Read the CySEC Circular C646
Memo #31-2024
CySEC Circular No: C646
Date: 19/06/2024
Subject: Review of the Investment Firms’ prudential framework and data collection exercise
Purpose: To inform CIFs 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 C646 on 18/06/2024 to inform the Cyprus Investment Firms (CIFs) 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:
• The categorisation of investment firms.
• The conditions for investment firms that qualify as small and non interconnected, including the criteria for their categorisation as well as considerations regarding the transition period from one category to another.
• The adequacy of the own-funds requirements.
CySEC informs that CIFs 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 in order to assess the impact of the possible changes discussed in the Consultation Paper. Participation in this data collection exercise is voluntary.
CIFs 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 C646, CySEC strongly encourages CIFs 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 C646
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