Circular C537 (“the Circular”) dated 30/11/2022 introduces the New Form CBRT-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activity)
CySEC has released a new reporting obligation for CIFs, Form CBRT-CIF (‘the Form’), for the collection of data regarding the CIFs’ cross border provision of services to their retail clients (and clients treated as professionals on request), analysed per each Member State.
Reporting Requirement (New Form CBRT-CIF) Key Takeaways:
- All CIFs authorised by 31/12/2022 and which have at least 50 retail clients, (including clients treated as professionals on request according to Section II of Annex II of MiFID II), in at least one host Member State, are required to complete the Form.
- Regarding the current release of Form (CIFs may regard this as Version 1), CySEC requires to collect information on the CIFs’ cross border activity for the period 01/01/2022 – 31/12/2022.
- Thereafter, the Form will be collected on an annual basis, while CIFs must always ensure
that they have the latest version of the Form.
- The Form must be successfully submitted electronically via the CySEC’s Transaction Reporting System (‘TRS’) by 15:00 hrs, Friday, 27/01/2023, at the latest.
- The Form is regarded as having successfully been submitted to CySEC, ONLY when a NO ERROR indication feedback file is received.
- Failure to promptly and duly comply with the above, will bear the administrative fine of section 37(5) of the CySEC Law. It is further noted that CySEC will not send any reminders to those who fail to promptly and duly comply.
- For the current submission procedure, the Form must NOT be digitally signed, NOR locked NOR altered by any means.
- After populating the required Excel fields in the Form, CIFs should name their Excel file in accordance to the following naming convention:
The information below explains the naming convention:
- Username – is the username of the TRS credentials, which should already be in the possession of CIFs that have previously submitted any electronic file to the TRS system. This codification should be entered in capital letters.
- yyyymmdd – this denotes the end of the reporting period of the Form. In this case, the Form should have a 20221231 format. Future forms will have different reporting periods.
- CBRT-CIF – this is the coding of the Form that it remains unchanged and should be inserted exactly as it appears.
This Circular C537 refers also to the instructions for the completion of the Form, the steps that CIFs will have to follow for the successful submission of the Form and other useful information for creating and submitting the Form to the CySEC.
If you have any queries on the completion of the Form, please submit them only in writing, any day PRIOR to Friday, 20th of January, 2023, by sending an email to the address firstname.lastname@example.org.
All email communication should include in the subject, the CIFs’ full name and the TRS coding.
Should you need more information or assistance you can email us at email@example.com or call us at 25-508201.