Entry into force of the Auditors’ Law – implications for issuers of securities traded on a regulated market

The Cyprus Securities and Exchange Commission has issued a circular (number 234 dated 11 September 2017) informing companies which have issued transferable securities admitted to trading on a regulated market (public issuers) of their obligations under the Auditors’ Law of 2017 (Law 53 (I)/2017), which entered into force on 2 June 2017.

Public issuers fall within the definition of public interest entities under the Auditors’ Law and so must have an audit committee satisfying the independence requirements set out in the Auditors’ Law. CySEC is the competent authority for monitoring public issuers’ compliance for the purposes of the Auditors’ Law, except for credit institutions, insurance and reinsurance undertakings.

Public issuers are requested to notify CySEC of the composition of their audit committee no later than 30 November 2017.