New Form CBRT-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activity)
In order to inform the Cyprus Investment Firms (hereinafter referred to as “CIFs”) of the release of the new CBRT-CIF form (hereinafter referred to as “the Form”) for the collection of data regarding the CIFs’ cross-border provision of services to their retail clients (and clients treated as professionals upon request), each Member State’s analysis, CySEC issued Circular C537 on November 30, 2022.
In accordance with Section II of Annex II of MiFID II, all CIFs authorized by December 31, 2022, with at least 50 retail clients (including clients considered as professionals on request), in at least one host Member State, are required to submit the Form.
The data to be gathered relates to the cross-border activities of CIFs from January 1, 2022, to December 31, 2022.
The Form must be successfully submitted electronically via the CySEC’s Transaction Reporting System (‘TRS’) by 15:00 hrs, Friday, 27/01/2023, at the latest.
The Form is regarded as having successfully been submitted to CySEC, ONLY when a NO ERROR indication feedback file is received.
CySEC adds that CIFs must always make sure they have the most recent version of the Form and that it will be collected on an annual basis.
This Circular C537 also refers to the directions for filling up the Form, the procedures that CIFs must adhere to in order to submit the Form successfully, and other helpful information for developing and submitting the Form to the CySEC.
The Form is available here
Read the CySEC Circular C537
Read more on our Regulatory Services here