New CIF reporting obligation – IPU Threshold Monitoring Form to CySEC
On February 6th, 2024, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C620. This Circular aims to inform Cyprus Investment Firms (CIF) about the European Banking Authority’s (EBA) Guidelines on the monitoring of the threshold and procedural aspects on the establishment of an intermediate parent undertaking (IPU) in the European Union (EU).
The said Guidelines in conjunction with the EBA’s Decision, concerning supervisory reporting for IPU threshold monitoring, establish new reporting obligations on CIF entities which belong to a third country group. Both documents are addressed to CIF entities that belong to a group of which the parent undertaking is established in a third country.
To that end, CySEC introduces a new quarterly reporting requirement, commencing for the reference date 31st of December 2023. All CIF entities which belong to a third country group are required to complete and submit the newly introduced IPU Form, via CySEC’s XBRL portal by the below deadlines:
| Reference Date | Deadline |
|---|---|
| 1st Jan – 31st Mar (Q1) | 12th of May |
| 1st Apr – 30th Jun (Q2) | 11th of August |
| 1st Jul – 30th Sep (Q3) | 11th of November |
| 1st Oct – 31st Dec (Q4) | 11th of February |
* It is important to note that only for the first submission referencing to Q4 of 2023, the deadline for the submission of the report is extended to February 29th, 2024.
CIF entities subject to the IPU reporting requirements are required to provide through the IPU form an assessment of the obligation to establish an IPU in the Union. In addition, they shall disclose the total amount of assets of the group located in the Union calculated as per the EBA Guidelines.
For more regulatory obligations CIF entities must meet in 2024, please visit the SALVUS Regulatory Reporting Obligations Calendar™.
Please contact us at compliance@salvusfunds.com if you require additional information or support with the submission of the IPU Form; our Regulatory Compliance team is ready to support you.
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