CySEC seeks broader use of English prospectuses while requiring Greek-language summaries to ensure investor protection and transparency.
CySEC seeks broader use of English prospectuses while requiring Greek-language summaries to ensure investor protection and transparency.
The Cyprus Securities and Exchange Commission (CySEC) seeks broader use of English prospectuses while maintaining Greek-language summaries for investor protection. This marks the first considerable consultation since June, signaling an uptick in regulatory activity. The proposal, issued on December 27, seeks to broaden the acceptance of English-language prospectuses while ensuring investor protection by mandating Greek-language summaries.
Currently, CySEC favors Greek as the primary language for prospectuses and allows English only in limited circumstances. Under the proposed changes, CySEC would widely accept English for prospectus documents while requiring companies to provide Greek-language summaries containing key information for investors to make informed decisions.
CySEC made its decision during the typically quiet holiday period, between Christmas and New Year, and it is likely to have significant implications for Cyprus Investment Firms (CIFs), particularly those in the Forex (FX) and Contract for Difference (CFD) sectors, where English predominates in client communications.
Many CIFs already serve an international clientele, and the new rule could streamline their documentation process, reducing the administrative burden of producing separate Greek and English versions of documents. CySEC noted in its press release that “this proposed change balances the need for accessibility and investor protection. ” The regulator emphasized that the Greek summaries will continue to ensure that local investors are fully informed, even though the primary documents may be in English.
CySEC will keep the public consultation open until January 20, 2025, enabling industry stakeholders to provide feedback on the proposed changes. This initiative is part of several actions CySEC has taken recently to enhance market transparency and operational efficiency. Alongside the language consultation, CySEC has issued new guidance to strengthen anti-money laundering measures, particularly those targeting the financing of weapons of mass destruction.
Additionally, CySEC has launched an updated website to improve accessibility for regulated firms, investors, and the public. CySEC’s recent activity, including preparations for the upcoming MiCA regulation and stricter compliance standards, demonstrates its ongoing commitment to adapting to the evolving financial landscape.
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