Read the CySEC Circular C595
Memo #49-2023
CySEC Circular No: C595
Date: 31/08/2023
Subject: ESMA Final Report on the 2022 Common Supervisory Action (‘CSA’) on Valuation
Purpose: To stress the attention of CUCITS MCs and CAIFMs to the Final Report on the 2022 CSA on valuation published by ESMA.
In Summary:
CySEC has issued the Circular C595 on 31/08/2023 to stress the attention of the Cyprus UCITS Management Companies and Self-Managed Cyprus UCITS (‘CUCITS MCs’) and Cyprus Alternative Investment Fund Managers and Self-Managed Cyprus AIFs (‘CAIFMs’), to the content of the Final Report On the 2022 CSA on valuation - ESMA34-45-1802 (‘the Report’) published by the European Securities and Markets Authority (‘ESMA’).
In accordance with the Circular C595, the aim of the Common Supervisory Action (‘CSA’) was to assess, foster and enforce the compliance of supervised entities with the organisational requirements with respect to asset valuation, as well as the adherence to valuation principles and methodologies with a view to reflecting a true and fair value of their financial positions, both under normal and stressed market conditions in line with the applicable rules.
CySEC urges the CUCITS MCs and CAIFMs to carefully consider the content of the Report against the performance of their activities in order to ensure their compliance with their relevant legal obligations.
CySEC informs that a follow up circular may be issued, if deemed necessary, focusing to a greater extend on the findings of the thematic reviews undertaken.
The ESMA Final Report On the 2022 CSA on valuation can be found on the following link: https://www.esma.europa.eu/sites/default/files/2023-05/ESMA34-45-1802_2022_CSA_on_Asset_Valuation_-_Final_Report.pdf
Read the CySEC Circular C595
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