Read the CySEC Circular C612
Memo #65-2023
CySEC Circular No: C612
Date: 27/12/2023
Subject: Cross Border Data Collection Exercise, Freedom to Provide Investment Services and Activities (Cross Border Activity)
Purpose: To inform the CIFs for ESMA’s exercise for the collection of data regarding cross border activity of investment firms for the year 2023.
In Summary:
CySEC has issued the Circular C612 on 22/12/2023 to inform the Cyprus Investment Firms (‘CIFs’) regarding the European Securities and Markets Authorities (‘ESMA’) exercise for the collection of data regarding cross border activity of investment firms for the year 2023.
This exercise is in line with the exercise that was conducted last year through the CBRT-CIF form.
CySEC further informs that this year reporting will be done via EU’s online platform having the format of an online questionnaire and participating firms will receive an invitation link to access and submit the questionnaire.
In addition, CySEC informs that the online questionnaire must be completed by all CIFs that were authorised by 31/12/2023 and which have at least 50 retail clients, (including clients treated as professionals on request according to Section II of Annex II of MiFID II) (therein ‘retail clients’), in at least one host Member State (i.e. excluding Cyprus).
CySEC notes that CIFs that fulfil the above conditions must provide a valid email address to CySEC to which the invitation link will be forwarded to, by sending an email to riskstatistics.cifs@cysec.gov.cy, by 29/12/2023, at the latest.
CySEC further notes that CIFs that do not reach the materiality threshold of 50 retail clients in at least one host Member State [as mentioned above] should inform CySEC accordingly, by sending an email to riskstatistics.cifs@cysec.gov.cy , by 29/12/2023, at the latest, in order to be exempted from this ESMA's exercise.
According to this Circular C612, CySEC will publish in due time a new Circular with detailed information regarding the completion of the online questionnaire, as well as to inform for the deadline of submission of the online questionnaire.
Read the CySEC Circular C612
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