Home / Regulatory Developments / Circular C213 (“the Circular”) dated 30.05.17 regarding Questions & Answers on ‘Country-by-country reporting’ requirements

Circular C213 (“the Circular”) dated 30.05.17 regarding Questions & Answers on ‘Country-by-country reporting’ requirements

Through the Circular, CySEC informs the Regulated Entities regarding the Q & A published by the EBA regarding the ‘Country-by-country reporting’ requirements as set in Part II, Section 2, Paragraph 18 of Directive DI144-2014-14, for the Prudential supervision of investment firms, which represents the transposition of Article 89 of the Directive 2013/36/EU of the EU Parliament and of the Council of 26.06.13. The said Q & A, provide summarised clarifications that shall be taken into account by CIFs in the preparation of the Annex (disclosures for the ‘Country-by-country reporting’ requirements).

CySEC’s expects that: As applicable since 01.01.15, CIFs shall disclose annually via an Annex to their Financial Statements, specifying by Member State and by third country in which they have an establishment, the following information on a consolidated basis for the financial year:

  1. Name, nature of activities and geographical location;
  2. Turnover;
  3. Number of employees on a full time equivalent basis;
  4. Profit or loss before tax;
  5. Tax on profit or loss;
  6. Public subsidies received.

The above mentioned information shall be audited by the CIF’s External Auditors.

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