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Bill on Whistleblowing and Protection of Informants at the Cyprus Securities and Exchange Commission

Published January 12, 2026, 15:15
Bill on Whistleblowing and Protection of Informants at the Cyprus Securities and Exchange Commission

A bill concerning complaints and the protection of whistleblowers at the Cyprus Securities and Exchange Commission (CySEC) is before the Parliamentary Committee on Finance. The bill aims to transpose a 2015 European directive into national law, regulating the procedures for investigating complaints of market abuse and strengthening the protection of informants. Until now, the framework operated through a CySEC circular, but now its institutionalization through law is being sought. There is already a 2022 law covering the protection of persons reporting violations, and this bill operates complementarily, focusing on the specific obligations arising from the European directive. The bill provides for secure communication channels for submitting complaints, monitoring procedures, protection of the informant's identity, information and support, as well as measures to protect against retaliation. However, disagreement arose regarding the specific mention of the Department of Labour as the competent authority for protection. The Ministry of Labour argued that, due to the generality of the directive regarding the content of complaints and protective measures, there should be no explicit reference to a specific department. The Legal Service clarified that both the directive and the bill provide for cooperation between CySEC and all relevant authorities. Ultimately, the reference to the Department of Labour was maintained, as various departments of the Ministry of Labour already have established protection responsibilities. The bill represents an important step in strengthening transparency and accountability in the Cypriot financial markets.