Have you ever been in a situation where although you have the competency to perform a task you are unsure what the totality of the task might be? This situation can arise when numerous regulatory requirements are imposed on an organisation and further exacerbated by the almost exponential increase in the velocity of change of these requirements.
We often identify a level of confusion between board members of AIFLNPs as to what their obligations are as there are no clear calendars outlining them. To assist with this, we have prepared the below calendar which clearly outlines the tasks that need to be performed and the respective deadlines that need to be met, if any.
|Frequency||Item||Reference Period||Submission Deadline|
|Monthly||MLCO Monthly Prevention Statement||Previous month||15th day of each month|
(frequency of reporting decided by the CBC)
|Statistical reporting to Central Bank of Cyprus||Previous quarter/month||Within 15 working days from the end of each quarter/month|
|Month||Item||Reference Period||Submission Deadline|
|January||1. AIF report (XML file)||Previous year||31st of January|
|February||1. Renewal of CySEC certificates held by the relevant personnel (i.e. portfolio manager, risk manager and compliance officer)||N/A||28/29th of February|
|2. MLCO Report to the Board||Previous year||28/29th of February|
|March||1. MLCO Report along with Board of Directors’ meeting minutes to CySEC||Previous year||31st of March|
|April||1. Internal Auditor's Report along with Board of Directors’ meeting minutes to CySEC||Previous year||30th of April|
|June||1. Audited Financial Statements||Previous year||30th of June|
|2. Audited Annual Report confirming compliance with AIFLNP conditions||Previous year||30th of June|
|3. FATCA reporting||Previous year||30th of June|
|July||1. CRS reporting||Previous year||21st of July|
|December||1. Payment of CySEC Annual Fees||Previous year||31st of December|
|Other Items||Reference Period||Submission Deadline|
|CySEC Risk-based Supervision Framework Form||Previous year||CySEC usually asks for this in Q2 of each year|
|EMIR reporting if engaged in OTC transactions (i.e. hedging using OTC derivatives)||Report each transaction||T+1 day|
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
B2B Lateral Thinking Solutions
B2B Lateral Thinking Solutions is a boutique consultancy operating from Cyprus and servicing private, corporate and institutional clients. Our team of dedicated, passionate and highly qualified professionals assists numerous clients across the EU, Russia and CIS countries. Lateral thinking is not only a name. Lateral thinking defines how we approach problems and our work ethic. We partner up with our clients to uncover solutions through indirect avenues and by employing creative thinking.
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