New CIF Cross Border Activity Form Released: CySEC Requires Data in EU Member State with over 50 Retail Clients

The European Securities and Markets Authorities (ESMA) has issued a reporting template, regarding the collection of data from investment firms with cross border activity, to their retail clients (and clients treated as professionals on request according to Section II of Annex II of MiFID II), analysed per each Member State.

In view of the above, CySEC wishes to inform CIFs on the release of the new Form, CBRT-CIF.

The form CBRT-CIF requires CIFs to collect data regarding the CIFs' cross border provision of services to their retail clients (and clients treated as professionals on request) (therein 'clients'), analysed per each Member State. The Form is composed of two Parts:

​Part 1: Information on the CIF and contact person within the firm for this reporting template.

Part 2: Detailed information on passporting activities that the CIF is actually providing in other Member States, to retail clients .

• It is important to note that there are thirty separate work sheets in Part 2, each one for each separate Member State, respectively.

• The CIFs however need to fill in information only for those Member States where they reach the materiality threshold of 50 retail clients and remove the non-used sheets.

• The information provided should only refer to services and activities provided to retail clients.

• The CIF may use the country of residence of the client, to assess whether investment services and activities are provided in other Member States.

• The information provided should only refer to services and activities provided on a "freedom to provide services" basis and should not include services and activities provided on a "freedom of establishment" basis.

• Data should be provided with reference date 31/12/2022.

All CIFs authorised by December 31, 2022 and which have at least 50 retail clients, in at least one host Member State are required to complete the Form.

Regarding the current release of Form, CySEC requires to collect information on the CIFs' cross border activity for the period 01/01/2022 – 31/12/2022. Thereafter, the Form will be collected on an annual basis, while CIFs must always ensure that they have the latest version of the Form.

The Form must be successfully submitted electronically via the CySEC's Transaction Reporting System (TRS) by the 27th of January 2023, at the latest. In addition, the commission highlighted that the Form must neither be digitally signed, NOR locked, NOR altered by any means.