CySEC introduces updated cross-border activity reporting form for CIF
On 27 March 2025, the Cyprus Securities and Exchange Commission (CySEC) released Circular C694, introducing an updated version of the Cross-Border Activity Reporting Form for Cyprus Investment Firms (CIF). This updated form forms part of a broader initiative coordinated by the European Securities and Markets Authority (ESMA), designed to strengthen supervision over the cross-border provision of investment services within the European Economic Area (EEA).
Under this obligation, all CIFs authorised by 31st December 2024 that provided cross-border services to more than 50 active retail clients, including those categorised as elective professionals, in at least one Member State during the year 2024 must complete and submit the updated electronic form. It is noted that the provision of Cross-border services in other Member States refers to services and activities provided on a “freedom to provide services” basis and CIFs should not account for any services provided on a “freedom of establishment” basis.
The reporting period covers from 1st of January 2024 to 31st of December 2024, with the latter date also serving as the reference point for the data provided.
CySEC has reiterated the criteria for defining “inactive clients” in this context. A client may only be excluded from reporting if they have not received any investment or ancillary services for at least one year and the CIF no longer receives any form of revenue from them. If these conditions are not fully met, the client should be counted as active for reporting purposes.
CIF entities that meet the reporting requirements must email CySEC by 4th April 2025, providing a valid company email address to riskstatistics.cifs@cysec.gov.cy. The Commission will then forward the relevant link to access the electronic form.
Conversely, CIF entities that do not meet the threshold must also notify CySEC by the same date, clearly stating that the reporting obligation does not apply to them.
The SALVUS Risk Management team can support you in preparing the Cross Border Activity Form promptly, on your behalf.
Please contact us at info@salvusfunds.com if you require additional information or support with the submission of the Cross Border Activity Form.
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