Nicosia, Cyprus. The Cyprus Securities and Exchange Commission (CySEC) has published a practical guide for whistleblowers to support reporting of breaches of European Union and national law in the financial services sector.
The guide supports the implementation of Circular C608, which governs external reporting procedures under Cyprus’ whistleblower protection framework.
Reporting guidance
According to CySEC, the document provides practical examples and detailed guidance on submitting reports concerning violations of EU law within the regulator’s supervisory responsibilities.
The guide is based on the applicable legislative and regulatory framework, as well as directives, guidelines and circulars issued by competent authorities, particularly CySEC.
CySEC said the publication provides instructions for reporting breaches involving financial services, products and markets.
Procedures and legal framework
The document outlines CySEC’s responsibilities as the competent authority for receiving and following up on external reports submitted by whistleblowers.
It also sets out procedures, timelines and actions for each stage of the reporting process, aimed at ensuring reports are handled lawfully, efficiently and within required deadlines.
The legal framework includes the Protection of Persons who Report Breaches of Union and National Law Law of 2022, as amended in 2024, which transposed the EU Whistleblowing Directive into Cypriot law.
It also incorporates provisions from the Reporting of Actual or Potential Infringements of Regulation (EU) No. 596/2014 to the Cyprus Securities and Exchange Commission Law of 2026, the CySEC Law of 2009 and Circular E608 issued in December 2023.
Definition of reporting person
The guide defines a reporting person as an individual who reports or publicly discloses information about breaches obtained through work-related activities.
