Read the CySEC Circular C694
Memo #20-2025
CySEC Circular No: C694
Date: 27/03/2025
Subject: Updated Electronic Cross-Border Form, Freedom to Provide Investment Services and Activities (Cross Border Activity)
Purpose: To inform CIFs regarding the obligation to complete the Cross-border online questionnaire.
In Summary:
CySEC has issued the Circular C694 on 27/03/2025 to inform the Cyprus Investment Firms (‘CIFs’) for the obligation to complete the Cross-border online questionnaire, by CIFs that were authorised by 31/12/2024, and which have provided cross-border services to more than 50 active retail clients, (including clients treated as professionals on request according to Section II of Annex II of MiFID II) (therein ‘retail clients’), in at least one host Member State.
This exercise is initiated by the European Securities and Markets Authorities (‘ESMA’) and is addressed to all Investment Firms (‘firms’) providing investment services in other Member States of the European Economic Area (i.e. including Norway, Iceland, and Liechtenstein), other than their home Member State, during the year 2024.
CySEC notes that, similar to last year, the exercise will be conducted via EU’s online platform having the format of an online questionnaire (electronic form).
Information collected through the Cross-border online questionnaire on the CIFs’ cross border activity refers to the reporting period 01/01/2024 – 31/12/2024 and reference date 31/12/2024, as relevant.
CySEC further notes that CIFs should exclude inactive clients from their reporting.
CIFs that fall under the scope of this exercise must provide a single, valid, company email address (i.e. compliance@..., info@...) to CySEC to which the Cross border electronic form will be forwarded to, by sending an email to riskstatistics.cifs@cysec.gov.cy, by Friday 04/04/2025, at the latest.
CIFs that do not meet the conditions, i.e. CIFs that do not reach the materiality threshold of more than 50 active retail clients, in at least one EEA Member State, should inform CySEC of the fact that they are not required to complete the Form, by sending an email to riskstatistics.cifs@cysec.gov.cy, by Friday 04/04/2025, at the latest.
Circular C694 includes information for CIFs to assess whether they fall under the scope of this exercise, the meaning of inactive clients for the purpose of this exercise and other useful information.
Read the CySEC Circular C694
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