Read the CySEC Circular C645
Memo #30-2024
CySEC Circular No: C645
Date: 18/06/2024
Subject: Commission's review of the investment firms’ prudential framework
Purpose: To inform AIFMS and UCITS Management Companies that EBA and ESMA issued a Discussion Paper on the European Commission’s call for advice on the IFD/IFR.
In Summary:
CySEC has issued the Circular C645 on 18/06/2024 to inform the Alternative Investment Fund Managers (‘AIFMS’) and UCITS Management Companies that the European Banking Authority (EBA) and European Securities Markets Authority (ESMA) issued on 03/06/2024 a Discussion Paper on the European Commission’s call for advice on the IFD/IFR (the ‘Discussion Paper’)
The Discussion Paper touches upon a broad range of topics, including amongst others:
• An analysis of the interactions of IFD and IFR with other regulations, the interaction with the own funds requirements applicable to AIFMs and UCITS management companies providing ancillary MiFID services.
• The remuneration in relation to investment firms, AIFMs and UCITS management companies, including the scope of application, remuneration policies, the requirements on variable remuneration, their oversight, disclosure and transparency.
CySEC informs that Regulated Entities may submit their comments on the issues raised in the Discussion Paper, by 03/09/2024.
CySEC further informs that the EBA launched a data collection exercise for UCITS Management Companies and AIFMs, in order to assess the impact of the possible changes discussed in the Consultation Paper. Participation in this data collection exercise is voluntary.
UCITS Management Companies and AIFMs participating in the data collection are required to submit the completed templates to CySEC by 19/07/2024 via email to prudential@cysec.gov.cy.
In accordance with this Circular C645, CySEC strongly encourages the UCITS Management Companies and AIFMs to submit comments on the issues raised in the Discussion Paper and participate in this data collection exercise.
The Discussion Paper on the European Commission’s call for advice on the IFD/IFR can be found on the following link:
The data collection exercise launched by EBA can be found on the following:
Read the CySEC Circular C645
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