Circular C442 (“the Circular”) dated 21.04.2021 regarding updates on the new prudential framework for Investment Firms (IFD/IFR) and CySEC’s Data collection exercise
In light of the ‘New prudential framework for investment firms’ and the related circulars (C355 and C426) and Practical Guide previously issued by CySEC, the European Banking Authority (“EBA”) has published its final draft Implementing Technical Standards (ITS) including the NEW supervisory reporting and disclosures of investment firms, and introducing the final set of reporting templates and also their reporting and remittance days to the national competent authorities.
The key takeaways from the CySEC’s latest circular can be found below:
- NEW Reporting under IFR/IFD
- No COREP submission shall be made to CySEC for the reporting period ending 30th June 2021, since the new IFR comes into force on 26th June 2021.
- First Official Reporting for Class 2 CIFs due on 11th November 2021, for reference date 30th September 2021.
- First Official Reporting for Class 3 CIFs due on 11th February 2022, for reference date 31st December 2021.
- Class 2 Investment Firms: Quarterly reporting as per below table:
|Q1 (31st of March)||Q2 (30th of June)||Q3 (30th of September)||Q4 (31st of December)UNAUDITED||Q4 (31st of December)AUDITED|
|Reporting Deadline||12th May||11th August||11th November||11th of February||31st of May|
- Class 3 Investment Firms: Annual reporting as per below table:
|Q4 (31st of December)UNAUDITED||Q4 (31st of December)AUDITED|
|Reporting Deadline||11th of February||31st of May|
- CIFs that are under consolidated supervision by CySEC should submit both solo and consolidated information, within the above deadlines and using the same set of reporting templates.
- Testing Period
CySEC will have a testing submission period for ALL CIFs based on the IFR/IFD reporting templates mentioned above, before their first official submission. The reporting reference date for this testing submission shall be for 30th June 2021 and the due date for submission to CySEC will be early September 2021. More details regarding this testing submission will be provided at a later stage.
Until then, CySEC urges CIFs to review their internal records and systems to ensure that the required data for their K-Factors are readily available to calculate their new capital requirements.
- CySEC’s Data Collection Exercise
In light of the new IFR/IFD, CySEC launches a Data Collection Exercise addressed to ALL CIFs, to determine the Class under which each CIF will be categorised from 26th of June 2021.
Therefore, all CIFs are expected to complete the Data Collection Template (‘the Template’) and submit it to CySEC by the end of May 2021. The template can be found here.
CIFs should fill in the Template and submit it to CySEC via email only, at the electronic address [email protected], quoting as email subject: ‘CIF TRS Code _ IFR Classification’.
The Template that will be submitted to CySEC should also have the following naming convention: ‘CIF TRS Code_IFR Classification’.
In case of any queries regarding the completion of the Template you may contact CySEC via email ONLY to [email protected].