Read the CySEC Circular C633
Memo #20-2024
CySEC Circular No: C633
Date: 16/04/2024
Subject: Notification of errors and omissions to the Cyprus Securities and Exchange Commission in accordance with Article 9 of Regulation (EU) 2022/1860 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 (‘Regulation 2022/1860’)
Purpose: To provide clarifications to Regulated Entities regarding the notification of errors and omissions to the CySEC in accordance with Article 9 of Regulation (EU) 2022/1860.
In Summary:
CySEC has issued the Circular C633 on 16/04/2024 to provide clarifications to 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 the Non-Financial Counterparties, regarding the procedures for notifying errors and omissions to CySEC in accordance with Article 9 of Regulation 2022/1860.
Article 9(1) of Regulation 2022/1860 states that:
“The entity responsible for reporting shall notify its competent authority and, if different, the competent authority of the reporting counterparty of any of the following instances:
(a) any misreporting caused by flaws in the reporting systems that would affect a significant number of reports;
(b) any reporting obstacle preventing the report submitting entity from sending reports to a trade repository within the deadline referred to in Article 9(1) of Regulation (EU) No 648/2012;
(c) any significant issue resulting in reporting errors that would not cause rejection by a trade repository in accordance with Commission Delegated Regulation (EU) 2022/1858(7).
The entity responsible for reporting shall promptly notify any of those instances, as soon as it becomes aware of them.
The notification shall indicate at least the type of the error or omission, the date of the occurrence, scope of the affected reports, reasons for the errors or omissions, steps taken to resolve the issue and the timeline for resolution of the issue and corrections.”
CYSEC informs that the notification template to be used is available on the ESMA website at the following link: https://www.esma.europa.eu/data-reporting/emir-reporting.
CySEC further informs that this form should be sent, once completed, to the email address EMIR.EON@cysec.gov.cy with the file name EMIR EO_dd-mm-yyyy_LEI of ERR_ID of the notification.xlsx.
Read the CySEC Circular C633
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