Cyprus Reporting Regulatory Infringements

On December 15 2016 the Cyprus Securities and Exchange Commission (CySEC) issued for consultation a draft law dealing with the submission of complaints about regulatory infringements and the protection of persons raising such complaints, together with a draft explanatory circular regarding the implementation of the proposed law. The draft law has been issued to meet Cyprus's obligations as an EU member state to establish a framework for resolving complaints under EU legislation, particularly:

• article 32 of regulation 596/2014 on market abuse;

• executive directive (EE) 2015/2392, which was adopted under the regulation on market abuse;
• article 73 of directive 2014/65/EU on markets in financial instruments (MIFID II);