Summary of CySEC's Circular C444

Memo #21-2021
CySEC Circular No: C444

Date: 14/05/2021
Subject: ESMA “Guidelines on Reporting under Articles 4 and 12 of Regulation (EU) 2015/2365 (SFTR) (Ref. ESMA-70-151- 2838)”
Purpose: To inform Regulated Entities that ESMA has published the Guidelines on reporting under article 4 and 12 of SFTR.

In Summary:

CySEC has issued the Circular C444 on 14/05/2021 to inform the Cyprus Investment Firms (‘CIFs’), Alternative Investment Funds and their Managers (‘AIFs’/‘AIFMs’), UCITS and their Management Companies (‘UCITS’/‘UCITS MC’), Non-Financial Counterparties and Central securities depositories (CSDs), that the European Securities and Markets Authority (ESMA) has published the Guidelines on reporting under article 4 and 12 of SFTR (the ‘Guidelines’) on March 29, 2021, translated in all official languages of the EU.

The Guidelines apply to counterparties to SFTs as defined in Article 3(2) SFTR, the trade repositories as defined in Article 3(1) SFTR and CySEC, in relation to the SFT reporting obligation as provided in Article 4 SFTR, the TR obligations under Articles 5(7) and 12 SFTR, as well as the reporting start date as determined in Article 33(2) SFTR.

The reporting obligation under Article 4(1) of SFTR applies according to the relevant date of the application specified in Article 33(2)(a) of SFTR.

The Guidelines provide clarification on a number of provisions of SFTR. The Guidelines also provide a practical guidance on the implementation of a number of those provisions.

In accordance with this Circular C444, the Guidelines apply from the date of publication of the Guidelines on ESMA’s website in all EU official languages, i.e. 29 March 2021.

CySEC informs that adopts the Guidelines by incorporating them into its supervisory practices and regulatory approach.

CySEC also notes that Regulated Entities must take the necessary action in order to ensure their compliance with the Guidelines.

Read the CySEC Circular C444

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