Thursday July 29 2021
News Source: Fund Regulation
Following Circular C404 relating to the AIFMD Reporting obligation, the Cyprus Securities and Exchange Commission (CySEC) has published Circular C459.
The Circular aims to draw the attention of the AIFMs to the following:
AIFMs are required to regularly review their policies and procedures in order to ensure compliance, at all times, with their reporting obligations under the AIFM Law and the Regulation. More specifically, AIFMs have an obligation to ensure the following:
- Timely submission of valid AIFMD reports
- Accuracy of information provided
- Consistency of information reported within the AIFMD reports and/or between the AIFMD reports submitted by an AIFM
- Completeness of information
- Non duplication of reporting
AIFMs are advised to take all necessary actions in order to ensure that they submit without delay the required information, in accordance with articles 31 of the Law and 110 of the Regulation or 4(3)(d) of the Law and 5(3) and 110(1) of the Regulation.
CySEC strongly recommends AIFMs to review the applicable regulatory framework, the ESMA Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (the ‘ESMA Guidelines’) and ESMA Questions and Answers on the application of the AIFMD (the ‘ESMA Q&As’).
It is stressed that AIFMs have the responsibility to review the feedback messages for each submitted report in order to ensure successful submission of both DATAMAN and DATAIF files. Rejected submissions are not considered as submissions of the required information in compliance with articles 31 of the Law and 110 of the Regulation or 4(3)(d) of the Law and 5(3) and 110(1) of the Regulation.
Ensuring that data reported to CySEC is complete, accurate, consistent, timely and not duplicated is of outmost importance in order to foster a smoother-functioning market
AIFMs not complying with their AIFMD reporting obligation will face enforcement action.
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