The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the Cyprus Investment Firms (the ‘CIFs’) about the introduction of the new Prudential Forms 165-03 and 165-04 and the need for submission to CySEC.
The key takeaways from CySEC’s C518 circular can be found below:
- Prudential Form 165-03 ‘Prudential Supervision Information’
- Form 165-03 replaces Form 144-14-11. New information incorporates changes introduced with the implementation of the IFR/IFD prudential framework for investment firms.
- All CIFs should complete Form 165-03 once a year and submit it to CySEC via the Transaction Reporting System (‘TRS’) until 30th of June each year.
- Only for this year, Form 165-03 for the year ended 31/12/2021 should be submitted by the 30th of July 2022.
- Prudential Form 165-04 ‘Application form for prudential permissions’
- The purpose of the new prudential Form 165-04 is to facilitate CIFs when requesting CySEC’s permission, with reference to the Regulation (EU) 2019/2033 (‘IFR’), Regulation (EU) 575/2013 (‘CRR’) and Law L.165(I)/2021 (‘the Prudential Law’), where applicable, in the following areas:
- Application for interim profit recognition; and
- Application for liquidity reduction.
Thus, the CIFs that wish to request CySEC’s permission, for any of the areas mentioned above, should complete only the relevant Section(s) of Form 165-04 for which the permission is requested and submit it to CySEC via TRS. The remaining sections, not applicable for the CIF, should be left empty.
- It is highlighted that CySEC’s Circular C305 regarding interim profit recognition continues to remain in force but CySEC’s permission should only be requested via the submission of Form 165-04 via TRS.
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