The law governing the Cyprus Securities and Exchange Commission has been amended to improve the Commission’s corporate governance and strengthen its investor protection powers.
Law 137(I)/2018 provides for the CySEC board to be enlarged from five members to seven and for the appointment of an audit committee.
It also expands CySEC’s information-gathering and investigatory powers and introduces new sanctions on regulated entities for failure to comply with requirements to provide information. In the event of failure to comply with the terms of a circular requesting information, documents or any other material CySEC may impose an administrative fine of up to EUR 250,000 together with a further EUR 500 for each day the default continues. These limits are doubled in the event of a repeated infringement.
For further information on this matter please contact Dimitris Papoutsis or your usual contact at Elias Neocleous & Co LLC.