Insider Business CySEC monitoring Covid-19 fallout

CySEC monitoring Covid-19 fallout

The Cyprus Securities and Exchange Commission (CySEC) is in constant communication with the European Securities and Markets Authority (ESMA) and the National Supervisory Authorities across the EU, closely following and assessing all developments related to COVID-19, as well as the impact it may have on the activities of its supervised entities and the market in its entirety, chairwoman Demetra Kalogerou said on Monday.

In a written statement she said that in response to the exceptional circumstances facing Cyprus, CySEC is also in communication with the supervised entities and has already issued more than 20 circulars/announcements for companies listed on the Cyprus Stock Exchange, aiming to ensure the smooth functioning of the market, as well as for other supervised entities relating to their own obligations.

To ensure market participants’ business continuity, among other CySEC has:

  • asked the Issuers to assess the financial impact, as well as any potential risks or uncertainties that a pandemic such as the coronavirus entails for their businesses/operations and make a relevant announcement immediately,
  • asked the supervised entities to prepare for and minimise possible business disruptions by identifying key operational risks,
  • provided relief on a number of deadlines regarding reporting obligations, including TRS and AML reports,
  • clarified the requirements for recording telephone conversations,
  •  postponed the certification examinations and extended the deadline for those subject to exemptions.

CySEC is closely monitoring and evaluating all developments related to COVID-19, taking appropriate action where necessary.

All actions taken by CySEC in relation to COVID – 19, can be found at a dedicated section on its website: https://www.cysec.gov.cy/covid-19/

All supervised entities, investors and other stakeholders are urged to stay updated through the dedicated section on CySEC’s website, which will be updated in light of any developments.

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