Commission helps shape key financial reforms

The Cyprus Securities and Exchange Commission (CySEC) on Thurssday highlighted its contribution to Cyprus’ Presidency of the Council of the European Union, saying it played an active role in negotiations on major legislative initiatives that will shape the future of Europe’s financial sector.

With Cyprus’ six-month Presidency concluding on June 30, 2026, the regulator said its officials participated throughout the period in Council working groups, providing technical expertise and supporting negotiations on key European Union legislative proposals.

According to CySEC, staff from its policy, ongoing and thematic supervision, authorisations and legal departments took part in the technical work of the Council during the Presidency.

The regulator said its contribution focused on policy initiatives aimed at strengthening European capital markets and financial supervision.

Particular emphasis was placed on the Market Integration and Supervision Package (MISP), which seeks to further integrate EU capital markets while enhancing supervisory convergence across member states.

CySEC also participated in work on the revision of the Sustainable Finance Disclosure Regulation (SFDR), which aims to improve the transparency and reliability of environmental, social and governance-related disclosures made by financial market participants.

In addition, the regulator said it took part in negotiations on the Financial Data Access (FIDA) Regulation, a central element of the European Union’s open finance framework intended to give consumers and businesses greater control over financial data sharing.

CySEC also contributed to discussions on the Pan-European Personal Pension Product (PEPP), an initiative designed to create a harmonised European market for personal pension products.

The commission said its continued participation in the Council’s technical work contributed to policy initiatives intended to strengthen financial stability, investor protection, innovation and the competitiveness of European capital markets.

George Theocharides, chairman of CySEC, described the completion of the Presidency as an important milestone for both Cyprus and the commission.

“The conclusion of the Cyprus Presidency of the Council of the European Union marks an important milestone for Cyprus and for CySEC,” Theocharides said.

“The active participation of CySEC officers in Council negotiations and technical working groups demonstrated the commission’s expertise, responsibility and meaningful contribution to the development of the European financial regulatory framework,” he added.

What is more, Theocharides explained that the Presidency enabled the commission to contribute directly to major European reforms.

“The Presidency gave us the opportunity to contribute substantially to key reforms aimed at strengthening the integration of European capital markets, financial stability, sustainable finance and innovation in the financial sector,” he said.

“The successful completion of this effort is the result of close cooperation among all stakeholders involved and, in particular, the dedication and professionalism of CySEC’s staff,” Theocharides added.

Looking ahead, he stated that the regulator would continue to play an active role in shaping European financial regulation.

“CySEC will continue to engage actively in European developments, promoting a modern, efficient and credible supervisory framework that strengthens investor confidence and the international competitiveness of the Cypriot capital market,” Theocharides said.

The commission also said its involvement during the Presidency reflected Cyprus’ active role in shaping the European regulatory framework for financial markets, while also highlighting CySEC’s technical expertise and contribution within the European Union’s institutional decision-making process.

“CySEC extends its appreciation to all its officers who worked with professionalism and dedication throughout the Presidency, contributing substantially to the successful representation of the Republic of Cyprus and the achievement of the objectives of the Cyprus Presidency of the Council of the European Union,” the commission concluded.