Summary of CySEC's Circular C488
Memo #06-2022
CySEC Circular No: C488
Date: 17/02/2022
Subject: Procedures for the receipt of reports of infringement of Regulation (EU) No 596/2014 on market abuse
Purpose: To provide information to the persons wishing to report cases of actual or potential infringement of Regulation (EU) No 596/2014 on market abuse – Whistle-blowers
In Summary:
CySEC has issued the Circular C488 on 17/02/2022 to provide information to the persons wishing to report cases of actual or potential infringement of Regulation (EU) No 596/2014 on market abuse – Whistle-blowers. CySEC issues this Circular C488 under article 12(1) of the Market Abuse Law of 2016, as amended from time to time, about the updated procedures in force regarding the receipt of reports of infringement pursuant to article 32 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council, of 16 April 2014, on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
CySEC informs that dedicated staff members of the competent department have been assigned with duties related in providing information to any interested person on the procedures of reporting infringements, receiving reports of infringement and maintaining contact with the person who has reported infringements.
It is provided that a report of infringement can be submitted either by name or anonymously and this Circular C488 refers to the communication channels in writing or orally.
CySEC further informs that a person may submit the “Whistleblowing External Disclosure Form” to report in writing. The “Whistleblowing External Disclosure Form” can be found as Appendix on this Circular C488.
This Circular C488 also refers to the process that CySEC follows when an oral or written report of infringement is received and what applies for the record-keeping of the reports of infringements that have been received.
Furthermore, CySEC informs in regards the confidentiality regime applicable to the report of infringement and in which circumstances the confidential information of a reporting person may be published.
CySEC also notes that in relation to the processing of personal data in the context of the report of infringement, CySEC complies with the Regulation 2016/679 (GDPR EU Regulation).
CySEC also points out that, in accordance with article 6(6) of the Market Abuse Law of 2016 (N.102(I)/2016), a person providing information to CySEC, in accordance with the Regulation, is not considered to be infringing any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, nor will the said person have liability of any kind related to such disclosure.
