CySEC publishes review of reporting procedures adopted by MiFiD firms under EMIR
On 17 July 2019, the Cyprus Securities and Exchange Commission (CySEC) published its review on procedures established, implemented and maintained by Cyprus Investment Firms (CIFs) relating to reporting obligations under the European Market Infrastructure Regulation (EU) No. 648/2012 (EMIR) on OTC Derivatives, Central Counterparties and Trade Repositories.
The review took place during November and December 2018 and was a combination of onsite inspections and desk-based reviews; 15 CIFs were assessed. While all reviewed CIFs established, implemented and maintained such procedures, the regulator also identified areas of concern that it has now highlighted to all regulated entities.
The circular sets out CySEC’s observations and asks all regulated entities to consider whether they comply with their EMIR reporting obligation.
CYSEC’s circular can be found here.