The Cyprus Securities and Exchange Commission (CySEC) is the free open supervisory Authority in charge of the supervision of the venture administrations market and exchanges in transferable securities did in the Republic of Cyprus.
The CySEC was set up as per segment 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as an open lawful substance. The operation of the CySEC is represented by the Laws directing the Structure, Responsibilities, Powers, Organization of the Cyprus Securities and Exchange Commission and Other Related Matters (N73(I)/1009).
The fundamental obligations and duties of the CySEC are set out in Article 25 of the Law which Regulates the Structure, Duties, Powers, Organization of the Securities and Exchange Commission and other Related Matters (L73(I)/2009) and might be condensed as takes after:
- To look at applications and concede working licenses to substances under its watch, and additionally to suspend and disavow the said licenses.
- To administer and direct the operation of the Cyprus Stock Exchange and of other composed markets in the Republic and the exchanges did in these business sectors.
- To manage and direct the offices under its watch keeping in mind the end goal to guarantee their consistence with the laws administering their operation.
- To complete every single important examination in perspective of the activity of its obligations under the law and in addition in the interest of other remote equipped Authorities.
- To ask for and gather data which is fundamental or helpful for the activity of its obligations under the law and to request by composed demand the arrangement of data from any normal or legitimate individual or association regarded to be in a position to give the required data.
- To force the regulatory and disciplinary assents gave by the law.
- To require the end of practices which are in opposition to the securities showcase laws.
- To apply to an equipped court for the issue of a request for confinement, or charge or solidifying or anticipation of estrangement or exchange including resources.
- To issue administrative Directives and Decisions.
- To participate and trade information and data with other open Authorities in the Republic, capable remote supervisory Authorities and different associations.
The CySEC is in charge of the supervision of operations and guaranteeing the consistence with the applicable enactment of the accompanying elements:
- Cyprus Investment Firms (CIFs)
- Cyprus branches of Investment Firms (Ifs) of other EU part states
- Tied Agents of CIFs
- Undertakings for Collective Investment in Transferable Securities (UCITS)
- UCITS (Undertakings for Collective Investment in Transferable Securities) Management Companies
- UCITS Agents
- Cyprus branches of UCITS Management Companies of other EU part states
- Administrative Services Companies – Trustee and Fiduciary Service Providers
- Variable Capital Investment Companies
- Alternative Investment Fund Managers (AIFMs)
- Regulated Markets
- Central Counterparty Clearing House (CCPs) of over-the-counter (OTC) subordinates
- Trade stores of over-the-counter (OTC) subordinates
With the sanctioning of enactment as of now experiencing legitimate verifying, CySEC will be the supervisory Authority additionally for the Alternative Investment Funds (AIFs). Moreover, the applicable enactment which will administer the supervision of the Central Securities Depositories (CSDs) is under readiness.
Along with the above duties, the CySEC has likewise been endowed with forces and obligations under the accompanying laws:
- The Public Offer and Prospectus Law of 2005
- The Insider Dealing and Market Manipulation (Market Abuse) Law of 2005
- The Public Takeover Bids Law of 2007
- The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007