Summary of CySEC's Circular C518
Memo #29-2022
CySEC Circular No: C518
Date: 22/06/2022
Subject: Introduction of CySEC’s Prudential Form 165-03 ‘Prudential Supervision Information’ and prudential Form 165-04 ‘Application form for prudential permissions’
Purpose: To inform the CIFs for the introduction of the prudential form 165-03 ‘Prudential Supervision Information’ and prudential Form 165-04 ‘Application form for prudential permissions’.
In Summary:
CySEC has issued the Circular C518 on 22/06/2022 to inform the Cyprus Investment Firms (the ‘CIFs’) about the introduction of prudential Form 165-03 ‘Prudential Supervision Information’ and the prudential Form 165-04 ‘Application form for prudential permissions’.
A) Prudential Form 165-03
The prudential Form 165-03 updates and replaces the Form 144-14-11 which is withdrawn. The Form 165-03 has been updated to incorporate the changes that have taken place following the introduction of the new prudential framework for investment firms (IFR/IFD).
The Form 165-03 is addressed to all CIFs.
The CIFs should complete the Form 165-03 once a year and submit it to CySEC via the Transaction Reporting System (‘TRS’) from 1st to 30th June each year, ie. the deadline to submit the Form 165-03 is the 30th of June each year.
CySEC notes that for the submission for the year ended 31/12/2021 the CIFs should submit the Form 165-03 via TRS by 30th July 2022. Details regarding the submission of the Form can be found in the sheet ‘Instructions’ of the Form.
CySEC clarifies that CIFs should continue to submit through CySEC’s portal their annual audited financial statements and suitability report from their external auditors irrespective of the submission of the Form 165-03.
B) Prudential Form 165-04 ‘Application form for prudential permissions’
The purpose of the new prudential Form 165-04 is to facilitate the CIFs when requesting CySEC’s permission, with reference to the Regulation (EU) 2019/2033 (‘IFR’), Regulation (EU) 575/2013 (‘CRR’) and Law L.165(I)/2021, where applicable, in the following areas: a) Application for interim profit recognition and b) Application for liquidity reduction.
The Form 165-04 is addressed to all CIFs.
CySEC notes that the CIFs that wish to request CySEC’s permission, for the above a) or b), should complete only the relevant Section(s) of the Form 165-04 for which the permission is requested. The remaining sections, not applicable for the CIF, should be left empty. The Form 165-04 should be submitted only electronically via TRS. Details regarding the submission of the Form 165-04 can be found in the sheet ‘Instructions’ of the Form.
CySEC further notes that CySEC’s Circular C305 regarding interim profit recognition continues to remain in force but CySEC’s permission should only be requested via the submission of Form 165-04 via TRS.
The Form 165-03 and the Form 165-04 can be found under section "Forms" at the following link:
