Summary of CySEC's Circular C401

Memo #44-2020

CySEC Circular No: C401
Date: 23/07/2020
Subject: Actions to be taken with regards to CIF Record
Purpose: To remind CIFs on the implementation of the CIF Record and to inform them on the actions that should further be taken with regards to this matter.

In Summary:

CySEC has issued the Circular C401 on 23/07/2020 in order to remind the Cyprus Investment Firms (‘CIFs’) on the implementation of the CIF Record and to inform them on the actions that should further be taken with regards to this matter.

CySEC has issued the Circular C211 on 19/05/2017 regarding the "Expansion of CySEC Portal to include CIF Record Content".

In particular with Circular C401 CySEC informs about:

1. Submission and Monitoring of Data in the CIF Record

All data in all relevant sections must be filled in and submitted to CySEC via the Portal, the soonest possible, using the CIF Record Forms and CIFs should review and revise the reported data when necessary in order to ensure that the data remain complete, accurate and up to date. Due skill, care and diligence must be exercised when completing all the Forms, which are relevant to the business operations of the CIFs.

2. Compliance Officer Duty

It is the duty of the Compliance officers for legislation matters to ensure that the CIF has appointed a person responsible for the submission and revision of the data in the CIF Record (i.e. person with Digital Certificate) and to ensure that the CIF has established policies and procedures in order to ensure that the data in the CIF Record are complete, accurate and up to date, at all times.

To ensure that the data is complete, accurate and up to date, it is the duty of Compliance officers for legislation matters to review the data submitted to CySEC via the CIF Record, at least once every six months and include the outcome of these reviews in the reports prepared by them - on an at least annual basis to the Board of Directors of the CIF.

3. Confirmation regarding the content of the CIF Record

The CIFs should, not later than, 30 September 2020, submit to CySEC a letter signed by their Compliance officer for legislation matters, confirming that the data submitted by the CIF to CySEC via the CIF Record, are complete, accurate and up to date and sent it via email to  supervision@cysec.gov.cy with subject ‘Circular C401– (insert the name of the CIF)’.

CySEC expects that CIFs, fully comprehend the importance of maintaining a complete, accurate and up to date CIF Record and that they continually monitor and take necessary actions to this end.

Read the CySEC Circular C401

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