CySEC gives Cyprus Investment Firms one week to submit data about directors

Maria Nikolova

CIFs have until March 6, 2019, to submit information concerning members of their Board of Directors and Compliance Officers.

The Cyprus Securities and Exchange Commission (CySEC) has earlier today posted a Circular concerning Cyprus Investment Firms (CIFs).

The circular gives the regulated entities seven days to respond to CySEC’s request for the electronic submission of information concerning contact details and appointed persons. In particular, CySEC requests CIFs to complete Form RECD for the submission of information of contact details concerning members of the Board of Directors and Compliance Officers (‘the appointed persons’).

The form must be submitted only in electronic form by email, at the email address [email protected] by Wednesday, March 6, 2019. CySEC emphasises the importance of meeting the deadline and stresses that NO extension will be granted.

The requested information will be used to update CySEC’s records.

Failure to promptly and duly comply with the requirements will result administrative penalties as stipulated in section 37(5) of the CySEC Law. It is further noted that CySEC will not send any reminders to those who fail to promptly and duly comply.

CIFs must ensure that the submitted information of Form RECD must match the information already submitted by a CIF at the CySEC’s CIFs portal. In case of discrepancies, the CIF must immediately proceed with the submission of an updated dataset on the CySEC’s portal.

The form includes several fields, including general information about the entity, as well as details about the entity’s compliance officer, and AML compliance officer. The form also requires filling in information about the Board of Directors of a licensed entity.

Speaking of CySEC, let’s mention that the regulator has recently relocated, with the CySEC’s address now being the following:

19 Diagorou Street, 1097 Nicosia, Cyprus.

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