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CySEC has introduced a new reporting form for CIFs

Mar 29, 2019

The Cyprus Securities and Exchange Commission (CySEC) recently has announced that Cyprus Investment Firms (CIFs) are required to fill in a new form detailing their trading volumes for 2018.

The aforementioned forms require retail brokers to indicate their trading volumes for the past year. CIFs are obliged to classify their volumes into asset sub-classes and include all undertaken trades. Any margin trading conducted with usage of leverage must also be reported. For example, if subject company traded $100 with 100:1 leverage, the reported amount would be $10,000.

Brokers will also have to diversify between trades that were concluded on behalf of their clients and any trading they did on their own account. At the same time, market makers must report their activity within the client trading section and leave the other section blank in order to avoid double registration.

In a statement issued this Tuesday, CySEC stated that firms have submit the completed form by April 12th. The regulator said that it will provide none other reminders to CIFs, that no prolongations would be given in addition to this date and that failure to submit the requested information will result in fines.

CySEC did not clarify why it is seeking to collect trading volume data. It could be an effort, to evaluate how product intervention measures, introduced by the ESMA last August, have affected the industry.

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