The Cyprus Securities and Exchange Commission (CySec) οn 3 December, 2010 issued a new Directive, ΟΔ190-2007-07, pursuant to Κ.Δ.Π 490/2010 regarding Issuers' Annual Fees. The relevant announcement was published by CySec on 15 December 2010.
By virtue of the new Directive Issuers whose securities are admitted to trading on a regulated market and for which Cyprus is the home member state, are required to pay annual fees to CySec in respect of its supervisory role pursuant to the Transparency Law N.190(I)/2007.
The fees are to be paid by 31st of October of each year to which it relates. The submission deadline for the year 2010 was the 31st January 2011. The level of fees payable by Issuers shall be calculated by CySec and an invoice will be sent to the issuer by mail or other means.
The formula for the calculation of annual fees for Issuers whose securities are admitted to trading on a regulated market in Cyprus is as follows:
€1.500 + (market value of shares x percentage)
Market value of shares means the average value of the issuer's shares during the first six months of each calendar year calculated by the sum of the daily market value (number of shares multiplied by closing price), during the six months, divided by the number of days traded.
The percentage scales are as follows:
|
Market Value (€) |
Percentage (%) |
|
20.000.000 – 100.000.000 |
0.005 |
|
100.000.001 – 200.000.000 |
0.004 |
|
200.000.001 – 400.000.000 |
0.003 |
|
400.000.001 – 600.000.000 |
0.002 |
|
600.000.001 – 1.000.000.000 |
0.001 |
|
1.000.000.001 – 3.000.000.000 |
0.0005 |
|
3.000.000.001 and over |
0.0002 |
The maximum annual fee payable by the Issuer is capped at €50.000.
The annual fee payable by Issuers whose securities are admitted to trading on a regulated market other than Cyprus is €1.500.
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.