On 26 November 2019, the Cyprus Bar Association issued an announcement informing all its members that it has decided to increase its supervision over the obliged entities for which it is a supervisory authority, by adopting the same reporting requirements that the Cyprus Securities and Exchange Commission has; namely, the submission of an annual compliance report.

From now on, all compliance officers of obliged entities which are regulated by the Cyprus Bar Association have a duty to electronically submit an annual compliance report, which has been approved by the entity’s board of directors, within two months after the year end.

The report will have to be submitted together with a letter from the directors confirming the approval of the report, within 30 days from the date of the relevant board meeting.

Compliance officers may submit the report together with the relevant letter to the following link:

https://www.cyprusbar.org/AnnualComplianceReport.aspx

The Cyprus Bar Association would like to point out that penalties will be imposed in case of non-compliance.

The Cyprus Bar Association’s announcement (in Greek) can be found here.