The Cyprus Securities and Exchange Commission (“CySEC”) released on 26.01.2022 a Practical Guide (hereinafter, the “Guide”), aiming to provide guidance to the Cyprus Investment Firms (“CIFs”) on the electronic submission of the Prudential Forms related to the ‘New prudential framework (IFD/IFR)’.
CySEC Guide key takeaways:
- The Prudential Forms should be submitted to CySEC under the following conditions:
- Normal Reporting (see section A below)
- Reporting based on audited figures (see section B below)
- Exceptional Reporting (see section C below)
- CIFs that fall under prudential consolidation by CySEC shall submit the Prudential Forms, both on a Solo and Consolidated basis, for all the occasions described below.
- CIFs should always use the latest version available of Prudential Forms, which can be found in CySEC’s website.
- The Prudential Forms shall be submitted ONLY electronically via CySEC’s TRS system, after they are duly digitally signed.
- NORMAL REPORTING
CIFs should submit their Prudential Forms to CySEC using unaudited figures, as follows:
| Class of investment firm | Type of Prudential Form to be submitted | Reporting frequency | Reporting reference dates | Reporting remittance dates |
| Class 2 | Form 165-01 ‘Reporting for class 2’ | Quarterly | 31 March (Q1) 30 June (Q2) 30 September (Q3) 31 December (Q4) | 12 May (Q1) 11 Aug. (Q2) 11 Nov. (Q3) 11 Feb. (Q4) |
| Class 3 | Form 165-02 ‘Reporting for class 3’ | Annually | 31 December (Q4) only | 11 Feb. (Q4) |
Class 2 CIFs must also submit through CySEC’s portal the following documents, together with the Prudential Forms, on a quarterly basis:
- Solo Trial Balance
- Consolidated Trial Balance (subject to certain conditions)
- Solo Balance Sheet
- Consolidated Balance Sheet (subject to conditions)
- Solo Profit and Loss a/s
- Consolidated Profit and Loss a/s (subject to conditions)
Class 3 CIFs should submit the above on an annual basis.
- REPORTING BASED ON AUDITED FIGURES
Where audited figures, both solo and consolidated, deviate from the submitted unaudited figures, then the revised audited figures shall be submitted to CySEC within five months from the end of each financial year.
- EXCEPTIONAL REPORTING
CIFs are required to submit immediately to CySEC the Prudential forms, through the TRS
system, when a CIF fails to meet the solo and/or consolidated requirements stipulated by IFD/IFR.
ALL CIFs must also submit through CySEC’s portal the following documents, together with the Prudential Forms, for the date of a regulatory limit violation:
- Solo Trial Balance
- Consolidated Trial Balance (subject to certain conditions)
- Solo Balance Sheet
- Consolidated Balance Sheet (subject to conditions)
- Solo Profit and Loss a/s
- Consolidated Profit and Loss a/s (subject to conditions)
In case you have any queries or need assistance in implementing the CySEC Guide
contact us on info@mnkriskconsulting.com or 25 508 201.