New CySEC CASP Reporting obligation – Form RBSF-CASP
On the 15, November 2024, the Cyprus Securities and Exchange Commission (CySEC) has introduced a new reporting obligation for Crypto Asset Services Providers (CASP). As part of the Risk-Based Supervision Framework (the ‘RBS-F’) – Electronic submission of information for the year 2023 CASP must now submit Form RBSF-CASP for the year 2023. This form is designed to collect various statistical information for the purposes of conducting statistical analysis and risk management.
All CASP that were registered with CySEC and were operational as of 31st of December 2023 must submit the form to CySEC. Also, CASP registered with CySEC, but were not operational as of 31st December 2023, must also submit the Form. The Form must be submitted electronically via the CySEC’s Transaction Reporting System (TRS) by December 20, 2024. A digital signature is required for the successful submission of the Form following the naming convention below:
‘Username_yyyymmdd_RBSF-CASP’, where Username – is the username of the TRS credentials, yyyymmdd – denotes the end of the reporting period of the Form, RBSF-CASP – this is the coding of the Form, that remains unchanged and should be inserted, exactly as it appears.
CASP have the responsibility to ensure that they have received a feedback file, i.e. an official submission confirmation dispatched by the TRS in the Outgoing directory. The feedback file will either contain any errors detected or a no error indicator. If any errors were detected, CASP must address and correct those errors and then digitally sign and re-submit the Form. The Form will be regarded as successfully submitted to CySEC only when a no error indication feedback file is received.
It is crucial to note that failure to comply with the above may result in administrative penalties of section 37(5) of the CySEC Law. It is also important to keep in mind that CySEC will not send any reminders to CASP, which fail to comply promptly and duly.
The RBSF Form contains eleven Sections, requiring various information from CASP, related to crypto-asset activities defined in AML/CFT Law and not to any financial instruments that fall under MiFID. As an indication, some of the information required is:
- In Section C – Information for top 10 Clients
CASP must gather information of their 10 biggest clients based on the sum of total inflows and outflows in/from each client’s account.
- In Section E – Products, Services and Transactions
CASP must share information regarding crypto-asset services, financial services related to crypto-assets. More information on crypto-assets transactions, customers’ crypto-assets and wallets.
- In Section I – Internal Policies and Ownership
CASP must provide information in relation to their AML/CFT policies and procedures.
- In Section J – Financial Information
CASP must provide information on their position regarding trading income, trading costs, their total assets and liabilities etc.
Important Dates Summarised
| Dates | Task |
|---|---|
| November 15, 2024 | CASP can start submitting the digitally signed Form to the CySEC’s TRS system. |
| From November 15 until December 16, 2024 | CASP can submit any queries that they have for this Circular and the Appendix attached. |
| December 20, 2024 | Deadline for submitting the Form duly completed. |
It is crucial that all CASP registered with CySEC, providing services in or from Cyprus take appropriate actions and measures to adhere to their Form RBSF-CASP obligations.
The Regulatory Compliance team at SALVUS is ready to guide you in effectively fulfilling your obligations and ensuring compliance with the Form RBSF-CASP requirements by CySEC and ensuring that you meet your deadlines.
Contact us at info@salvusfunds.com if you require support or guidance with your regulatory compliance obligations.
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