ARTICLE
11 August 2017

CySEC Guidance On Interim Management And Financial Reports

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular reminding issuers with securities admitted to trading on a regulated market of the requirements of the Transparency...
Cyprus Wealth Management

The Cyprus Securities and Exchange Commission (CySEC) has issued a circular reminding issuers with securities admitted to trading on a regulated market of the requirements of the Transparency Requirements (Transferable Securities) Negotiation in a Regulated Market) Law of 2007 regarding the content of interim management reports.

CySEC's examination of interim management reports for the first half of the financial year 2016 has disclosed a number of deficiencies in the reports, particularly:

  • Presenting the interim management report as a separate document from the six-month financial report rather than as an integral part of the six-month financial report, as required by article 10 (3) of the Transparency Requirements Law.
  • Failing to provide the information required under article 10 (6) of the Law, particularly regarding explanations for differences between budgeted and actual results, comparisons with prior years and risks and uncertainties for the second half of the financial year.
  • Failing to disclose transactions with related parties.

The circular reminds issuers that penalties may be imposed in the event of failure to comply with the legal requirements.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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