Read the CySEC Circular C631
Memo #18-2024
CySEC Circular No: C631
Date: 11/04/2024
Subject: Prudential reporting based on the results of the audited financial statements
Purpose: To inform CIFs regarding their prudential reporting requirements.
In Summary:
CySEC has issued the Circular C631 on 10/04/2024 to provide information to Cyprus Investment Firms (the ‘CIFs’) regarding their prudential reporting requirements, as per article 54(1) of Regulation (EU) 2019/2033, based on the results of their audited financial statements.
According to Article 2(4) of Commission Implementing Regulation (EU) 2021/2284 with regard to supervisory reporting and disclosures of investment firms ‘Investment firms may submit unaudited figures. Where audited figures deviate from submitted unaudited figures, the revised, audited figures shall be submitted without undue delay. For the purposes of this Article, ‘unaudited figures’ shall mean figures that have not received an external auditor’s opinion whereas audited figures are figures audited by an external auditor expressing an audit opinion.’
Based on the above, CySEC informs that where the CIF’s audited figures deviate from the submitted unaudited figures used in its prudential reporting, the CIF should submit, without undue delay, to CySEC its prudential reporting based on its audited figures.
The above said submission should be made through the CySEC’s XBRL portal by creating a filling with reference date the last day of the previous financial year (e.g 31/12/XXXX), both on solo and consolidated basis, and no later than five months from the end of each financial year.
The Regulation (EU) 2019/2033 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019R2033
The Commission Implementing Regulation (EU) 2021/2284 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R2284
Read the CySEC Circular C631
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