Regulatory Alerts2024-02-08 | C621Clarifications on data submission for ESRB Recommendation 2022/9 regarding commercial real estate vulnerabilities
The Cyprus Securities and Exchange Commission issued Circular C621 to provide specific instructions to regulated entities on submitting data for the ESRB Recommendation 2022/9. The directive mandates that only active sub-funds or funds existing as of June 30, 2023, must complete the CRE-IF form, while inactive entities are exempt. It further details precise data entry requirements for the index section and specifies that submissions via the TRS system must not be digitally signed and must adhere to strict filename formatting conventions.
TO : Regulated Entities: i.Alternative Investment Fund Managers (‘AIFMS’) ii. Internally Managed Alternative Investment Funds iii. UCITS Management Companies iv. Internally Managed UCITS v. Internally Managed Alternative Investment Funds with Limited Number of Persons (‘AIFLNP’) vi. Companies with sole purpose the management of AIFLNPs vii. Small AIFMs FROM : Cyprus Securities and Exchange Commission DATE : 8 February 2024 CIRCULAR No : C621 SUBJECT : Clarifications on the data to be submitted regarding Recommendation 2022/9 of the European Systemic Risk Board (ESRB) on the vulnerabilities in the commercial real estate sector in the European Economic Area
The Cyprus Securities and Exchange Commission (the ‘CySEC') following C617 wishes with this Circular, to inform the Regulated Entities the following:
- Form CRE – IF (the “Form”) should be completed and submitted only by sub-funds/funds that were active at 30/06/2023 (the “reference date”). In particular, a sub-fund/fund that had not raised capital as at the reference date, is not obliged to submit the Form.
- The following should be completed in the Index section of the Form: Institution type: The option “investment fund” should be selected Institution Short name: Identification code as per Central Bank of Cyprus. If an entity does not possess a code assigned by the Central Bank of Cyprus, please fill in "N/A" LEI Code: Entity’s LEI code, if available. If not available, please type “N/A” Identification code (used by supervisory authority): TRS code as per CySEC of the sub-fund/fund. It is noted that for umbrella funds, one report per sub-
Page 2 of 2 fund should be completed, and no report is needed for the umbrella fund. Start date: License date of sub-fund/fund Reference date/End date: 30/06/2023 Basis of preparation: Should left empty Contact person: Person responsible for completing the Form Phone Number: Phone number of Contact person Email: Email of Contact person 3. Submission of the Form though TRS:
- For the current submission procedure, the Form must not be digitally signed.
- In relation to the filename, please ensure that the format indicated in Circular 617 is followed – attention is given to the fact that between the name of the subfund/fund and the “CRE-IF”, 2 underscores must be included, as per the example provided: 20230630_AIF1__CRE-IF_20231213_1520_0.xlsx (example of single scheme) 20230630_AIF2_1__CRE-IF_20231213_1520_0.xlsx (example of umbrella scheme) Yours sincerely, George Karatzias Vice Chairman Cyprus Securities and Exchange Commission