On Apr. 10, CYP SEC informed of reporting based on audited figures.
CYP SEC issued circular C631 regarding prudential reporting based on the results of the audited financial statements to inform the Cyprus Investment Firms (CIFs).
Main Points
Art 2(4) of EU Reg 2021/2284 allows for investment firms to submit unaudited figures.
Where audited figures deviate from submitted unaudited figures, the revised, audited figures shall be submitted without undue delay; art explains unaudited figures term.
Therefore, if CIF’s audited figures deviate from the submitted unaudited figures, they must submit, without undue delay, prudential reporting based on its audited figures.
Submission via the CYP SEC's XBRL portal by creating a filling with reference date the last day of the previous financial year (e.g 31/12/XXXX), on solo, consolidated basis.
This submission must take place no later than 5 months from the end of each financial year; in the Comment section the CIF states Based on Audited Figures 3112XXXX.
Effectiveness
Submissions via the XBRL portal will be accepted from Apr. 1 to May 31, annually.
