Read the CySEC Circular C620
Memo #08-2024
CySEC Circular No: C620
Date: 08/02/2024
Subject: Adoption of the European Banking Authority (the ‘EBA’) Guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU undertakings under Article 21b of Directive 2013/36/EU
Purpose: To inform CIFs for a reporting obligation related to the EBA’s Guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU undertakings under Article 21b of Directive 2013/36/EU.
In Summary:
CySEC has issued the Circular C620 on 06/02/2024 to bring to the attention of the Cyprus Investment Firms (the “CIFs”) the EBA Guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU undertakings under Article 21b of Directive 2013/36/EU (the “Guidelines”) which were issued on 28/07/2021, and the EBA Decision concerning supervisory reporting for IPU threshold monitoring (EBA/DC/441) issued on 13/05/2022.
CySEC informs that it has adopted the Guidelines by incorporated them into the supervisory practices and regulatory approach.
The Guideline applies to all CIFs which belong to a third country group. In accordance with Article 3(64) of the Directive 2013/36, that means a group of which the parent undertaking is established in a third country.
The Guidelines determine a common methodology for calculating the total value of assets in the Union as well as consistent supervisory expectations which are essential for ensuring consistent application of the IPU requirement.
CySEC further informs that CIFs which belong to a third country group, as defined above, are required, on a quarterly basis, commencing from the 31/12/2023, to submit to CySEC the Template for IPU threshold monitoring through CySEC’s XBRL portal. The reporting period is as follow:
• For reference date 31 March (Q1), the remittance date is 12 May (Q1).
• For reference date 30 June (Q2), the remittance date is 11 August (Q2).
• For reference date 30 September (Q3), the remittance date is 11 November (Q3).
• For reference date 31 December (Q4), the remittance date is 11 February (Q4).
CySEC notes that, only for the submission with reference date 31/12/2023 the deadline is extended to 29/02/2024.
The EBA Guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU undertakings under Article 21b of Directive 2013/36/EU can be found on the following link:
The Template for IPU threshold monitoring is an excel file and can be found on the Circular C620.
Read the CySEC Circular C620
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