Summary of CySEC's Circular C452
Memo #26-2021
CySEC Circular No: C452
Date: 24/06/2021
Subject: New Form CB-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activities)
Purpose: To inform CIFs for the submission of a new Form CB-CIF.
In Summary:
CySEC has issued the Circular C452 on 23/06/2021 to inform the Cyprus Investment Firms (‘the CIFs’) that a new Form, CB-CIF (‘the Form’) is issued for the collection of data on the CIFs’ cross border activity.
The Form must be completed and submitted to CySEC, only by CIFs who reach the materiality threshold of 50 retail clients (including retail clients treated as professionals), in any country of European Economic Area (EEA).The threshold should refer to clients with whom the CIF has an ongoing relationship, or has had at least one transaction, over the reporting period (01/01/2020 – 31/12/2020).
For the purposes of the Form, CySEC would like to collect information on the CIFs’ cross border activity, with reference date 31/12/2020.
CySEC notes that it will use the information from the Form for the purposes of conducting statistical analyses, risk management and other purposes.
The Form must be submitted via email, by sending an email to the address riskstatistics.cifs@cysec.gov.cy by 15:00 hrs, Friday, July 16, 2021, at the latest.
The CIFs should read the instructions about how to complete the Form that can be found in point 2 of this Circular C452.
CySEC also notes that failure to comply with the obligation to submit the Form will bear the administrative penalties of section 37(5) of the CySEC Law.
The new Form CB-CIF can be found in the Appendix of this Circular C452.
