New CIF Prudential Supervision Forms 165-03 & 165-04

The Cyprus Securities and Exchange Commission through the issuance of Circular C518, has informed all CIF regulated entities of the new Prudential Supervision Forms:

  1. Prudential Form 165-03 ‘Prudential Supervision Information’

    The Prudential Form 165-03 updates and replaces the Form 144-14-11, the purpose of which is to collect relevant information by the CIFs in order to facilitate CySEC’s supervisory role in the areas of:

    1. the assessment of Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP),
    2. the assessment of audited financial statements,
    3. the safeguarding of clients’ money.

In this respect, Form 165-03 has been updated to incorporate the changes that have taken place following the introduction of the new prudential framework for investment firms (IFR/IFD).

Form 165-03 should be considered as an annual reporting obligation for all the CIF regulated entities and it should be submitted to CySEC through the Transaction Reporting System (TRS), by the 30th of June, annually. Exceptionally for this year end i.e., 31/12/2021, the said from should be submitted via TRS on 30th of July 2022.

FiveComply wishes to remind CIF regulated entities that the deadline to submit the Form 165-03 for the year ended 31/12/2021 is no later than the 30th of July 2022.

  1. Prudential Form 165-04 ‘Application Form for prudential permissions’

    The ad-hoc Prudential Form 165-04 aims to facilitate the CIFs when requesting CySEC’s permission, with reference to the Regulation (EU) 2019/2033 (‘IFR’), Regulation (EU) 575/2013 (‘CRR’) and Law L.165(I)/2021, where applicable, in the following areas:

    1. Application for interim profit recognition,
    2. Application for liquidity reduction.

    Therefore, the CIFs that wish to request CySEC’s permission, for any of the areas mentioned above, should complete only the relevant Section(s) of the Form 165-04 for which the permission is requested and submit it to CySEC via TRS. The remaining sections, not applicable for the CIF, should be left empty.

Our team of FiveComply experts can assist you in complying and submitting in a proper and timely manner the regulatory reports/forms imposed by CySEC. Contact us now for any questions you may have!