Read the CySEC Circular C719
Memo #43-2025
CySEC Circular No: C719
Date: 27/06/2025
Subject: Prudential reporting of CIFs through CySEC’s XBRL Portal
Purpose: To inform CIFs for an important change regarding the submission of prudential reporting data.
In Summary:
CySEC has issued the Circular C719 on 27/06/2025 to inform the Cyprus Investment Firms (the ‘CIFs’), of an important change regarding the submission of prudential reporting data under Article 54 of the Investment Firms Regulation (Regulation (EU) 2019/2033 – “IFR”) via the CySEC XBRL Portal.
Specifically, the option for the submission of prudential reporting through the "Build in Excel file" will be discontinued effective from the reporting period ending 30/06/2025 (submission deadline: 11/08/2025) and onwards.
The CySEC notes that the excel-based option was initially introduced to facilitate the transition to the XRBL framework. However, due to ongoing changes to the European Banking Authority (‘EBA’) taxonomy, it will no longer be supported from the above date. Information on the relevant taxonomy releases, including template filing rules, the Data Point Model (DPM), and applicable validation rules, is available on the EBA’s website. The current applicable taxonomy framework published by the EBA is Framework 4.0.
The CySEC further notes that this change affects only the submission format and not the calculation of Own funds or Own funds requirements.
In addition, CySEC informs that CIFs should:
1) Use XBRL Compatible Software that supports mapping and validation against EBA rules and generation of compliant XBRL files.
2) Validate XBRL files as per EBA validation rules and submit them via the CySEC XBRL Portal. The XBRL file should be zipped and submitted using the CySEC’s XBRL Portal, under the Create Filing Section (no specific name to the file is required).
In accordance with the Circular C719, the CySEC emphasizes that, going forward, prudential reporting under Article 54 of IFR should be submitted exclusively in XBRL format via the CySEC’s XBRL portal.
The current applicable taxonomy framework published by the EBA, Framework 4.0, can be found on the following link: https://www.eba.europa.eu/risk-and-data-analysis/reporting/reporting-frameworks/reporting-framework-40
Read the CySEC Circular C719
Read more news at Regulatory News
