The Cyprus Securities and Exchange Commission (CySEC) has issued a circular to Cyprus Investment Firms reminding them of their obligations regarding Pillar III disclosures under Regulation (EU) 575/2013. Article 433 of the Regulation requires relevant institutions to publish the required disclosures at least on an annual basis, in conjunction with the date of publication of their financial statements.
This requirement is implemented in practice by paragraph 32(1) of CySEC Directive DI2014-144-14 for the Prudential Supervision of Investment Firms, which requires the relevant information to be audited in accordance with the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009 and to be published as an annex to the investment firm's annual financial statements or on its website. The external auditors' verification report must be submitted to CySEC no later than five months after the end of the financial year.
Article 114 of the Investment Services and Activities and Regulated Markets Law of 2007 requires investment firms to submit audited financial statements to CySEC, accompanied by a signed copy of the auditors' report, no later than four months after the end of the financial year.
In summary, CySEC requires investment firms to publish their Pillar III disclosures under Part Eight of the Regulation by the end of April each year and to submit the external auditors' verification report by the end of the following month.
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