Reporting Deadlines for CIFs

CYPRUS SECURITIES AND EXCHANGE COMMISSION

Reporting Deadline Library

In this short article we summarise the deadlines imposed by the European Union to its competent authorities, for Cyprus CySEC.

10 Years

Transparency law - annual financial statements should be stored and be readily available for users

5 Years

• Electronic communication must be held (could be extended to 7 years)
• Financial information provided to investors should cover a period of up to 5 years
• Insiders list should be kept for a period of 5 years

2 Years

Claims for inconsistent part of the prospectus summary can be made up to 2 years down the line

Annual Basis

• CySEC reviews all CIFs based on the proportionality method (depending on their size and complexity the more frequent the reviews will be)
• ESMA reports to European Commission the Waivers
• ESMA reports to European Commission Deferred Publications
• CySEC updates ESMA on administrative fines   

Annual Reviews

• Suitability report by management
• Best execution policies
• Net Asset Value Valuations
• AIFM Valuations
• Assessment of Risk Weighted approach
• Assessment of General Assumptions
• Assessment of the SREP method & approach
• Assessment of the ICAAP
• Recovery plan
• Waivers - CySEC gets notified for the intention of waivers

Senior Management, receives annually

• Compliance Report
• Risk Management Report
• Internal Audit Report

12 months

• Enhanced due diligence must continue to take place for PEPs (politically exposed persons) which ceased to be active
• Is the validity of issuers prospectus

6 Months

• CySEC informs Market Operators of their successful licensing application
• CySEC informs IFs of their successful licensing application

QTR

• CySEC informs ESMA of the AIFs licensed or licences withdrawn

3 Months

• The time needed by ICF (investors compensation fund) to pay out eligible members
• CySEC may suspend trading temporarily 3 months + additional 3 months
• Notice when the depository will resign
• Management company must cease all its activities within 3 months from the day it licence is revoked
• CySEC gives notice period to CIFs when their capital is low
• AIFM licensing period and can be extended to another 3 months
• UCITs depository must be resigned
• Once CySEC terminates authorisartion the CIF must settle all its obligations for a period of 3 months

Every two months

• CySEC grants approvals to changes of management companies
• CySEC gets notified by overseas authorities that a CIF wants to trade; 2 months later the CIF can trade

Monthly Reporting

• Changes of ownership of a significant influence
• It is the time required by CySEC to approve the tied agents
• UCITS - management company must notify CySEC of any major changes in shareholdings 1 month before they are affected
• Issuers must report changes in shareholdings within a month

1 month

New director must be notified to CySEC within 1 month after the appointment date

End of Month

• Issuers to report changes in voting rights
• Management company of a UCITs may suspend the redemption of units whenever it is for the best interest of its unitholders for a maximum of 1 month

30 Days

• Special administrator reports to the resolution authority
• Special administrator will deliver the report to CBC

15 Days

• UCITs prospectus must be circulated to investors
• UCITS prospectus with amendments but be send to CySEC
• New prospectus must be provided to CySEC
• UCITs - submission of quarterly assets and liability results submitted to CySEC

5 Days

• Frequent users have their prospectuses approved within 5 days
• Waivers thresholds (3.75% and 7.75% need to be reported 5 working days from the 15th of next month

3 Days

• ACIs have time to respond to CBC (Central Bank of Cyprus) after they get notified of early intervention due to low capital
• Tied Agents get removed from CySEC website

1 Working Day

Once a prospectus is prepared, CySEC and ESMA must be notified within 1 working day

15 Minutes

• APAs and CTPs must make information public and send it to all their distribution channels as close to as technically possible or after 15 minutes after publication 

Immediately

Once CySEC agent is terminated CySEC gets notified immidiately

DRSPs (CTPs, APA, ARM)

Need to make public information available as close to real time as possible

Immediately

• CIFs need to inform CySEC as soon as a tied agent is terminated.
• Changes in terms and conditions attached to derivative securities must be disclosed immediately and without delay

Changes in ACIs - timeframes

• 60 days to approve the application
• 20 Days maximum interruption (extended to 30 days if outside the community)
• 2 days to oppose

31st of January

List of directors and officers must be reported

Systematic Internaliser

Must publish quotes and update them on a regular basis (regular and continuous basis)

Want to know more about Cyprus Investment Firms

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Call me directly on +357 99 428 543 to walk you through the requirements.

Thank you,

Kyriakos Tramountanellis