On Mar. 19, CYP SEC confirmed adoption of EBA diversity guidelines.
CYP SEC published Circular C689 on adoption of EBA Guidelines on the benchmarking of diversity practices, including the diversity policies as well as the gender pay gap.
Circular Overview
CYP SEC adopted Guidelines, under sections 20 and 28(1) of Prudential Supervision of Investment Firms Law of 2021, which transpose Articles 26 and 34(1) of EU Directive 2019/2034 (IFD), incorporating them in supervisory practice and regulatory approach.
Guidelines on benchmarking of diversity practices apply to Class 2 Cyprus Investment Firms (CIFs), and set out the all the required reporting requirements for all such firms.
CYP SEC urges CIFs to consider the above mentioned Guidelines and where necessary, to take relevant actions to ensure their compliance with all the Guidelines provisions.
Reporting Process
CIFs selected for the sample will be notified by CySEC by Jan. 31 of the relevant year of reporting, which will confirm their inclusion in the sample for reporting purposes.
CIFs included in the sample should submit this information to CYP SEC by Apr. 30, every three years, and starting in 2025 with a report reference date of Dec. 31. 2024.
The first submission will therefore cover the financial year ending in 2024, and CYP SEC has already notified the relevant CIFs that are selected for participation in 2025.
The diversity practices data should be submitted through CYP SEC’s XBRL Portal only, using the relevant EBA form that has been made available via the CYP SEC website.
