CySEC Circular C492: Risk-Based Supervision Framework
Electronic submission of information for the year 2021 (Form RBSF-MC)
The Cyprus Securities and Exchange Commission (CySEC) has published a new Circular 492 regarding Risk-Based Supervision Framework, Electronic submission of information for the year 2021 (Form RBSF-MC).
Information requested by CySEC:
1) A new version of the form, RBSF-MC Version 5 (‘the Form’) has been issued, which can be found in the Appendix. This Form is issued on an annual basis and aims to collect various statistical information. CySEC will use this information, for the purposes of statistical analysis and risk management, among other things.
2) The Form must be completed and successfully submitted to CySEC, by all Regulated Entities that were authorised, appointed or approved to act as External Fund Managers (in case no authorisation is required by the relevant legislation), by December 31, 2021. In this respect, Regulated Entities that were authorised, appointed or approved to act as External Fund Managers by December 31 2021, but have not made use of their authorisation or appointment, must also submit the Form.
3) The Form must be successfully submitted electronically via CySEC’s Transaction Reporting System (‘TRS’) 15:00 hrs, Thursday, April 28, 2022 at the latest. CySEC also mentions that NO extensions will be granted.
4) The steps that the Regulated Entities will have to follow, for the successful submission of the Form to the TRS, can be found here. Upon submission, the Regulated Entities are responsible to ensure that they have received a feedback file, i.e., an official submission confirmation dispatched by the TRS in the Outgoing directory.
5) The feedback file will either contain a NO ERROR indication or, in the case that any error(s) has/have occurred during submission, it will contain a description of that/those error (s). In case of any errors detected during submission of the Form, the Regulated Entities must review the Form and ensure that all errors are addressed and corrected, before they digitally sign (only applicable for Excel files) and re-submit the Form. The Form is regarded as being successfully submitted to CySEC only when a NO ERROR indication feedback file is received, within the deadlines set out in point 3 above.
6) Failure to promptly and duly comply with the above, will bear the administrative penalties of section 37(5) of the CySEC Law.
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