Central Bank of Cyprus (‘CBC’) acting as the National Resolution Authority for all credit institutions and Cyprus Investment Firms (‘CIFs’) pursuant to section 2(1) of the Law 22(I)/2016 (‘Law’) which transposes EU Bank Recovery and Resolution Directive 2014/59/EC (‘BRRD’), is responsible for drafting of resolution plans of the aforementioned entities. The resolution plan should be drafted and updated on an annual basis with the purpose of identifying, on a proactive basis, the preferred resolution strategy for the said institution as well as possible impediments to resolvability.
For the purpose of preparation and implementation of the resolution plans, CBC has requested from all entities to submit the information set out in Annex I of the Regulation 2018/1624 (‘CIR’) and additional information required by CBC as per the Article 7 of the CIR, by 30 April each year with reference date 31 December of the previous year.
In light of the above, all €730k CIFs are obliged to submit the following reports with reference date 31 December 2020 to CBC by 30 April 2021:
CBC organised a webinar session on 15 February 2021 to update the affected parties about the data submission and collection process of the resolution reporting templates.
Our team of professionals with years of experience in risk management services in South Eastern Europe and the UK stands ready to assist you with the upcoming resolution templates reporting requirements and XBRL reporting which is mandatory for the submission.
If you need assistance and a solution for XBRL reporting please feel free to contact us.