Circular C198 (“the Circular”) dated 11.04.17 regarding changes in the Complaints submission Form “ΧΧ_yyyymmdd_T144-002-01”

MNK Risk Consulting > Regulatory Developments > Circular C198 (“the Circular”) dated 11.04.17 regarding changes in the Complaints submission Form “ΧΧ_yyyymmdd_T144-002-01”

Through the Circular, CySEC informs the Regulated Entities that following Circular C100, they have to submit within five (5) days from the end of each calendar – reporting month, the Complaints Registry – Form “ΧΧ_yyyymmdd_T144-002-01”, in order to inform regarding the complaints received during the reporting month and how these are being handled. The said Form shall additionally include:

  1. A relevant field where each CIF shall report whether it has received complaints from clients during the reporting period. CIFs that did not receive complaints during the reporting period, shall select “No” in the relevant field and shall submit the Form without completing any further information;
  2. A relevant field where each CIF shall report the number of its clients (who during the last six months have entered into at least one transaction) at the end of the reporting period;
  3. The following complaints category (complaints cause) – “issue in relation to client’s withdrawal of client’s funds” where CIFs should include in this category any complaint which relates in any manner with withdrawals of clients funds, including the cases where a disagreement occurs between the client and the CIF regarding the amount that the client is eligible to withdraw from his investing account. Therefore the above mentioned complaints will no longer be registered to category “Terms of Contracts/Fees/Charges”, which still remains, but CIFs shall register to it only complaints that relate specifically to contractual provisions and fees;
  4. Column in which the date that the incident took place will be registered, regarding the complaint of the client;
  5. Column in which the amount that was paid to the client shall be registered, in case the complaint was resolved (settlement amount)

CySEC’s expects that: The new Complaints Registry – Form “ΧΧ_yyyymmdd_T144-002-01” (accessible here) shall be submitted by all CIFs for the reporting obligation from 1st April 2017 onwards (e.g. first submission regarding April 2017, to be submitted by 5th May 2017), even if CIFs did not receive any complaints and even if there have been no updates to already reported complaints.

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