On November 30, 2022, the Cyprus Securities and Exchange Commission (CySEC) issued a notice to Cyprus Investment Companies (CIFs) to launch a new cross-border activity reporting form, CBRT-CIF.

The CBRT-CIF form requires CIF to collect data on cross-border services provided to its retail customers (as well as customers who are considered professionals upon request) (hereinafter collectively referred to as "customers") and analyze them by each member country.

The European Securities and Markets Authority (ESMA) has released a report template, which consists of two parts:

Part 1: Information about CIF and internal company contacts required for this report template.

Part 2: Detailed information on CIF's actual activities in other member countries aimed at retail customers (as well as those considered professionals).

It should be noted that the second part has 30 independent worksheets, each tailored to different member countries.

CIF only needs to fill in the information of member countries that have reached 50 retail customers and delete unused worksheets.

The information provided should only relate to the services and activities provided to retail customers.

CIF can conduct surveys of clients' country of residence to assess whether investment services and activities are provided in other member countries.

The information provided should only refer to services and activities provided on the basis of "free provision of services" and should not include services and activities provided on the basis of "free establishment".

The provided data should be based on December 31, 2022 as the reference date.

Therefore, all CIF authorized before December 31, 2022 must fill out this form if they have at least 50 retail customers in at least one member country.

Regarding the currently released form, CySEC requires the collection of information on CIF cross-border activities between January 1, 2022 and December 31, 2022. Afterwards, the table is collected annually, and CIF must always ensure that it has the latest version of the table.

This form must be submitted electronically through CySEC's Transaction Reporting System (TRS) no later than January 27, 2023. In addition, the committee emphasizes that the form cannot have a digital signature, be locked, or be altered in any way.