Regulatory Alerts2023-07-21 | C590CySEC Circular C590: Further Guidance on Prudential and Remuneration Reporting for CIFs via XBRL Portal
The Cyprus Securities and Exchange Commission issued Circular C590 to provide updated instructions for Cyprus Investment Firms regarding prudential and remuneration reporting via the XBRL portal. The directive mandates that all CIFs submit prudential reports under Article 54 of the IFR exclusively through the portal starting from the September 2023 quarter, with specific formatting requirements for entity identifiers and LEI codes depending on the submission date. Additionally, the circular clarifies procedures for remuneration data, gender pay gap, and high earner submissions, specifying which Excel tabs must be completed and noting that firms without high earners are exempt from submitting that specific data despite it appearing as a requirement.