Read the CySEC Circular C684
Memo #10-2025
CySEC Circular No: C684
Date: 27/02/2025
Subject: Recommendation 2022/9 of the European Systemic Risk Board (ESRB) on the vulnerabilities in the commercial real estate sector in the European Economic Area – Second Pilot Exercise
Purpose: To inform Regulated Entities regarding a reporting requirement in relation with the vulnerabilities in the commercial real estate sector in the European Economic Area.
In Summary:
CySEC has issued the Circular C684 on 26/02/2025 to inform the Alternative Investment Fund Managers (‘AIFMs’), Internally Managed Alternative Investment Funds, UCITS Management Companies, Internally Managed UCITS, Internally Managed Alternative Investment Funds with Limited Number of Persons (‘AIFLNP’), Companies with sole purpose the management of AIFLNPs and the Small AIFMs, that the Macroprudential Authority will perform a second pilot exercise in relation with the adoption of Recommendation ESRB/2022/9 issued by the European Systemic Risk Board (ESRB) on 01/12/2022 on the vulnerabilities in the commercial real estate sector in the European Economic Area (the ‘Recommendation’).
The reporting requirement in relation with the second pilot exercise is the submission of the Form CRE – IF (the “Form”) only by sub-funds/funds that were active at 30/06/2024 (the “reference date”).
A sub-fund/fund that had not raised capital as at the reference date, is not obliged to submit the Form. CySEC notes that that Regulated Entities must complete a separate Form for different sub-funds/funds.
CySEC informs that it will share the collected information with the Central Bank of Cyprus which is the designated national Macroprudential Authority of the Republic of Cyprus.
The deadline to submit the Form is by Friday, 28/03/2025, at the latest. The Form must be successfully submitted electronically, via CySEC’s Transaction Reporting System (‘TRS’).
CySEC also notes that for future submissions, it will notify the Regulated Entities about the frequency and the reporting periods and dates in due course.
The Circular C684 includes details for the method of creating and submitting the Form to CySEC and other useful information.
The Form can be found attached on Circular C684.
The Recommendation ESRB/2022/9 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023Y0201(01)
Read the CySEC Circular C684
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