CySEC Gives Brokers More Time to Report Annual Volumes Amid Covid-19 Crisis

Considering the exeptional circumstances the world is facing amid the current Coronavirus pandemic, the Cyprus Securities and Exchange Comission (“the CySEC”) said in a statement today:

“The Cyprus Securities and Exchange Commission (‘the CySEC’) wishes with the present, which is issued pursuant to paragraph 5(6) of CySEC`s Directive on charges and annual fees of persons that fall within the scope of the Investment Services and Activities and Regulated Markets Law of 2017 (DI87-03), to inform all CIFs, that due to the developments related to the Coronavirus disease 2019 (COVID-19) the deadlines for the submission to CySEC of the 1) Form 87-03-01 – Annual Fees Calculation Form including the Annex which are: 1) the extract from the audited financial statement with the total turnover of the corresponding year and 2) evidence of the annual fees payment to the Commission. In this respect, the Form 87-03-01, together with the Annex, should be submitted to CySEC by the end of July 2020 at the latest.”

New rules

In 2018, CySEC requested all Cyprus Investment Firms (CIFs) to report their trading volume for all classes of instruments.

It announced on in March 2019 that CIFs had to fill a new form that gives details of their entire 2018 trading volume.

They were required to break down volumes into asset sub-classes and include all trading undertaken, including those with retail traders, professional traders and eligible counterparties.

Additionally, the form asks the firms to report on margin trading, including the leveraged amounts.

The brokerage firms are also expected to differentiate between trades that their clients executed on their own accord from those they did on their behalf.

However, this space on the form is expected to be left blank by the market makers in order to avoid double counting. Instead, market makers should report their activities within the client trading section instead.

CySEC said in a statement released on its website back then that there will not be reminders for brokers on this new directive.

It stated April 12 as the deadline for the brokers to submit these requirements. It added that no extensions beyond the deadline date will be given and failures to submit will result in fines.

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