Read the CySEC Circular C617
Memo #05-2024
CySEC Circular No: C617
Date: 25/01/2024
Subject: Recommendation 2022/9 of the European Systemic Risk Board (ESRB) on the vulnerabilities in the commercial real estate sector in the European Economic Area
Purpose: To inform Regulated Entities that the ESRB issued on 01/12/2022 the Recommendation ESRB/2022/9 on the vulnerabilities in the commercial real estate sector in the European Economic Area.
In Summary:
CySEC has issued the Circular C617 on 24/01/2024 to inform the Alternative Investment Fund Managers (‘AIFMS’), Internally Managed Alternative Investment Funds, UCITS Management Companies, Internally Managed UCITS, Internally Managed Alternative Investment Funds with Limited Number of Persons (‘AIFLNP’), Companies with sole purpose the management of AIFLNPs and the Small AIFMs, that the European Systemic Risk Board (ESRB) issued on 01/12/2022 the Recommendation ESRB/2022/9 on the vulnerabilities in the commercial real estate sector in the European Economic Area (the ‘Recommendation’).
The Recommendation is addressed to the European Union and EEA countries’ national supervisory authorities in the banking and non-banking financial sectors as they can contribute to the resilience of the EEA’s financial sector by monitoring, identifying, and addressing CRE-related vulnerabilities of the institutions under their remit, in close collaboration with each other.
CySEC informs that it decided to adopt the Recommendation.
CySEC further informs for reporting requirements that must be submitted to CySEC. All Regulated entities must complete and submit to CySEC the Form CRE - IF (the “Form”) for each authorized/registered with CySEC sub-fund (in the case of an umbrella fund) or fund (for single scheme funds) under their management which has been authorized/registered until 30/06/2023.
The deadline for the submission of the Form to CySEC is by Friday, 23/02/2024, the latest.
The Form must be successfully submitted electronically, via the CySEC’s Transaction Reporting System (‘TRS’).
CySEC also informs that, for future submission, the Regulated Entities will be notified about the frequency and the reporting periods and dates in due course.
This Circular also provides information regarding the method of creating and submitting the Form to the CySEC and other general comments for the Form.
Read the CySEC Circular C617
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