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Screenshot of a breaking news alert e-mail from Q2 2017
The Cyprus Securities and Exchange Commission (CySEC) just announced that expands its Web Portal (Portal) to include the Administrative Services Providers (ASPs) through which they can submit digitally signed documents/letters to the CySEC.
By utilizing its Portal, CySEC expects that the cost of printing and storing physical documents will be eliminated since it will no longer be required to be submitted using this format.
The purpose of the Portal is not only to decrease the bureaucracy via the automated document submission procedure but also to ensure the safety and integrity of the correspondence in total.
The Portal does not replace the TRS system which will continue to function properly (the forms that can be submitted via TRS are stated in other Relevant Circulars). As a result, the ASPs will continue to submit those specific forms via the TRS.
The complete CySEC directions in order to correctly use the Portal are shown below:
1. Access to the System
Via the link ‘Portal’ which is located in the CySEC website’s main page or via the electronic address https://portal.cysec.gov.cy.
The username and password are exactly the same as those used when accessing the TRS system. The categories (3-6) shown below require successful connection to the Portal System.
3. User Guide
Before submitting any documents, the ASPs are asked to carefully study the Portal User Guide which is located in the relevant section. The guide explains all the steps and procedures for successful submission of the documents to the Commission.
4. Documents/letters available for digital submission
- The list of the documents/letters available for submission via the TRS is located in the section ‘Reference Documents’. The ASPs are urged to frequently visit this section so as to be informed accordingly as the list of acceptable documents will be updated/expanded.
- The Commission also provides the capability to the ASPs to submit documents/letters which do not belong to the acceptable documents list. This is possible by selecting ‘Free Text’ which prerequisites that the submitted document is not in the pre-defined list. In a different case this will be rejected.
5. Digital Signature
- To be able to submit a document, a valid digital certificate accepted from the Commission is required. The ASPs that already have a digital certificate are asked to renew on time and at least seven (7) working days before its expiration the annual digital certificate as the Commission will not grant any extensions on the time specified by the legislation for the submission of documents on the ground of non-timely renewal of the digital certificate.
- The ASPs’ attention is drawn to the fact that, the non-timely submission of documents to the Commission within the deadline set by the legislation, can result into administrative sanctions.
- The ASPs, via the digital certificate provider’s website, can ensure that their certificate is valid.
- The specific page also provides the expiration date. As a result, no excuse will be accepted for its non-timely renewal.
Digital Signature Procedure
The procedure for signing the documents submitted via the Portal is different than the TRS system and is clearly explained in the User Guide. As a word of caution and to avoid unnecessary errors and delays, the ASPs should not use the Digital Signer Application to sign the documents submitted via the Portal as the signature procedure is performed during the Portal submission.
6. Submission of Documents
In section ‘Documents History’ the ASP can be informed of the status of its document. The User Guide explains in detail how a successful submission is achieved as well as the meaning of probable errors.
7. Alternative Submission Ways
The Commission expects that all the forms/documents/letters of CIFs will now be submitted via the Portal and via the TRS system (for the specific forms that are already mentioned in the Relevant Circulars). As a result, these will not be accepted with alternative submission ways (i.e. fax, email, post, messenger) unless explicitly asked by the Commission.
8. Technical Assistance
The ASPs are urged to study the User Guide and relevant documentation in the Portal. If further clarifications and/or other necessary support is needed, the ASPs are asked to use the email address [email protected] stating the name and license number on the subject as well as attach print screens with the issue they face.
Chairman, Cyprus Securities and Exchange Commission