Background:
From the reporting period ending 30 June 2025, Cyprus Investment Firms (“CIFs”) must submit IFR prudential reports exclusively in XBRL via CySEC’s portal. The Excel-based option used during the transition was discontinued after the 11 August 2025 deadline, and CIFs now need software that can generate and validate compliant XBRL files. So, the old route of downloading the form from the portal and using its built-in Excel-to-XBRL conversion feature no longer applies. The only acceptable route is preparing and uploading your own zipped XBRL file directly to the CySEC XBRL portal.
- Applies to: CIFs reporting on a solo or consolidated basis, and European Union parent investment firms / holding companies reporting on a consolidated basis.
- Reports covered: supervisory reporting templates under Article 54 IFR (Regulation (EU) 2019/2033) and Commission Implementing Regulation (EU) 2021/2284, as applicable to the CIF’s class.
- CySEC basis: Circular C546 (introduction of the XBRL Portal) and Circular C719 (XBRL-only submission from the 30 June 2025 reference date).
Our IFR – XBRL services in a nutshell:
- Conducting a reconciliation of your CIF’s balance sheet, P&L and fixed overheads data for the reference date.
- Calculating your CIF’s own funds for solvency purposes as well as the K-factor, Concentration and Liquidity requirements. Or rely on the data reconciliation and calculations provided by you!
- Populating the data. Completing the IF templates (IF 01–IF 11 as applicable to CIFs Class 2 or 3) in your working files.
- Mapping to the EBA taxonomy. Each template cell corresponds to a Data Point Model (“DPM”) in the EBA XBRL taxonomy. We use the version of the XBRL tool that CySEC currently accepts. Framework 4.0 moved to the DPM 2.0 model and included minor amendments for Class 2 investment firms. Our XBRL conversion service is future proof and will comply with later releases accepted by CySEC.
- Generating the instance. We are using our XBRL tool to produce the XBRL instance with the correct legal entity identifier (LEI), reporting period, module (solo/consolidated), filing indicators and units.
- Validating prior to CySEC submission. We are running the EBA validation rules locally. CySEC’s XBRL Processor also validates after submission against the rules in its Manual for Investment Firms Submissions. We shall undertake on your behalf to resolve any validation errors and liaise with CySEC, if required, regarding this matter.
- Zipping and uploading the XBRL file to the CySEC XBRL portal and confirming successful submission with no errors.
- Maintaining on your behalf an audit trail linking the Excel figures to the XBRL data.