The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory Authority responsible for the supervision of the investment services market and transactions in transferable securities carried out in the Republic of Cyprus.
The CySEC was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public legal entity. The operation of the CySEC is governed by the Laws regulating the Structure, Responsibilities, Powers, Organization of the Cyprus Securities and Exchange Commission and Other Related Matters (N73(I)/1009).
The vision of the CySEC is to establish the Cyprus securities market as one of the safest, most reliable and attractive destinations for investment.
The mission of the CySEC is to exercise effective supervision to ensure investor protection and the healthy development of the securities market.
The main duties and responsibilities of the CySEC are set out in Article 25 of the Law which Regulates the Structure, Duties, Powers, Organisation of the Securities and Exchange Commission and other Related Matters (L73(I)/2009) and may be summarised as follows:
- To examine applications and grant operating licenses to entities under its supervision, as well as to suspend and revoke the said licenses.
- To supervise and regulate the operation of the Cyprus Stock Exchange and of other organised markets in the Republic and the transactions carried out in these markets.
- To supervise and regulate the agencies under its supervision in order to ensure their compliance with the laws governing their operation.
- To carry out all necessary investigations in view of the exercise of its duties under the law as well as on behalf of other foreign competent Authorities.
- To request and collect information which is necessary or conducive to the exercise of its duties under the law and to demand by written request the provision of information from any natural or legal person or organisation deemed to be in a position to provide the required information.
- To impose the administrative and disciplinary sanctions provided by the law.
- To require the cessation of practices which are contrary to the securities market laws.
- To apply to a competent court for the issue of an order for detention, or charge or freezing or prevention of alienation or transaction involving assets.
- To issue regulatory Directives and Decisions.
- To cooperate and exchange data and information with other public Authorities in the Republic, competent foreign supervisory Authorities and other organisations.
In addition to the above responsibilities, the CySEC has also been entrusted with powers and duties under the following 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