Circular C539 (“the Circular”) dated 08/12/2022 New Form CBRT-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activity) – Further clarifications and information requested.
Following the issue of Circular C537 and the new reporting obligation of Form CBRT-CIF (the “Form”), CySEC has also issued Circular C539 providing additional clarifications on the Form. Circular C537 and C539 shall always be read in conjunction.
The key takeaways from CySEC’s C539 circular can be found below:
- Declaration of non-applicability of Form CBRT-CIF (the ‘Form’) from CIFs
- For the reference year of 2022, CIFs that do not reach the materiality threshold of 50 retail clients as per circular C537 (including clients treated as professionals on request, according to Section II of Annex II of MiFID II) in each EEA country listed in the Form, should inform CySEC of the fact that they are not required to complete and submit the Form. In this respect, CIFs are requested to complete the document in the Appendix of Circular C539 and send it via email to email@example.com by 15:00 hrs, Friday, 27th of January 2023, the latest.
- Amendment of instruction on point 18.104.22.168 of Circular 537, as per below:
- Cell C78 in CBRT-CIF Form – <9. Others (please specify)> – If the CIF uses a different marketing strategy other than those provided, fill the corresponding field with a ‘Yes’. Otherwise fill the field with ‘No’. If cell C78 is completed with ‘Yes’, CIFs are encouraged to specify the different marketing strategy/strategies in cell E78
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