CySEC Takes Measures to Reduce COVID-19 Spread

In light of the growing concerns around COVID-19, implementing the Decree and the measures by the government, the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) informed regulated entities, associates, and the public, in general, today of the extraordinary measures and arrangements taken.

The Commission’s primary goal is safeguarding public health, especially the well being of both employees and stakeholders CySEC has regular contact with.

Action needed

The main actions that have been taken include the order that all meetings are carried out exclusively by teleconference or by telephone to ensure CySEC’s business continuity.

All staff business trips have been canceled, and the staff was urged not to proceed with private traveling.

Furthermore, arrangements were put in place so that staff falling in the vulnerable groups could work from home.

On 14 March 2020, the CySEC premises were decontaminated as a precautionary measure.

CySEC says that since 16 March 2020, almost all staff have been working remotely in an effort to reduce staff density at the office.

Only the crisis management team will work at the CySEC premises, if absolutely necessary, in order to deal with urgent issues that may arise, according to the Commission.

Additionally, CySEC issued a series of circulars to supervised entities regarding the impact on their activities from COVID-19 and deadlines for submission of reports and documents.

The Commission also put some measures in place regarding communication with CySEC over the next period of time.

One of them is that documents will be delivered via a mailbox located at the central entrance of CySEC’s building.

“CySEC is closely monitoring and evaluating all developments related to COVID-19, as well as the impact it may have on the activities of its supervised entities and the market, taking appropriate action where necessary”, the announcement says.