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The Survey on External Financial Statistics (EFS) is a key statistical initiative aimed at collecting comprehensive data on cross‑border economic transactions within Cyprus services sector.
The information reported through the EFS is essential for compiling Cyprus quarterly and annual Balance of Payments statistics, which support the analysis of the country’s economic transactions with the rest of the world. The data collected are also used in preparing Cyprus external debt statistics and its International Investment Position. At the same time, these submissions enable Cyprus to meet its reporting obligations to international organizations, including the European Statistical Office (Eurostat), the European Central Bank (ECB), and the International Monetary Fund (IMF).
Legal Framework: The collection of the required statistical data is carried out in accordance with Regulation (EU) No. 555/2012 of the European Parliament and of the Council of 22 June 2012, the Guideline of the ECB of 30 July 2013 (ECB/2013/25), as subsequently amended, and Sections 63, 64 and 64A of the Central Bank of Cyprus (CBC) Law of 2002 (Consolidation). These provisions also empower the CBC to impose administrative penalties in cases of non‑compliance with the obligation to submit the requested data.
Who is the survey aimed at?
The EFS survey is addressed to all residents of Cyprus who conduct financial transactions and/or have financial positions with non-residents.
Legal Obligation:
The EFS survey is not a legal requirement for all Cyprus legal entities. Instead, CBC selects a sample of entities based on its statistical needs. Once a legal entity is selected and notified from CBC, it becomes legally obliged to complete and submit the survey on an ongoing, recurring basis for as long as it remains part of the sample.
Data frequency and submission deadline:
The EFS survey is required to be completed on a quarterly basis. Each reporting entity must submit the finalized survey to CBC within 35 working days following the end of the respective quarter. This deadline ensures that the CBC receives timely and accurate statistical information for its ongoing monitoring and reporting obligations.
Reporting Currency:
Reporting entities are required to report all monetary values in euro, rounded to the nearest whole number.
Method of submission:
The EFS survey must be submitted electronically to the CBC through the E-Business Platform.
Confidentiality:
All data and information submitted to the CBC are handled with strict confidentiality, in full compliance with the applicable provisions of national and EU legislation.
Fines imposed by the court:
Any person who contravenes any provision of this Regulation commits an offence and, upon conviction, shall be liable to a fine not exceeding eighty‑five thousand four hundred thirty euros (€85,430). In the case of a continuing offence, the offender shall be liable to an additional fine of one thousand seven hundred eight euros (€1,708) for each day the offence continues.
If the CBC, while performing its data‑collection duties, identifies an infringement of the reporting obligations under this Part, and provided that no provision grants the ECB exclusive competence to impose sanctions, the Governor may, after having heard the
person concerned, impose an administrative fine not exceeding one hundred two thousand five hundred sixteen euros (€102,516). In the case of a continuing infringement, an additional administrative fine not exceeding eight hundred fifty euros (€850) may be imposed for each day the infringement persists.
Estimates:
If actual figures are not available for any item, provisional figures should be provided using prudent estimates to ensure that the submission is completed within the required timeframe. Once the actual figures become available, they can be submitted later as revisions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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