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CySEC has issued Circular C620 for the adoption of the EBA guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU undertakings under Article 21b of Directive 2013/36/EU.

The relevant EBA Guidelines are applicable to:

  • All CIFs which belong to a third country group, meaning a group of which the parent undertaking is established in a third country.
  • For CIFs belonging to a third country group with combined total value of assets equal or greater to the IPU threshold of EUR 40 billion, there is an obligation to establish an intermediate EU parent undertaking.

Reporting to CySEC:

  • All CIFs which belong to a third country group should report to CySEC on a quarterly basis via XBRL portal using the template for IPU threshold monitoring provided in the CySEC circular
  • In terms of reporting with reference date the 31st December 2023, there is an extended deadline to submit the same by the 29th February 2024.
  • As to the exact reporting reference dates and reporting remittance dates for future purposes, you can refer to the table included in the CySEC circular.

CySEC will collect and submit the information reported to EBA, including the average of the total value of assets of the third country group’s entities over the four quarters of the previous calendar year.

Relevant links:

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