Country Manual Products
Cyprus
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Definitions and Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Regulatory changes
Further to the publication of Consultation Paper CP (2024-02) on amending the accepted languages for a prospectus, on 20 February 2025, the Cyprus Securities and Exchange Commission (CySEC) published Policy Statement (PS-01-2025) and CySEC Directive (Directive 73-2009-05) on amending the accepted languages for a prospectus. As a result, when Securities are offered to the public or admitted to trading on a regulated market exclusively in Cyprus, the prospectus may now be drawn up either in Greek or in English.
Material changes
The provision of advisory services as well as product-related marketing activities generally trigger the “local distribution rules” in Cyprus (unless an exemption applies). In order to better reflect the fact that foreign (unlicensed) service providers should carefully assess their position with respect to the above, in view of their own internal risk assessment policies, the CM P BT now provides the answer “Grey zone – Subject to the service provider’s assessment” in relation to the distribution of financial products where no “private placement exemption” is available, particularly with regard to the distribution of foreign (unregistered) funds (UCITS/AIFs);
Furthermore, following the end of the transitional exemption under Article 32(1) of the PRIIPs Regulation, a PRIIPs Key Information Document (PRIIPS KID) must be provided to Retail Investors before any transaction in a PRIIP takes place. Where units or shares of a UCITS are distributed to Professional Investors, either the UCITS Key Investor Information Document (KIID) or the PRIIPs KID may be provided, depending on the choice of the product manufacturer or distributor. Accordingly, the mandatory documents have been amended in the CM P BT.
Non-material changes
In addition, some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, September 25th, 2025