New Bill for Whistleblower Protection at Cyprus Securities and Exchange Commission

A new bill is under consideration in the Parliamentary Committee on Finance, aiming to define complaint investigation procedures and enhance the protection of whistleblowers who contact the Cyprus Securities and Exchange Commission (CySEC) regarding cases of market abuse.

The bill incorporates a 2015 European directive into national law, regulating the procedures for submitting complaints to CySEC. Until now, the framework was implemented through a CySEC circular, but it is now being legislated.

The bill provides for secure communication channels for submitting complaints, monitoring procedures for reports, protection of the whistleblower's identity, information and assistance for complainants, and measures to protect against retaliation.

A representative of the Cyprus Ministry of Labour expressed disagreement regarding the reference to the Department of Labour as the competent protection authority, arguing that the directive is too general. The Legal Service emphasized the importance of CySEC's cooperation with every relevant competent authority for the protection of employees.

Source: ΚΥΠΕ