Scope: Cyprus Investment Firms
CySEC released circular C464 on 4th August 2021, providing updates on the implementation of the new prudential framework for Investment Firms (IFD/IFR).
The key takeaways from CySEC’s circular are:
A. Testing Submission
- ALL CIFs are required to fill in the new IFR forms with reference date 30th June 2021 on a solo basis only and submit to CySEC between the 4th of October to 11th of October 2021 duly digitally signed via CySEC’s TRS system.
B. FIRST OFFICIAL Reporting under IFR/IFD
- First Official Reporting for Class 2 CIFs due on 11th November 2021, with reference date 30th September 2021. Class 2 CIFs reporting shall be made on a quarterly basis.
- First Official Reporting for Class 3 CIFs due on 11th February 2022, with reference date 31st December 2021. Class 2 CIFs reporting shall be made on an annual basis.
Our Capital Team can assist you with, or undertake on your behalf, the filling in of the new CySEC IFR forms as well as structuring the historical data needed and performing the necessary risk exposure and capital calculations. Feel free to conduct us on telephone 25 508 201 or email us at [email protected]