Summary of CySEC's Circular C593
Memo #47-2023
CySEC Circular No: C593
Date: 03/08/2023
Subject: New reporting standards under Regulation (EU) 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories, as amended (‘EMIR’)
Purpose: To inform the Regulated Entities for new reporting requirements under the EMIR, which become applicable on 29/04/2024.
In Summary:
CySEC has issued the Circular C593 on 03/08/2023 to inform the Cyprus Investment Firms, UCITS and where relevant, their Management Companies, Alternative Investment Funds (‘AIFs’) established or managed in Cyprus and where relevant, their Alternative Investment Fund Managers (‘AIFMs’) and Non-Financial Counterparties, regarding new reporting requirements under the European Market Infrastructure Regulation (EMIR), which become applicable on 29/04/2024.
This Circular C593 refers to:
a) Amended regulatory framework.
b) Analysis of main changes.
c) Impact of new rules.
d) Transitional Arrangements.
CySEC informs that, starting from 29/04/2024, all reports submitted to TRs should comply with the new requirements. Outstanding derivatives i.e. derivatives reported before 29/04/2024 and were not terminated by the said date will need to be updated to conform with the new reporting requirements no later than 180 calendar days from the reporting start date (with a few exceptions).
Read the CySEC Circular C593
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