic gaps in reporting fields.

Regulatory Engagement

Worked directly with the CF10, CIO, Legal, and Compliance teams.

Remediation Plan Execution

Designed and implemented a new EMIR reporting solution that addressed legacy gaps.

Coverage Expansion

Enhanced the reporting framework to support the client’s full range of OTC and exchange-traded derivatives.

Fund Launch Readiness

Aligned reporting solution delivery with the launch of the global credit fund range.

The Result

01
Compliance restored and regulatory risk mitigated without financial penalty. Avoided reputational damage through proactive regulator engagement and transparency.
02
Successfully launched the new global credit fund range with fully compliant trade reporting.
03
Embedded controls and reconciliation tools to ensure ongoing EMIR compliance.
04
Strengthened internal awareness and accountability for trade and transaction reporting.
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[ Client Testimonial ]

“CORSA’s ability to uncover, own, and resolve a major compliance issue was nothing short of exceptional. They helped us engage with regulators proactively and transparently, rebuild trust, and get to a place of full compliance—while still delivering our strategic objectives. Their experience and approach quite literally protected our reputation and enabled growth.”

What happened next

CORSA remained engaged to support ongoing trade reporting governance and to advise on transaction reporting for other regimes, including MiFIR.

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