Read the CySEC Circular C699
Memo #25-2025
CySEC Circular No: C699
Date: 08/04/2025
Subject: Updated Electronic Cross-Border Form, Freedom to Provide Investment Services and Activities (‘Cross Border Activity’)
Purpose: To provide detailed information to CIFs regarding the completion of the Cross-border online questionnaire.
In Summary:
CySEC has issued the Circular C699 on 07/04/2025 to provide detailed information to Cyprus Investment Firms (‘CIFs’), following the Circular C694, regarding the completion of the Cross-border online questionnaire.
The detailed information is addressed to CIFs that fulfil the conditions set out in point 1.1 of Circular C694. CIFs are required to report data on the cross-border provision of investment services to retail clients in the EU/EEA, only for those host Member States where services were provided to more than 50 retail clients (including those treated as professionals according to Section II of Annex II of MiFID II).
The 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.
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.
For the purposes of this exercise and in contrast to the collection last year, each CIF must now submit a separate contribution for each host Member State where services were provided to more than 50 retail clients, e.g. if the CIF provides investment services to more than 50 retail clients in four host Member States, the online questionnaire should be filled out four times, one for each host Member State.
It is noted that CIFs should not submit a contribution for their home Member State, i.e. Cyprus.
CySEC informs that an email with the link and password to access the online questionnaire will be sent out to all CIFs that fulfil the conditions set out in point 1.1 of Circular C694.
CySEC further informs that participating CIFs must complete the online questionnaire and submit their contribution for each host Member State, by 26/05/2025, at the latest.
Upon successful submission of the Form, the message “Contribution successfully submitted” and a contribution ID will be populated on the screen.
The Circular C699 provides detailed general information, as well as specific information for the completion and submission of the Cross-border online questionnaire.
The Circular C694 can be found on the following link:
Read the CySEC Circular C699
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