CYPRUS: CYSEC Publishes Obligations Arising from New Audit Requirements Auditors Law of 2017

Tuesday September 12 2017

The Cyprus Securities and Exchange Commission (CYSEC) has published guidance (translated from Greek)  on the obligations arising from the Auditors’ Law of 2017. These obligations will be of particular interest to market participants as they apply to transferable securities which are admitted to trading on regulated market.

Article 78 (1) of the Auditors’ Law of 2017 obligates Public Entities to put in place an audit committee which is defined as:

(a) either an independent committee or a committee of the administrative or supervisory body of the audited entity; and

(b) consists of non-executive directors and / or members of the Supervisory Board body of the audited entity and / or members appointed by their general meeting shareholders of the controlled entity or, in the case of entities without shareholders, from equivalent instrument ‘.

Furthermore the Committees powers and tasks are set out in Article 78 (5) of the Law.

According to the Auditors’ Law, the GFC is the competent authority for the compliance control and administrative sanctions, for the purposes of the above

For additional information please click the link above.