Internal Audit

Internal Audit is designed to add value and improve an organization’s operations ?

We can help your company to accomplish its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes ❗

All you have to do is get in touch by calling us on ?00357 25581905 or messaging us at ✉️ info@fivecomply.com

Company’s Culture

The united culture of our company is one of its core values. Five Comply has a culture in which it is important to be partners with clients to help them build a solid business and achieve their investment objectives.

If you want to find out more call us on ?00357 25581905 or message us at ✉️ info@fivecomply.com

Happy Name Day

Our team gives its warmest wishes to everyone celebrating their name day today!

Licensing

Our experts can advise and assist you on the types of license and jurisdiction that match your needs?

We take responsibility for directing your application and ensuring your firm is presented to the regulators accurately and in the best possible way!

For more information or questions please contact us on ?00357 25581905 or ✉️ info@fivecomply.com

COVID-19: ESMA’s Public Statements regarding the application of MiFID II/ MiFIR

CySEC issued on 6th of April 2020 Circular C375, following ESMA’s public statements regarding the application of MiFID II / MiFIR requirements due to the outbreak of COVID-19, and adopted the recommendations of the below mentioned public statements. These public statements are referred to the recording of telephone conversations, the publication of reports by execution venues and firms as required under RTS 27 and 28 and the new tick size regime for systematic internalisers. In particular:

  1. Clarification of issues related to the application of MiFID II requirements on the recording of telephone conversations

MiFID II states that mandatory records to be kept by firms include, amongst other things, recording of telephone conversations relating to, at least, transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission and execution of orders.

According to the ESMA public statement, in case the recording of relevant conversations may not be practicable due to the exceptional circumstances created by the COVID-19 outbreak, investment firms must adopt other alternative arrangements to ensure full compliance with the existing regulatory requirements.

  1. Clarification of issues related to the publication of reports by execution venues and firms as required under RTS 27 and 28

Taking into account the exceptional circumstances created by the COVID-19 outbreak, CySEC followed the recommendation of ESMA public statement regarding the publication of reports RTS 27 and 28 by execution venues and firms. To this end:

a. execution venues unable to publish RTS 27 reports due by 31 March 2020 may only be able to publish them as soon as reasonably practicable after that date and no later than by the following reporting deadline (i.e. 30 June 2020); and

b. firms may only be able to publish the RTS 28 reports due by 30 April 2020 on or before 30 June 2020

 

  1. Actions to mitigate the impact of COVID-19 on the EU financial markets regarding the new tick size regime for systematic internalisers

In addition, ESMA issued a Public Statement on 20 March 2020 regarding the compliance with the new tick size regime for systematic internalisers, introduced to MiFIR by Regulation (EU) No 2019/2033 (‘Investment Firm Regulation’ or ‘IFR’).

ESMA understands that the compliance with the new tick size requirements as of 26 March 2020 could create unintended operational risks for EU market participants in the current market situation in the context of the increasing spread of the COVID-19 pandemic and therefore ESMA is issuing the abovementioned public statement to ensure coordinated supervisory actions needed in response to the effect of the aforementioned adverse events on the application of IFR for systematic internalisers.

ESMA expects competent authorities not to prioritise their supervisory actions in relation to the new tick-size regime introduced in MiFIR towards systematic internalisers, as of 26 March 2020 and until 26 June 2020, and to generally apply their risk-based supervisory powers in their day to-day enforcement of applicable legislation in this area in a proportionate manner.

 

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CySEC Reporting Deadlines Changes

Due to the outbreak of the coronavirus (COVID-19) in Cyprus, CySEC recognised that this may prevent a number of CIFs from submitting relevant reports/notifications to CySEC within the required timeframes. Therefore, CySEC issued Circular C373 and extended the deadlines for the below presented reporting obligations:

 

Reporting Obligation

Previous Deadline

Extended Deadline

Internal Auditor’s Report and relevant BoD minutes

30th April 2020

31st July 2020

AMLCO’s Annual Report and relevant BoD minutes

31st March 2020

30th June 2020

Annual Compliance Function Report and relevant BoD minutes

30th April 2020

31st July 2020

Annual Risk Management Report

30th April 2020

31st July 2020

Annual Audited Financial Statements

30th April 2020 31st July 2020

Annual Auditors’ Suitability Report

30th April 2020 31st July 2020

COREP forms based on the audited financial statements

31st May 2020

31st July 2020

Form 144-14-11 (Prudential Supervision Information)

30th June 2020

31st August 2020

Payable annual fees for 2019 (Form 87-03-01)

30th April 2020

31st July 2020

CIFs Quarterly Statistics for first Quarter of 2020 (Form QST-CIF)

30th April 2020

31st July 2020

Risk Based Supervision Framework (RBSF) 31st March 2020 30th June 2020
Monthly Prevention Statement

of March, April and May 2020

15th April, 15th May, 15th June 2020 respectively

15th June 2020

 

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