Cyprus parliament passes laws to align with European Single Access Point directive

The Cyprus House of Representatives has unanimously approved 12 legislative amendments to align national law with the European Union directive concerning the establishment and operation of the European Single Access Point (ESAP). This new platform is designed to provide centralized, digital access to financial and supervisory information across the EU.

The legislation impacts a wide range of sectors, including public takeover bids, shareholder participation, collective investment organizations, credit institutions, investment service firms, macroprudential oversight, resolution of financial institutions, regulated markets, covered bonds, auditors, and insurance and reinsurance operations. Under these regulations, competent authorities and obligated entities must transmit specific data to collection bodies to ensure public availability through the ESAP.

Most of the reporting obligations for these entities are scheduled to commence on January 10, 2030. However, for specific categories of information related to collective investment organizations, the requirements for access via the ESAP are set to begin earlier, in January 2028. This move aims to increase transparency and streamline the flow of financial data within the European economic area.