The Cyprus Securities and Exchange Commission (CySEC)
has announced the detailed arrangements for regulated
administrative service providers (ASPs) to submit information
regarding the year 2017 for the purposes of risk-based
All ASPs which had been authorised and were undertaking
activities as at December 31 2017 are required to complete form
RBSF-ASP, which is available on the CySEC website, and submit
it online via CySEC's transaction reporting system. The data
reported should be based on audited financial statements.
The reporting process incorporates the risk-based
supervision guidelines jointly issued by the European Banking
Authority, the European Insurance and Occupational Pensions
Authority and the European Securities and Markets Authority,
which became applicable from April 7 2018. The guidelines were
issued under the Fourth EU Anti-Money Laundering Directive,
which was incorporated into Cyprus law by Law 18(I)/2018. The
new reporting form includes the new classification of high-risk
customers contained in the new law.
Several other new questions and sections have been added to
the form in order to gather information on issues including the
number of customers considered to be high-net-worth individuals
as at the reference date, the transparency and complexity of
products and services, the size of customers' transactions and
geographic analyses of customers and other counterparties.