CySEC instructions on cross-border activities of CIFs
On 28 September 2020, the Cyprus Securities and Exchange Commission (CySEC) circulated to all Cyprus Investment Firms (CIFs) instructions on how to follow the requirement in completing the new Form FPISA-CIF (theForm) regarding the freedom to provide investment services and activities on a cross-border basis.
The new Form will be used for the collection of data and information on the CIF’s cross border activity during the period 1 January 2019 to 31 December 2019 and will be utilised for CySEC’s on-going monitoring and analysis.
The Form must be completed and submitted to CySEC by all CIFs that were authorised by 31 December 2019. In this respect, CIFs that were authorised by 31 December 2019. CIFs which became authorised but have not made use of their authorisation must also submit the Form. The steps that CIFs must follow for the successful submission of the Form to the TRS can be found here.
The Form must be submitted electronically via CySEC’s Transaction Reporting System (TRS) by 15:00, Friday, 16 October 2020 at the latest. CySEC emphasises the importance of meeting the deadline and stresses that no extension will be granted.
Failure to promptly comply with the above will bear the administrative penalties of section 37(5) of the CySEC Law.
The Form can be found here.
CySEC’s Circular can be foundhere.