The Cyprus Securities and Exchange Commission (the “CySEC”) on the 16th of April 2024 issues Circular C633 on the Notification of errors and omissions to the Cyprus Securities and Exchange Commission in accordance with Article 9 of Regulation (EU) 2022/1860 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 (‘Regulation 2022/1860’) (the “Circular”).
Via the Circular, and following Circulars C593 and C616 relating to EMIR, CySEC wishes to clarify to the Regulated Entities* the procedures for notifying errors and omissions in accordance with Article 9 of Regulation 2022/1860 (the “Regulation”).
More specifically, the following are noted through the Circular:
- Article 9(1) of the Regulation states that:
“The entity responsible for reporting shall notify its competent authority and, if different, the competent authority of the reporting counterparty of any of the following instances:
- any misreporting caused by flaws in the reporting systems that would affect a significant number of reports;
- any reporting obstacle preventing the report submitting entity from sending reports to a trade repository within the deadline referred to in Article 9(1) of Regulation (EU) No 648/2021;
- any significant issue resulting in reporting errors that would not cause rejection by a trade repository in accordance with Commission Delegated Regulation (EU) 2022/1858(7).
The entity responsible for reporting shall promptly notify any of those instances as soon as it becomes aware of them.
The notification shall indicate at least the type of the error or omission, the date of the occurrence, scope of the affected reports, reasons for the errors or omission, steps taken to resolve the issue and the timeline for resolution of the issue and corrections.”
- With regards to the provisions of the above Article, Regulated Entities should refer to Paragraph 3.29 of the Guidelines for reporting under EMIR (ESMA74-362-2281), namely ‘Ensuring data quality by counterparties’.
- The notification template to be used for notifying errors and omissions in accordance with Article 9 of the Regulation is available on the ESMA website following this link.
- Once completed, the relevant form should be sent to EON@cysec.gov.cy with the file name EMIR EO_dd-mm-yyyy_LEI of ERR_ID of the notification.xlsx. The said file name must be repeated in the email subject line.
Should you require any further information and/or clarifications in respect to the relevant matter, do not hesitate to contact us.
*Regulated Entities
- Cyprus Investment Firms
- UCITS1 and, where relevant, their Management Companies
- Alternative Investment Funds (‘AIFs’)2 established or managed in Cyprus and where relevant, their Alternative Investment Fund Managers (‘AIFMs’)
- Non-Financial Counterparties
