CySEC QST Form for CIF & AIFM in Q2 2023 – July 2023
The Cyprus Securities and Exchange Commission (CySEC) issued Circulars C581 & C583 to inform Alternative Fund Managers (AIFM) and Cyprus Investment Firms (CIF) on the submission of the QST Form for the 2nd quarter of 2023.
All AIFM and CIF regulated entities are required to complete and submit the new versions of the QST Forms, via the CySEC Transaction Reporting System (TRS) by 15:00 hrs of the below corresponding revised deadline:
| Regulated entity | Deadline | Form version | Naming convention |
|---|---|---|---|
| AIFM | 28th of July | QST-MC Version 19 | Username_yyyymmdd_QST-MC |
| CIF | 4th of August | QST-CIF Version 11 | Username_yyyymmdd_QST-CIF |
It is worth noting that the new version of the QST-CIF Form, Version 11 requires, among others, in section K:
- an analysis of the number of retail clients, concerning physical persons only, by classifying them into a specific age group, and
- to indicate the number of retail clients classified as first-time investors out of the number of retail clients reported.
*First-time investors refer to investors with no prior experience in financial investments based on the firm’s client suitability or appropriateness assessment.
CIF regulated entities shall disclose in section L information for all countries they provided their services throughout the cumulative reporting period, including Cyprus. To this end, the Basis for Provision of Services field shall indicate:
- N/A (Not Applicable) for clients residing in Cyprus,
- Freedom to Provide Services or Freedom of Establishment for clients residing in EEA countries,
- Provision of Services in Third Country for clients residing in third countries.
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 are required to be completed in the English language 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 30th of June 2023, irrespective of whether they have made use or not of their authorisation.
For more regulatory reporting obligations CIF and AIFM must meet in 2023, please visit the SALVUS Regulatory Reporting Obligations Calendar™.
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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