The Cyprus Securities and Exchange Commission (CySEC) on Tuesday announced the publication of a new practical guide for whistleblowers, aimed at improving the reporting of breaches of European Union and national law in the financial services sector.
The guide has been published to support the implementation of Circular C608, which governs procedures for external reporting under Cyprus’ whistleblower protection framework.
According to CySEC, the document provides practical examples and detailed guidance on how individuals can submit reports concerning violations of EU law that fall within the regulator’s supervisory responsibilities.
The guide is based on the applicable legislative and regulatory framework, as well as relevant directives, guidelines and circulars issued by competent authorities, particularly CySEC itself.
CySEC said the publication seeks to provide clear and specific instructions for reporting breaches in the fields of financial services, products and markets.
The document also outlines the regulator’s responsibilities as the competent authority for receiving and following up on external reports submitted by whistleblowers.
In addition, it sets out the procedures, timelines and actions to be taken at each stage of the reporting process to ensure reports are handled lawfully, efficiently and within the required deadlines.
The legal framework underpinning the guide includes the Protection of Persons who Report Breaches of Union and National Law Law of 2022,...
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