Summary of CySEC's Circular C546
Memo #03-2023
CySEC Circular No: C546
Date: 25/01/2023
Subject: Introduction of prudential reporting of CIFs through CySEC’s XBRL Portal
Purpose: To inform CIFs for the prudential reporting through CySEC’s XBRL Portal.
In Summary:
CySEC has issued the Circular C546 on 25/01/2023 to inform the Cyprus Investment Firms (‘CIFs’) for the submission of their prudential reporting through the CySEC’s XBRL Portal.
CySEC informs that, in order CySEC to facilitate the requirement to submit to the European Banking Authority (EBA) the supervisory and financial reporting data, which the CySEC receives from all CIFs pursuant to their prudential reporting, CySEC introduces the CySEC XBRL Portal in order to be able to accept submissions from CIFs.
All prudential data submitted to CySEC from CIFs, Union parent investment firms, Union parent investment holding companies and Union parent mixed financial holding companies that are subject to prudential consolidation by CySEC, will be submitted to EBA on a continuing basis every quarter.
The CySEC XBRL Portal can be accessed through the main CySEC website, through the link CYSEC XBRL PORTAL
The link is https://xbrl.cysec.gov.cy/Account/Login.
For the registration to the CySEC’s XBRL Portal, CySEC published the Manual for Registration that can be found on the following link: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=7f002dee-9ded-41f2-9b62-bc8d33c4016c.
CySEC notes that CIFs should submit their prudential reporting, from now on, through CySEC XBRL Portal by following the instructions in the Manual for Investment Firms Submissions using one of the two options available:
i. Provide their own zipped XBRL file and upload it directly to the CySEC portal, or
ii. Use the build in Excel to XBRL Conversion feature.
The Manual for Investment Firms Submissions can be found on the following link:
CySEC also notes that all CIFs should continue to submit their prudential forms to CySEC using both systems (current TRS Portal and the new CySEC XBRL Portal) until the reporting due for 30/06/2023 (submission due 11/08/2023), to facilitate this transitional period. Thereafter, the submissions of the prudential forms will be made only through the CySEC XBRL Portal.
Furthermore, CySEC notes that all Class 2 CIFs should also proceed to the submission of their prudential reporting through the CySEC XBRL Portal by 31/01/2023 for the following dates, as per Article 7 of the EBA Decision:
- 31 March 2022
- 30 June 2022
- 30 September 2022
In addition, CySEC notes that reporting Based on Audited Figures both solo and consolidated, when deviate from the submitted unaudited figures, shall be submitted to CySEC XBRL Portal only, no later than five months from the end of each financial year, with reference date the 1st day of the financial year.
Read the CySEC Circular C546
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