Salvus Funds, an operations, risk management and compliance consulting firm in Cyprus has published an informative guide for CYSEC regulated firms on their regulatory reporting obligations for 2020. The guide provides details on what is to be done based on three categories: a) information for the regulator; b) information for the Central Bank of Cyprus; and c) changes for the firms website(s).
This guide is a useful tool for brokers’ compliance and legal departments to be prepared for upcoming 2020 reporting deadlines every calendar month in order to satisfy regulatory requirements and avoid facing any penalties of fines. Salvus also draws attention to the changes in the reformed legal framework governing the operation of the Investor Compensation Fund(ICF), which was introduced in March 2019 and the impact the changes have on brokers requirements to submit annual contributions to the fund. For more information on this topic, please visit Salvus’ site here.