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2023-07-21 | C590

CySEC 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.

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TO : Cyprus Investment Firms FROM : Cyprus Securities and Exchange Commission DATE : 21 July 2023 CIRCULAR NO. : C590 SUBJECT : Further guidance regarding prudential and remuneration reporting of CIFs via CySEC’s XBRL portal Following the Cyprus Securities Exchange Commission (CySEC) Circular C546 and Circular C576, CySEC would like to inform the Cyprus Investment Firms (CIFs) about the following:

  1. All CIFs should submit their prudential reporting of Art. 54 of IFR, from the quarterly reporting of September 2023 through CySEC’s XBRL portal only.

  2. Under Filings – Create Filing – Reporting Entity: (a) For submissions from 30/06/2023 and onwards CIFs should choose the option that ends with ‘.IND’ (solo submission) or ‘.CON’ (for CIF under consolidated supervision). For example, ‘XYZ Ltd .IND’ or ‘XYZ Ltd .CON’. (b) For submissions before 30/06/2023 CIFs should choose the entity option that does not contain the .IND or .CON at the end. For example, ‘XYZ Ltd’.

  3. Context Identifier (LEI): (a) For submissions from 30/06/2023 and onwards the suffix ‘.IND’ or ‘.CON’ should also be included in capital letters. For example, 0000000XYL000000000.IND. (b) For submissions before 30/06/2023 CIFs should use the older version of excel, (Solo and Consolidated) and complete the LEI code without the suffix described in point 3(a) above.

  4. CIFs that do not submit directly on XBRL Format may download the excel form from here. These excel filesinclude some formulas to assist CIFs during their completion. For submissions before 30/06/2023 the excel form could be downloaded from here (IND, CON).

  5. CIFs that are cooperating with Liquidity Providers (LPs) in third countries should include the Additional Capital Buffer requirement under tab I_02.01 (Own Fund Requirements), row 0110 (Additional Own Fund Requirements), as per Paragraph 3.12 of Policy Statement PS-01-19.

  6. Regarding remuneration practises, gender pay gap and high earners submissions 1 via CySEC’s XBRL portal note the below: (a) CIFs that do not submit directly on XBRL format should download the excel form from the Taxonomies section (Download Visualization file (custom language)). (b) The requirement for submission for each CIF will appear under the Open Fillings Section. We note that where a CIF does not have high earners to report, it is not necessary to submit this information, despite the fact that it will appear under the Open Fillings Section as a requirement. (c) Even though the excel forms contains various tabs, CIFs should only complete the tabs mentioned in the Appendix of this Circular. For any further clarification or assistance regarding the above, CIFs may conduct CySEC via prudential@cysec.gov.cy. Sincerely George Karatzias Vice-Chairman Cyprus Securities and Exchange Commission 1 Applies to CIFs that fall under sections 9(1), (3) and (4) of the Prudential Supervision of Investment Firms Law of 2021, ie. with initial capital requirement of €150.000 and €750.000.

Appendix Tab name Name of table EBA Guidelines Comments R 01.01 General information and information on remuneration for all staff in investment firms EBA/GL/2022/07 All staff R 02.01 Information on remuneration of identified staff in investment firms EBA/GL/2022/07 Identified staff R 02.02 Information on remuneration of identified staff per business area EBA/GL/2022/07 Identified staff R 04.01.a Information on the remuneration of high earners - IFD (I) EBA/GL/2022/08 All staff R 04.01.b Information on the remuneration of high earners - IFD (II) EBA/GL/2022/08 All staff R 04.01.c Information on the remuneration of high earners - IFD (III) EBA/GL/2022/08 All staff R 05.01 Derogations from the application of requirement to pay out a part of variable remuneration deferred and in instruments for investment firms under Directive (EU) 2019/2034 EBA/GL/2022/07 Identified staff R 06.01.a Information on the gender pay gap for IF (I) EBA/GL/2022/07 First data collection in 2024 R 06.01.b Information on the gender pay gap for IF (II) EBA/GL/2022/07 First data collection in 2024

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