Read the CySEC Circular C667
Memo #49-2024
CySEC Circular No: C667
Date: 27/11/2024
Subject: Publication of CySEC’s Review of compliance with the reporting obligation under the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with the Commission Delegated Regulation (EU) No 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (‘the Regulation’)
Purpose: To inform Authorised AIFMs and Registered AIFMs regarding identified areas of concern of a review that CySEC carried out during 2024 of the compliance of AIFMs with their reporting obligation.
In Summary:
CySEC has issued the Circular C667 on 27/11/2024 to inform Authorised Alternative Investment Fund Managers and Registered Alternative Investment Fund Managers regarding areas of concern that CySEC wishes to highlight to all AIFMs, as a result of a review that CySEC carried out during 2024 of the compliance of AIFMs with their reporting obligation, as derived from articles 4(3)(d) and 31 of the AIFM Law as further specified under Article 110 of the Regulation (‘the Review’).
The Review assessed the information reported to CySEC by AIFMs, for the year ending 31/12/2023. Specifically, the Review assessed information reported through the TRS, notably at the DATAMAN (‘AIFM’) Report and DATAIF (‘AIF’) Report; collectively ‘the AIFMD Reports’.
The areas of concern are relevant to the following:
• Use of latest AIFMD application.
• Timely submission of valid AIFMD Reports.
• Monitoring of feedback files.
• Liquidation of AIFs.
• Correctness of information reported.
- Reporting code consistency.
- Amended AIFMD Reports.
CySEC notes that reporting accurate and up-to-date AIFMD data, by AIFMs, is of outmost importance for CySEC in order to effectively monitor and prevent systemic risk and market disruption.
CySEC further notes that the publication of common deficiencies identified in CySEC’s Review is designed to assist AIFMs in prioritising their efforts towards reviewing the procedures established, implemented and maintained in relation to AIFMD.
In addition, CySEC notes that AIFMs not complying with their AIFMD reporting obligation will face enforcement actions.
Read the CySEC Circular C667
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