• CySEC Reporting Requirements

    By B2B Lateral Thinking Solutions


    Mifid II is in our lives for quite some time already but yet regulated entities seem confused on their regulatory reporting requirements.

    Following the introduction of MiFID II and the repeal of certain Directives of CySEC, certain regulatory reporting requirements which were explicitly stipulated by the Law and its Directives are either not included in the new framework or, if included, the reporting time-frame is not explicitly specified.

    Furthermore, the portal for submission of the reporting obligations remains the same, which further adds to the confusion. The table below outlines the changes between the two frameworks.

    Reporting Requirement MiFID I Provisions MiFID II Provisions
    Notification about the existence of any tied agents during the previous year Section 40(15) of Law 144(I)/2007

    A CIF must notify to the Commission until January 31st of each calendar year a table with the details of its tied agents.
    Notification about the persons holding qualifying holding during the previous year Section 33(7) of Law 144(I)/2007

    A CIF notifies to the Commission at least by January 31st of each year, the names of its shareholders possessing qualifying holdings during the previous calendar year, as well as the sizes of such direct or indirect held holdings.
    Section 23(3)(b) of Law 87(I)/2017

    At least once a year, CIFs shall also inform the competent authority of the names of shareholders and members possessing qualifying holdings and the sizes of such holdings as these arise, for example, as a result of information received at annual general meetings of shareholders and members, or, as a result of compliance with the regulations applicable to those companies whose transferable securities are admitted to trading on a regulated market.
    Submission of CIF Financial Accounts Section 114 of Law 144(I)/2007

    Every CIF must submit to the Commission within four months from the end of the financial year, financial accounts that provide a true and fair picture of the CIF and are in accordance with the applicable accounting standards and rules. The said financial accounts must be audited by an auditor and accompanied by a signed copy of its report.
    Submission of Suitability Report Section 116 of Law 144(I)/2007

    A CIF's auditor must submit to the Commission, within four months from the end of each financial year, a report in relation to the suitability of the measures taken by the CIF pursuant to paragraphs (i) and (j) of subsection (2) of section 18 and the relevant to section 18 provisions of the directive issued pursuant to section 20.
    Section 10 of Directive DI87-01

    The CIF ensures that its external auditors report at least annually to the Commission on the adequacy of the CIF's arrangements under section 17(8), (9) and (10) of the Law and the provisions of this Chapter.
    Submission of Annual Compliance Officer, Risk Manager and Internal Auditor Reports & Minutes of the Meetings of the Board of Directors during which the reports have been discussed Section 9(4) of Directive DI144-2007-01

    A CIF is required to submit to the Commission the minutes of the meetings of the Board of Directors, during which the reports of subparagraph (2) have been discussed. These minutes are submitted to the Commission within twenty days from the date of the relevant meeting and no later than four months after the end of the calendar year, attached to the written reports of subparagraph (2).

    (reporting obligations to Senior Management and Board of Directors remain the same)
     Other Regulatory Requirements
    Publication of Pillar III Disclosures  As per the provisions of Article 433 of Part Eight of CRR: “Institutions shall publish the disclosures required by this Part at least on an annual basis. Annual disclosures shall be published in conjunction with the date of publication of the financial statements”.

    In view of the fact that MiFID II does not explicitly state the timing of the publication of the financial statements, this requirement is also affected.

    Having spoken to CySEC for guidance, the advise was to continue to follow reporting obligations in the same manner as before. CySEC is working on the revised reporting obligations, which targets to publish in a directive.

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  • 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.

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