Summary of CySEC's Circular C445
Memo #19-2021
CySEC Circular No: C445
Date: 26/04/2021
Subject: Extension of reporting/notification deadlines
Purpose: To inform the CIFs that an extension is given to the deadline of submission of Annual Reports and Notifications.
In Summary:
CySEC has issued the Circular C445 on 26/04/2021 to inform the Cyprus Investment Firms (‘CIFs’) that the submission deadline of:
i. Annual Compliance Function Report
ii. Annual Risk Management Report
iii. Annual Internal Audit Report
iv. Annual Audited Financial Statements
v. Annual Auditors’ Suitability Report
that is by April 30, 2021, is extended by two (2) months.
CySEC also informs that for the:
i. COREP forms based on the audited financial statements that is due on May, 2021.
ii. Disclosures made in Form 144-14-11 (Prudential Supervision Information) that is due for submission on June 30, 2021.
will also comprehend a delay of one (1) month, notwithstanding point B.5 of Circular C442 with regard to the COREP submission.
Furthermore, CySEC informs that for the CIF's obligation to publish Pillar III Disclosures, an extension is also given of two (2) months.
Regarding the CIFs obligation to submit their external auditors’ verification report to CySEC the latest within five (5) months from the end of each financial year, CySEC notes that will not prioritise its supervisory actions towards CIFs in respect to their compliance with this obligation for the year ending on 31st December 2020, as of 1st June 2021 – 31st August 2021.
In accordance with Circular C445, CySEC expects that the affected CIFs:
i. Will assess the need for additional disclosures in their Pillar III disclosures that may be necessary in order to properly convey the risk profile of the CIF in the context of the COVID 19 outbreak.
ii. Which anticipate that the publication of their Pillar III disclosures will be delayed, will inform the market participants for that delay, the reasons of delay and, to the extent possible, their estimated publication date.
Even though an extension is given for the above mentioned reports/notifications, CySEC notes that in cases where a report/notification can be submitted within the ordinary deadlines without compromising the quality and reliability of the information submitted, a timely submission is encouraged.
Read the CySEC Circular C445
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