According to the article 45(1) of the Draft Proposed Law of the Market in Financial Instruments (‘the Draft Proposed Law’), the regulated persons that transact in any financial instruments admitted in a regulated market, ought to report the details of these transactions to the Cyprus Securities and Exchange Commission (‘the Commission’). This obligation is effective whether the transactions were executed in a regulated market or not.
The definition regulated persons, for the purposes of implementing the specific article of the Draft Proposed Law, covers the following:
For information purposes, it is noted that the transaction reports received by the Commission and which involve financial instruments admitted in a regulated markets of other Members State will be forwarded by the Commission, via a central Hub, to the respective Competent Authority in respect of liquidity of the specific financial instruments (as determined by article 9 of the European Regulation 1287).
the Cyprus Investment Firms (‘the CIFs’),
the credit institutions that posses operational license from the Central Bank of from the Insurance Companies Control Service and are entitled to offer investment services or to carry out investment activities (the credit institutions),
the branches of the Investment Firms or of the credit institutions which are established in the Republic,
the branches of the Investment Firms or of the credit institutions of the third countries which posses operational license from the Commission or from the Central Bank or from the Insurance Companies Control Service to offer investment services or to carry out investment activities within the Republic.
The whole system, named Transaction Reporting and Exchange Mechanism (TREM) is presented in the diagram below: