CySEC updates procedures for Whistleblowers

ASIC applauds the enactment of stronger whistleblowing laws

The Cyprus Securities and Exchange Commission (CySEC) just informed about the procedures in place regarding the receipt and follow-up of reports of infringement on market abuse (market abuse regulation).

For the purposes of this circular and the completion of the Whistleblowing External Disclosure Form, CySEC announced that the following definitions shall apply:

  • CySEC means the Cyprus Securities and Exchange Commission;
  • “Regulation” means the Regulation (EU) No 596/2014 of the European Parliament and of the Council, of 16 April 2014, on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;
  • “reporting person” means a person reporting an actual or potential infringement of Regulation to CySEC;
  • “reported person” means a person who is accused of having committed, or intending to commit, an infringement of Regulation by the reporting person;
  • “report of infringement” means the report submitted by the reporting person to CySEC regarding an actual or potential infringement of the Regulation;
  • “dedicated staff members of the competent department” means the dedicated staff members of the Market Surveillance and Investigations Department of CySEC;
  • “discrimination” means the negative effects that the reporting person encounters or may encounter as a result of the submission of a report of infringement and includes among others the following cases:
  1. The reporting persons is subject to any kind of proceedings as a result of the submission of a report of infringement or violation of professional secrecy and or any other in force code of conduct;
  2. Dismissal, remuneration reduction, employment status or duties demotion, refusal of promotion, unfair treatment, retaliation or any other form of direct or indirect discrimination;
  3. Transfer to another department or change of duties without the consent of the reporting person;
  4. Refusal to provide a reference letter following a relevant request of the reporting person;
  5. Refusal of being hired.

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