Updates on CySEC QST Form for CIF & AIFM and the new deadlines – April 2023
The Cyprus Securities and Exchange Commission (CySEC), released Circulars C557 & C559 to inform Alternative Investment Fund Managers (AIFM) and Cyprus Investment Firms (CIF) about the submission of the QST Form for Q1 of 2023.
All AIFM and CIF are required to complete and submit the new versions of the QST forms via the CySEC Transaction Reporting System (TRS) by 15:00 hrs on the below corresponding revised deadlines:
| Regulated entity | Current deadline | New deadline | Form version | Naming convention |
|---|---|---|---|---|
| AIFM | 30th of April | 28th of April | QST-MC Version 18 | Username_yyyymmdd_QST-MC |
| CIF | 30th of April | 12th of May | QST-CIF Version 10 | Username_yyyymmdd_QST-CIF |
It is worth noting that the updated version of the QST-CIF Form incorporates the information requested through the Country Analysis (CA) Form, CA-CIF introduced in 2022. Thus, the CA reporting obligation ceases and the CIF regulated entities shall submit quarterly only the QST form.
To this end, the new version of the QST-CIF Form, Version 10 has been revised, among others, with
- the removal of certain sections in section K,
- the request for additional information about the firm’s client base in section K;
- client categorisation, age group, number of first-time retail investors,
- the addition of sections L, M, N, O as per the CA Form with respective updates, which includes the reporting of
- categorisation of retail clients per country of residence, investment and ancillary services offered, whether provided with CFDs or other financial instruments,
- information on the amount of client deposits and withdrawals, as well as the percentage of withdrawal cancellations
CIF regulated entities shall disclose information for all countries they provided their services throughout the cumulative reporting period, including Cyprus. For each quarter the cumulative reporting period begins at the start of the calendar year and ends at the final date of the reporting period.
Regarding the naming convention, the Username denotes the TRS credentials of the regulated entity and yyyymmdd the end date of the reporting period of the form.
QST forms must be completed in English and report data in Euro rounded to the nearest unit. Regulated entities shall report the investment and ancillary services provided during the reporting period and not all the services prescribed in their license.
It is highlighted that the form must be submitted by all entities authorised by the 31st of March 2023, irrespective of whether they have made use or not of their authorisation.
Finally, we note that the reporting obligation of the QST Form for CIF entities is changing with the first submission deadline 6 weeks (12th of May) from the end of the reference period and after that 5 weeks from the end of the reference period. For more regulatory reporting obligations CIF and AIFM must meet in 2023, please visit the SALVUS Regulatory Reporting Obligations Calendar™.
Do not hesitate to contact us via email at info@salvusfunds.com if you require additional information or support with the submission of the QST Form; our Regulatory Compliance team is ready.
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