CSL Corporate Services partners with BearingPoint for full-service MiFIR transaction reporting solution

11/08/18 Liechtenstein-based IT service provider selected ABACUS/Transactions as a Managed Service to facilitate MiFIR transaction reporting for asset managers.

Amsterdam/Vaduz, November 8, 2018 – CSL Corporate Services (CSL), an IT service provider for financial services based in Liechtenstein, selected BearingPoint’s ABACUS/Transactions for a full-service MiFIR transaction reporting solution. CSL decided for Abacus as a Managed Service, which means BearingPoint hosts the solution and takes care of all tasks and processes of the technical operation, infrastructure services, application management, and support.

CSL, part of First Advisory Group, offers IT solutions for asset managers, investment managers and other financial providers. Since January 3, 2018, MiFIR (Markets in Financial Instruments Regulation) has required European investment firms and trading center operators to report all relevant changes in their positions or those of their clients to the competent supervisory authority by the end of the following business day. With BearingPoint’s ABACUS/Transactions as an end-to-end-processing system in combination with a third-party solution for the front-end, CSL offers firms a full-service transaction reporting solution.

Tino Kesseli, Head of IT at CSL Corporate Services, commented: “With the ABACUS/Transactions MIFIR module, we provide asset managers with a user-friendly solution to submit their MiFIR reports to the FMA on a daily basis in a largely automated manner. BearingPoint has proven itself to be a competent solution provider, whose software helps us to offer our customers a comprehensive service and to facilitate their compliance with current regulatory requirements.”

The first MiFIR reporting according to Art. 26 of MiFIR to the Liechtenstein Financial Market Authority went successfully for CSL clients. All affiliated asset managers submitted the new MiFIR transaction reports in time.

“We are very pleased to have fulfilled the trust placed in us by CSL,” explains Bodo Windmöller, Chief Product Officer RegTech at BearingPoint. “We are proud of such positive feedback from our customer because it shows how our software solution supports the financial institutions concerned in fulfilling their transaction reporting obligations according to MiFIR.”

ABACUS/Transactions is a market-proven modular software solution for transaction-based reporting. Besides the MiFIR module, the software covers modules for the reporting of derivative contracts in accordance with EMIR, FMIA/FinfraG, CSA and money market transactions in accordance with the ECB Money Market Statistics Regulation (MMSR). Currently ABACUS/Transactions is extended by the module SFTR. Companies subject to reporting requirements can use the modules individually or in combination and benefit from an end-to-end-processing and a highly standardized process chain - from data import to notification submission and feedback. In addition to an optimized inbound delivery, the standardized inbound interface enables the cross-module use of the data to fulfill the reporting regimes supported by ABACUS/Transactions. The software can be operated on premise or as a Managed Service.

Further information can be found at www.reg.tech

About CSL Corporate Services Ltd., Liechtenstein

CSL Corporate Services Ltd. was established in 2012 as a provider of IT solutions for financial companies, and their range of services includes assisting clients in consolidating and digitalizing their service processes.

The comprehensive expertise of CSL’s 45 employees and the market knowledge of the parent company, First Advisory Group, ensure that solutions for compliance with regulatory requirements (CRS, FATCA, MiFID, MiFIR, etc.) are implemented in a timely manner.

For more information, please visit www.csl.li

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