CySEC QST Form for CIF and ASP in Q2 – June 2024

The Cyprus Securities and Exchange Commission (CySEC) concerning reporting obligations for the second quarter of 2024. Here's a simplified summary of the important points from Circulars C649 and C650:

Overview of New CySEC Circulars on Reporting Requirements:

1. Purpose of the Circulars:

• CySEC has issued Circulars C649 for Administrative Service Providers (ASP) and C650 for Cyprus Investment Firms (CIF) to clarify the procedures and requirements for submitting the QST Form for Q2 2024.

2. Submission Deadlines and Form Versions:

• For ASPs: The deadline for submission is July 29, 2024. ASPs must use Version 8 of the QST-ASP Form.

• For CIFs: The deadline for CIF submissions is August 5, 2024. CIFs are required to use Version 14 of the QST-CIF Form.

3. Specific Instructions on Form Completion:

• It’s crucial for CIFs to carefully follow the form's instructions, as the definition of a 'client' may vary across different sections of the QST-CIF Form.

4. Reporting Period:

• The reporting covers all investment and ancillary services provided during the cumulative period starting from the beginning of the calendar year to the final date of the reporting quarter.

5. Naming Convention for Submission:

• Submissions should follow the naming convention: [Username]yyyymmdd[Form Type], where 'Username' is the entity’s TRS credentials and 'yyyymmdd' represents the end date of the reporting period.

6. Language and Currency Requirements:

• The QST form must be completed in English and report data in Euros, rounded to the nearest unit.

7. Obligation to Submit:

• All entities authorized by June 30, 2024, are required to submit the form, regardless of whether they have actively utilized their authorization during the reporting period.

CySEC QST Form for CIF and ASP in Q2 – June 2024

This update mandates that both ASPs and CIFs adhere strictly to the revised deadlines and guidelines to ensure compliance with CySEC’s requirements. The attention to detail in the form’s completion and adherence to the specified naming conventions is critical in maintaining regulatory compliance.

CJ Solutions Ltd. is dedicated to supporting your entity in navigating these reporting requirements efficiently and effectively. We are available to assist with any questions you may have about these changes or to provide guidance on completing and submitting your forms correctly and on time.

For more information or assistance with your compliance needs, please do not hesitate to contact us. We are here to help ensure that your operations continue smoothly and compliantly. CySEC QST Form for CIF and ASP in Q2 – June 2024