CySEC introduces additional regulatory reporting
Cyprus Securities and Exchange Commission (CySEC) introduces new and additional regulatory reporting obligations for all Cyprus Investment Firms (CIFs). The new form 144-14-11 is named “Prudential Supervision Information” and all CIFs must submit the form by 31st of July 2019 via the Transaction Reporting System (TRS). The deadline to submit the form on the following years is 30th of June each year.
The main objective of the new regulatory reporting is to enhance the regulator’s supervision on areas such as;
– the assessment of Internal Capital Adequacy Assessment Process (ICAAP)
– the assessment of annual audited financial statements
– the safeguarding of clients’ money.
Up until today, CIFs were not obliged to submit their ICAAP to the regulator unless it was requested by CySEC. Within the new regulatory obligation, CIFs are entitled to inform CySEC regarding their ICAAP including;
– the date of the latest review of the ICAAP,
– the own funds of the CIF on the reference date the ICAAP was reviewed,
– the capital requirement for each risk the CIF is exposed (including Pillar I and Pillar II risks)
– the risk appetite of the CIF,
– the stress scenarios,
– the impact of an economic downturn.
The new form further analyzes the audited financial statements and the reconciliations performed in relation to Clients’ money.
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