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CySEC Circular C612 – Cross Border Data Collection Exercise, Freedom to Provide Investment Services and Activities (Cross Border Activity)

28/12/2023
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MNK Risk Consulting > Regulatory Developments > CySEC Circular C612 – Cross Border Data Collection Exercise, Freedom to Provide Investment Services and Activities (Cross Border Activity)
Relevant to: Cyprus Investment Firms (CIFs)
Circular C612 (“the Circular”) dated 22/12/2023 is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law (‘the CySEC Law’).
 
Through Circular C612, CySEC wishes to inform to inform all CIFs that ESMA on the launch of the exercise for the collection of data regarding cross border activity of investment firms for the year 2023. This exercise is in line with the exercise that had been conducted last year through the CBRT-CIF Form.
 
The key takeaways from CySEC’s Circular C601 can be found below:
  • This year reporting will be done via EU’s online platform having the format of an online questionnaire. Participating firms will receive an invitation link to access and submit the questionnaire.
  • The online questionnaire must be completed by all CIFs that were authorised by December 31, 2023, 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) (therein ‘retail clients’), in at least one host Member State (i.e. excluding Cyprus).
  • CIFs that fulfil the conditions above must provide a valid email address to CySEC to which the invitation link will be forwarded to, by sending an email to riskstatistics.cifs@cysec.gov.cy, by 29th of December 2023, at the latest.  Invitation links will be sent out to those CIFs that fulfil the conditions above.
  • CIFs that do not meet the conditions above (i.e. CIFs that do not reach the materiality threshold of 50 retail clients in at least one host Member State) should inform CySEC accordingly, by sending an email to riskstatistics.cifs@cysec.gov.cy , by 29th of December 2023, at the latest, in order to be exempted from this exercise.
  • Detailed information regarding the completion of the online questionnaire, as well as deadline of submission, will be sent via a new Circular that will be published in due time.
  • Failure to promptly and duly comply with the above may bear the administrative penalties of section 37(5) of the CySEC Law. It is further noted that CySEC will not send any reminders to those CIFs, which fail to promptly and duly comply.

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