ESMA report confirms progress in Cyprus Securities and Exchange Commission supervision

The European Securities and Markets Authority (ESMA) released a follow-up report evaluating the Cyprus Securities and Exchange Commission (CySEC) regarding its supervision of cross-border investment activities. This assessment builds upon a previous 2022 review, focusing on licensing, supervision, enforcement, and international cooperation. The report explicitly highlights clear progress in integrating cross-border activities into CySEC's risk-based supervision framework. Furthermore, the document identifies specific improvements in collaboration procedures and structural changes implemented to ensure the timely management of requests. ESMA also recognized CySEC's decision to bolster its supervisory resources by hiring 32 additional staff members as a significant achievement. CySEC Chairman George Theocharides welcomed the report, noting that it reflects concrete advancements made since the initial 2022 assessment. The evaluation concludes that the steps taken by the Cypriot authority constitute a constructive and encouraging development for the regional market.