Circular C514 (“the Circular”) dated 20/05/2022 regarding CIF’s New Form CA (‘Country Analysis’ Form), for the provision of Investment Services and Activities per country.
In light of the section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law (the ‘CySEC Law’), CySEC wishes to inform all Cyprus Investment Firms (the ‘CIFs’) of the New Form CA (‘Country Analysis” Form).
The Form will be submitted to CySEC, via the TRS system, on a quarterly basis.
The first submission of the Form is due by the 8th of July 2022, for Q4 2021 and Q1 2022.
The key takeaways from CySEC’s C514 circular can be found below:
- Form CA-CIF (the ‘Form’) can be found in the following link and its main purpose is to collect data on the CIFs’ provision of Investment Services and Activities per country. CySEC will use this information, for the purposes of conducting statistical analyses, risk management and other purposes.
- This Form will be issued on a quarterly basis. Please note that there will be two submissions of the Form CA-CIF required:
- For Q4 2021 (must be completed and submitted to CySEC by all CIFs that were authorised by December 31, 2021); and
- For Q1 2022 (must be completed and submitted to CySEC by all CIFs that were authorised by March 31, 2022).
- Both Forms for Q4 2021 and Q1 2022 should be submitted electronically, via CySEC’s TRS, by 15:00 hrs, Friday, July 8, 2022, the latest).
Deadline for the submission of the Form:
- The deadlines for the submission of the Form for Q4 2021 and for all quarters of 2022 is as follow:
- 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.
Sections of the Form:
- The Form CA-CIF consists of the following sections:
- General Information for the CIF
- Section A – Clients’ Information per Country, including:
- Analysis of retail clients (i.e., number of clients, country of residence, provision of services exclusively on CFDs, net turnover, amount of deposits/withdrawals per client, etc.).
- Section B – Methods of Solicitation of new Clients, including:
- Analysis of new clients (i.e., number of new clients, number and amount of deposits, method of solicitation of the new clients, country of residence, etc.)
- Section C – Marketing Strategy, including:
- Specific marketing strategy used in a specific country, applicable language used for marketing/promotion of services, etc.
- Section D – Top 5 Remunerated Employees.
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