Read the CySEC Circular C689
Memo #15-2025
CySEC Circular No: C689
Date: 20/03/2025
Subject: Adoption of the European Βanking Αuthority (‘the ‘EBA’) Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap under Directive 2013/36/EU and Directive (EU) 2019/2034 (EBA/GL/2023/08)
Purpose: To bring to the attention of the CIFs the EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap.
In Summary:
CySEC has issued the Circular C689 on 19/03/2025 to bring to the attention of the Cyprus Investment Firms (the “CIFs”) the EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap (the “Guidelines on benchmarking of diversity practices”) which were issued on 18/12/2023, with entry into force 27/06/2024.
The Guidelines on benchmarking of diversity practices apply to Class 2 CIFs.
CySEC informs that it has adopted the Guidelines by incorporating them into its supervisory practices and regulatory approach.
The Guidelines specify:
i. the information to be provided by investment firms, unless they are small and non-interconnected, to competent authorities and from competent authorities to the EBA for benchmarking diversity practices.
ii. the information that competent authorities should collect from investment firms on an individual basis on diversity practices at the level of the management body, including the composition of the management body, diversity policies and the gender pay gap at the level of the management body.
CySEC further informs that the benchmarking of diversity practices will be based on a representative sample of institutions and investment firms of different natures and sizes, determined by the competent authorities. CIFs selected for the sample will be notified by CySEC by January 31st of the relevant year confirming their inclusion in the sample. CIFs selected for participation in 2025 have already been informed.
CIFs included in the sample should submit the relevant information to CySEC, by 30 April, every three years starting in 2025 with a reference date of 31/12/2024. CIFs selected for participation should submit the relevant Form through the CySEC’s XBRL Portal.
CySEC urges CIFs to consider the EBA Guidelines mentioned above and where necessary, take actions to ensure compliance with their provisions.
The EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap can be found on the following link:
The relevant information to be submitted to CySEC and the Form for submission can be found attached to the Circular C689.
Read the CySEC Circular C689
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