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POLICY
The Policy Department is responsible for identifying and analysing policy initiatives that inform CySEC’s mission to enhance investor protection and ensure the healthy development of the financial services industry.  


THE POLICY-MAKING PROCESS

The policy-making process is ongoing and it is encapsulated in the following steps:


The CySEC’s remit involves a diverse set of regulated entities, all of which operate in different subsectors of the financial industry and provide services to different types of retail and institutional investors. The Policy Department analyses the market practices in each of these different sectors. It assesses the effectiveness of existing rules and, where necessary, the department proposes the issuance of guidance for the compliance of supervised entities with the regulatory framework and where permissible, the amendments to existing national rules and/or the introduction of new national rules.  This is designed to provide an effective, proportionate and evolving framework that captures the industry’s pace of change and ensures investor protection is not put at risk of compromise by outdated policies. In performing its tasks, the Policy Department is typically collaborating with other Departments of CySEC in relation to issues falling under their responsibility.

Once a proposed solution is formulated, a public consultation is typically launched. Where a proposal is publicly consulted, the feedback is analysed and the appropriate policy is adopted and is made public by issuing a policy statement. In exceptional cases where an immediate action is required, a policy may be directly adopted without prior consultation.


INFLUENCING EU POLICY-MAKING

CySEC works in close collaboration with both the European Securities and Markets Authority (“ESMA”) and other national competent authorities, primarily through participating in ESMA taskforces and standing committees. In this context, CySEC has an active role in the elaboration and issuance of Technical Standards, Guidelines, Q&As and other convergence tools. When deemed appropriate by Government Departments of the Republic of Cyprus, CySEC also participates in working groups of the Council of the European Union, where the EU rules governing the investment sector are formulated. The Policy Department actively engages in the process of policy formulation either by participating directly or through internal consultation with CySEC delegates that sit on the respective committees.


CONTACT US

You can contact the Policy Department via the following email address: policy@cysec.gov.cy

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