{"id":53754,"date":"2025-12-15T14:02:32","date_gmt":"2025-12-15T14:02:32","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&#038;p=53754"},"modified":"2025-12-15T14:02:39","modified_gmt":"2025-12-15T14:02:39","slug":"the-european-accessibility-act-eaa-key-points-for-financial-service-providers","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/the-european-accessibility-act-eaa-key-points-for-financial-service-providers\/","title":{"rendered":"The European Accessibility Act (EAA): Key points for Financial Service Providers"},"content":{"rendered":"<p>The European Accessibility Act (EAA) introduced a harmonised framework across the EU to enhance access to key products and services for persons with disabilities. Cyprus transposed the EAA into national law through the\u00a0<strong>Accessibility of Products and Services Law of 2024 (the \u201cLaw\u201d)<\/strong>, which came into force on\u00a028 June 2025. This development has important consequences for services providers, including, financial service providers operating in Cyprus.<\/p>\n<p><strong>Legal Background<\/strong><\/p>\n<p>The\u00a0Law applies to both products and services offered within the EU, aiming to remove barriers for persons with disabilities. It defines \u201cpersons with disabilities\u201d as those with long-term physical, mental, intellectual or sensory impairments that may hinder their participation in society on an equal basis with others.<\/p>\n<p><strong>Applicability to Financial Services Providers<\/strong><\/p>\n<p>From 28 June 2025\u00a0onwards the Law applies to services, inter alia,\u00a0consumer banking services, which include services\u00a0that are covered under\u00a0<strong>MiFID II Directive (2014\/65\/EU)<\/strong>, such as the reception and transmission of orders, execution of orders, portfolio management, and investment advice.<\/p>\n<p><strong>Key Obligations<\/strong><\/p>\n<ul>\n<li><strong>Accessible Information:\u00a0<\/strong>Documents that contain information such as financial documents, contracts, statements, policies, onboarding forms, must be perceivable through visual, auditory, and alternative formats and be compatible with assistive technologies.<\/li>\n<li><strong>Accessible Digital Services<\/strong>: Websites and mobile applications must be fully usable by persons with disabilities. This includes being of adequate font size, contrast, spacing, and provide support for alternative text and assistive technologies.<\/li>\n<li><strong>Accessible Support Services<\/strong>: Customer support must offer accessible communication modes and inform users about the compatibility with assistive technologies.<\/li>\n<li><strong>User-Friendly Security Features<\/strong>: Authentication and identification procedures must be operable and understandable. Complexity should not exceed\u00a0B2 level\u00a0of the Council of Europe\u2019s\u00a0Common European Framework of Reference for Languages.<\/li>\n<\/ul>\n<p><strong>Exemptions<\/strong><\/p>\n<ul>\n<li>Microenterprises (fewer than 10 employees and turnover or balance sheet under \u20ac2 million).<\/li>\n<li>Obligations may be waived if they impose disproportionate burden or fundamentally change the service provided.<\/li>\n<\/ul>\n<p><strong>Transitional Period<\/strong><\/p>\n<ul>\n<li>Existing contracts and\/or services (offered\u00a0before 28 June 2025) to continue\u00a0until\u00a028 June 2030.<\/li>\n<li>New services introduced after 28 June 2025\u00a0must comply immediately.<\/li>\n<\/ul>\n<p><strong>Penalties<\/strong><\/p>\n<ul>\n<li>Administrative Fines: up to \u20ac10,000 initially; up to \u20ac20,000 for repeated offences.<\/li>\n<li>Criminal penalties: up to 2 years\u2019 imprisonment or a \u20ac20,000 fine; up to 3 years\u2019 imprisonment or a \u20ac30,000 for repeated offences.<\/li>\n<\/ul>\n<p>For more information please contact Christos Chiotis (christos.chiotis@demetriades.com) or your usual contact at Chrysses Demetriades &amp; Co LLC.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-53754","legal_developments","type-legal_developments","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments\/53754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/legal_developments"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=53754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}