CYPRUS: CySEC Publishes Circular Regarding Implementation of Risk Based Supervision Framework – Request for Electronic Submission of Information

Thursday January 15 2015

The Cypus Securities and Exchange Commission (CySEC) has published a circular, the purpose of which is to inform regulated entities (including UCITS and AIFMs) about the implementation of the Risk Based Supervision Framework (RBSF) and the electronic submission of information.

The circular was issued on 22nd December 2015 and outlines the following information:

• Risk Based Supervision Framework (RBSF); regulated entities will be required to submit information to CySEC on occasion.
• Information requested by CySEC- regulated entities must fill out one of the following forms: T144/001 (Cyprus investment firms); T56/78/131/002 (UCITS management companies); T56/78/131/002 (AIFMs); T56/78/131/002 (self-managed AIFs).
• Comments for the first completion and submission of Forms (i.e. forms available in English only; must be completed for the reporting period 1/1/2014 – 31/12/2014; data can be based on non-audited financial statements if audited financial statements are not available; forms must be submitted only electronically via the Commission’s Transaction Reporting System (‘TRS’) and not in any other format; forms must be submitted to the CySEC from January 19, 2015 until February 13, 2015. Extension to the deadline will not be granted.)
• Method of creating, signing and submitting the forms to CySEC (naming convention, digital certificate, using the TRS system for submission).
• Preparation of the forms.
• Signing and submitting the forms.
• Important dates and queries.

In addition to the published circular, CySEC has published an Excel on ‘Validation Tests’ and ‘General Information’ regarding Management Companies and Self-Managed Funds.

Forms can be submitted from 19th January. The reporting deadline is 13th February 2015.

Any queries on the completion of the fields of Form 144/001 and Form T56/78/131/002 can be submitted in writing by sending an email to supervision@cysec.gov.cy, or calling +357 22 506720 FAO Mrs. Margarita Violari.

Click on the above link for further information.