Cyprus Securities and Exchange Commission (CySEC) with the publication of Circular C326, introduced additional reporting obligations to CIFs and requested relevant information to facilitate its supervisory role in regards to:
- the assessment of Internal Capital Adequacy Assessment Process (ICAAP)
- the assessment of annual audited financial statements
- the safeguarding of clients’ money.
- CySEC published a new Form with number 144-14-11 ‘Prudential Supervision Information’ (the ‘Form’), which it is addressed to all CIFs in its website.
- CIFs should complete the Form once a year and submit it to CySEC via Transaction Reporting System (‘TRS’) from 1st to 30th June each year. The deadline to submit the Form is the 30th of June each year. It is clarified that the first submission of the Form is due by 31 July 2019.
- The Form contains several information that the CIFs must complete, including but not limited to:
a) Last reviewed date of their ICCAP
b) How much own funds the CIFs considered adequate in line with their latest ICAAP
c) The risks that the CIFs are exposed, their risk appetite and the total capital requirement allocated to each risk
d) Analysis of audited financial statements and the reconciliations performed in relation to clients’ money.
Contact our experts for more information and support on the preparation of the ICAAP and other related matters.