CySEC Issues Form Regarding CIFs Cross-Border Activity for 2019


Cyprus Securities Exchange Commission (CySEC) issues new form for Cyprus Investment Firms (CIFs) to collect data on cross-border activities for 2019.

28 September 2020 | AtoZ MarketsCySEC is the financial regulator that supervise the investment services and activities of regulated markets in Cyprus. CIFs are firms in Cyprus that are licensed and supervised by CySEC. So, CIFs are free to use the EU passport system to provide investment services through representative offices and branches in 30 EU and EEA member countries.

CySEC Seeking Information on CIFs Cross-Border Activity for 2019

CySEC has issued a new form called FPISA-CIF for CIFs. It has informed CIFs to provide information on cross-border activities in 2019. All CIFs approved by 31 December 2019 also must complete the form by 16 October 2020 and submit it electronically through CySEC’s transaction reporting system (“TRS”). Moreover, the regulator emphasizes that it will not extend the submission time. CySEC also said:

“Upon submission of the Form, CIFs are responsible for ensuring that they have received a feedback file, i.e. an official submission confirmation dispatched by the TRS in the Outgoing directory.”

The new form is required to provide a variety of information about CIF’s passport activities. It includes CIFs turnover, outsourced features, marketing strategies and complaints. CySEC also collects data on whether CIFs serves more than 300 customers in each EEA countries. CySEC said:

“Failure to promptly and duly comply with the above will bear the administrative penalties of the CySEC Law. CySEC will not send any reminders to those who fail to promptly and duly comply.”

The motive behind the CIFs form regarding cross-border activities is unknown. However, Brexit’s deadline is approaching. So, this may be the way of regulators to consider passport issues before the Brexit transition period ends.

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