Circular C379 (“the Circular”) dated 08.04.2020 regarding Population data collection by the EBA concerning the new prudential framework for investment firms (“IFs”)

MNK Risk Consulting > News > Regulatory Developments > Circular C379 (“the Circular”) dated 08.04.2020 regarding Population data collection by the EBA concerning the new prudential framework for investment firms (“IFs”)

In light of the ‘New prudential framework for investment firms’, and the related Practical Guide issued by CySEC on March 6, 2020, the European Banking Authority (“EBA”) has a mandate to develop the ‘new’ reporting requirements for IFs, in terms of own funds, levels of minimum capital, concentration risk, liquidity requirements, level of activity in respect of small and non-interconnected Ifs and the other reporting requirements.

** The ‘New prudential framework for investment firms’, which comprises of the Regulation (EU) 2019/2033 (‘IFR’) and Directive (EU) 2019/2034 (‘IFD’), will come into force on 26th June 2021.**

For that reason, the EBA will launch a data collection process in order to develop an impact assessment for the abovementioned IFs. Furthermore, the EBA will also launch a public consultation on these reporting requirements.

As a result of the above, CySEC requires that:

  • All CIFs submit the Template on CIFs Population Data the latest by May 15, 2020. It is noted that this data collection exercise is mandatory for all CIFs.
  • CIFs should respond with a ‘YES/NO’ answer in Column Z of the Template (tab ‘Population’) as to whether they intend to actively participate in the upcoming ‘EBA Investment Firm data collection’.  However, CySEC urges CIFs to also participate in this data collection process. Otherwise, if the number of participating CIFs is not adequate, CySEC reserves the right to select CIFs in order to target a sample, that is balanced in terms of size and business model, for the purpose of this data collection process.
  • CIFs should submit the completed Template to CySEC via email only at:
  • The excel file Template should have the following naming convention:
    • “XX_EBA Template” (XX represents CIF’s TRS Code) when submitted to CySEC.

In case of any queries or assistance regarding the completion of the Template you may contact us on info@mnkriskconsulting.com.

 

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