Relevant to: Cyprus Investment Firms(“CIFs”)
Circular C546 (“the Circular”) dated 25/01/2023 introduces the prudential reporting of CIFs through CySEC’s XBRL Portal
Through Circular C546, CySEC wishes to inform the Cyprus Investment Firms (the ‘CIFs’) about the prudential reporting[1] through CySEC’s XBRL Portal.
The key takeaways from CySEC’s C546 circular can be found below:
- CySEC has implemented the CYSEC XBRL PORTAL in order to be able to accept submissions from CIFs in XBRL format, which will then be submitted to the European Banking Authority (the ‘EBA’) on a quarterly basis, in accordance with the applicable regulatory framework[2] .
Therefore, all CIFs should:
- Register to CySEC’s XBRL portal, following the Manual for Registration by Monday , 30 January 2023 (Username used, should be the CIF’s TRS Code).
- Submit their prudential reporting from now on through CySEC XBRL portal by following the instructions in the Manual for Investment Firms Submissions using one of the two options available:
- Provide their own zipped XBRL file and upload it directly to the CySEC portal; or
- use the build in Excel to XBRL Conversion feature.
For the second option, CIFs need to download the corresponding form from the CySEC XBRL PORTAL as shown in the Cyprus Investment Firms Manual:
- IF CLASS2 Ind for Form 165-01 Solo
- IF CLASS2 Con for Form 165-01 Consolidated
- IF CLASS3 Ind for Form 165-02 Solo
- IF CLASS 3 Con for Form 165-02 Consolidated
- All CIFs should continue to submit their prudential forms to CySEC using both systems (current TRS portal and the new CySEC XBRL portal) until the reporting, due for 30th June 2023 (submission due 11th August 2023), to facilitate this transitional period. Thereafter the submissions of the prudential forms will be made only through the CySEC XBRL portal.
- All Class 2 CIFs should also proceed to the submission of their prudential reporting through the CySEC XBRL portal by 31 January 2023 for the following dates as per Article 7 of the Decision:
- 31 March 2022
- 30 June 2022
- 30 September 2022
- The above submissions should be made for both the CIFs (Solo) and the Union parent investment firms, Union parent investment holding companies and Union parent mixed financial holding companies that are under the prudential consolidation of CySEC.
CySEC notes that reporting based on Audited Figures both solo and consolidated, when deviate from the submitted unaudited figures, shall be submitted to CySEC XBRL Portal only, no later than five months from the end of each financial year, with reference date the 1st day of the financial year
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[1]Form 165-01 for Class 2 CIFs and Form 165-02 for Class 3 CIFs
[2] CySEC shall submit to the EBA the supervisory and financial reporting data, received from ALL CIFs pursuant to: Regulation (EU) 2019/2033, Regulation (EU) 2021/2284 and Decision of the EBA EBA/DC/446.