Summary of CySEC's Circular C592
Memo #46-2023
CySEC Circular No: C592
Date: 03/08/2023
Subject: Technical clarifications concerning Reporting obligation under articles 4(3)(d) and 31(1), (2) and (4) of the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with articles 5(3) and 110 of the Commission Delegated Regulation (EU) No 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (‘the Regulation’)
Purpose: To draw the attention of the AIFMs to the AIFMD reporting updated IT technical guidance (2013/1358) (revision 6).
In Summary:
CySEC has issued the Circular C592 on 03/08/2023 to draw the attention of the Authorised Alternative Investment Fund Managers* and Registered Alternative Investment Fund Managers** to the Alternative Investment Fund Managers Directive (AIFMD) reporting updated IT technical guidance (2013/1358) (revision 6), which will be applicable from November 2023 onwards.
The IT technical guidance revision 6 replaces the IT technical guidance revision 5 published in January 2023.
The new IT technical guidance revision 6 (2013-1358 AIFMD Reporting IT Technical Guidance - revision 6) introduces new validation rules making more fields mandatory or with stricter rules to improve data quality.
Reporting entities should use the version revision 6 to submit reports required under Articles 4(3)(d) and 31(1), (2) and (4) of the AIFM Law by November 2023.
The reference period for the first reporting is Y1, H2, Q4 or X2 2023
i. Authorised Alternative Investment Fund Managers*: The term includes a) Cyprus based AIFMs and self-managed AIFs whose total assets under management (‘AuM’) exceed the thresholds of Articles 4(2)(a) or 4(2)(b) of the Alternative Investment Fund Managers Law (‘AIFM Law’) as the case may be, and b) Cyprus based AIFMs and self-managed AIFs whose Total AuM do not exceed the thresholds of Articles 4(2)(a) or 4(2)(b) of the AIFM Law, as the case may be, but have exercised the ‘opting-in’ possibility of Article 4(6) of the AIFM Law.
ii. Registered Alternative Investment Fund Managers**: The term includes Cyprus based AIFMs and self-managed AIFs whose Total AuM do not exceed the thresholds of section 4(2)(a) or 4(2)(b) of the AIFM Law, as the case may be, and have not exercised the ‘opting-in’ possibility of section 4(6) of the AIFM Law. For the avoidance of doubt, Registered AIFMs of the Republic comprise of: a) UCITs Management Companies; b) Cyprus Investment Firms; c) any company, which has been approved by CySEC pursuant to section 116(3)(ii)(b) of the AIF Law, to manage an AIFLNP under Part VI of the AIF Law; d) Self-managed AIFs under Part II of the AIF Law; and e) Self-managed AIFLNPs under Part VI of the AIF Law.
Read the CySEC Circular C592
Read more news at Regulatory News
