Chapter 13: Transparency Laws

Question 1

For how long should the annual financial report be available to the public?

Answer 1

10 years

Question 2

When shall issuers disclose their annual financial report?

Answer 2

As soon as possible, but at the latest 4 months after the end of the financial year.

Question 3

When do the issuers of shares and debt securities need to disclose a half yearly financial report?

Answer 3

The latest within three months from the end of the first six months of the financial year.

Question 4

Who is exempted from the publication of yearly and half-yearly financial reports?

Answer 4

• The Central Bank of Cyprus

* The European Central Bank.

Question 5

Which information is subject to ongoing disclosure?

Answer 5

The acquisition of own share (or disposal) needs to be disclosed as soon as possible and at the latest on the next working day, if they reach 5% or 10% of total voting rights

Question 6

Which information should the share issuers provide to the shareholders?

Answer 6

• The place, time and agenda of meetings.
• The total number of shares and voting rights.
• The rights of shareholders to participate in meetings.

Question 7

Anyone who acquires shares in an issuer should notify CySEC if the voting rights reach, exceed of fall what thresholds?

Answer 7

5%, 10%, 15%, 20%, 25%, 30%, 50% or 75% of the total voting rights.

Question 8

Which is exempted from the notification?

Answer 8

Acquisition or disposal of shares by a market maker that crosses the 5% threshold of the total voting rights.

Question 9

What does a management report includes?

Answer 9

A description of the principal risks and uncertainties.

Question 10

What obligation do the issuers of shares have towards shareholders?

Answer 10

Not to prevent the exercise of the rights of the shareholders by proxy.

Question 11

Why do share issuers need to designate a financial institution as its agent?

Answer 11

So shareholders can exercise their financial rights.