The Cyprus Securities and Exchange Commission successfully concluded its technical leadership during the Cyprus EU Presidency. CySEC teams actively advanced major European financial legislation, including capital market integration, Open Finance regulations, and updated ESG sustainability disclosure rules.

Active Regulatory Role in the Presidency

Cyprus’ Securities and Exchange Commission (CySEC) on Thursday said it has “successfully” completed its active participation in discussions and negotiations under the Cyprus EU Presidency on major legislative and regulatory initiatives shaping the future of the European financial sector.

In a press release, CySEC said it engaged in work related to the integration of capital markets, sustainable finance, and the European digital finance framework.

Intra-Departmental Support for EU Files

“Throughout the Presidency period, officers from CySEC’s Policy, Ongoing and Thematic Supervision Departments and Authorisations Departments, as well as the Legal Department actively participated in Council Working Party meetings, providing technical expertise and supporting the advancement of key EU legislative files”, it said.

Its contribution, CySEC said, focused on policy initiatives that will shape the future of European capital markets and financial supervision. “Particular emphasis was placed on the Market Integration and Supervision Package (MISP), aimed at further integrating EU capital markets and enhancing supervisory convergence, as well as the revision of the Sustainable Finance Disclosure Regulation (SFDR), with the objective of strengthening transparency and reliability in ESG-related disclosures”, it adds.

Open Finance and Harmonized Pension Products

In addition, it participated in negotiations on the Financial Data Access (FIDA) Regulation, a key pillar of the EU’s Open Finance framework, as well as discussions on the Pan-European Personal Pension Product (PEPP), aimed at developing a harmonised European market for personal pension products.

“Through its continuous engagement in the technical work of the Council, CySEC contributed to policy developments that promote financial stability, investor protection, innovation, and the competitiveness of European capital markets”, the press release said.

Leadership Statements on Capital Market Competitiveness

“The active participation of CySEC officers in Council negotiations and technical working groups demonstrated the Commission’s expertise, responsibility, and meaningful contribution to the development of the European financial regulatory framework”, CySEC Chair, Dr George Theocharides, said, according to the press release.

CySEC, he said, “will continue to actively engage in European developments, promoting a modern, efficient, and credible supervisory framework that strengthens investor confidence and the international competitiveness of the Cypriot capital market”.

Source: CNA(ΚΥΠΕ)