MiFID & Disclosures
The original Markets in Financial Instruments Directive, commonly known as MiFID, has been in force in Cyprus since November 2007, bringing Cyprus within the European legal framework regulating the provision of investment services within the European Economic Area.
The Markets in Financial Instruments Directive II (MiFID II) is a regulatory framework that increases the transparency across the European Union’s financial markets and standardizes the regulatory approach for particular financial markets. MiFID II has implemented new measures, such as pre- and post-trade transparency requirements, product governance, investor protection, best execution and has set out the conduct standards for financial firms.
MiFID II has been transposed into Cyprus local law under the Law 87(I)/2017 cited as the Investment Services and Activities and Regulated Markets Law of 2017. The directive has been in force across the European Union (EU) since 3rd of January 2018.
Pillar 3 of the Basel framework seeks to promote market discipline through regulatory disclosure requirements and lays out a comprehensive set of public disclosure requirements that seek to provide market participants with sufficient information to assess a bank’s or investment firm’s material risks and capital adequacy.
The Company is obliged to publish their Pillar 3 disclosures required under Part Eight of the Regulation by the end of April each year and submit to CySEC the external auditors’ verification report by the end of May each year, the latest.
Please find below the disclosure: