The Cyprus Securities and Exchange Commission (CySEC) has proposed significant changes regarding the access to beneficial ownership data. This announcement, made on Friday, opens a public consultation on amendments to its directive governing the register of beneficial owners of express trusts and similar legal arrangements.
The proposed updates aim to align CySEC’s regulations with forthcoming changes to Law 188(I)/2007. In addition to that, the amendments seek to harmonise national legislation with Article 74 of Directive (EU) 2024/1640. This is a crucial move as it reflects the evolving landscape of financial transparency and regulatory compliance.
One of the most notable aspects of the proposal is the revocation of general public access to beneficial ownership information. CySEC stated that moving forward, only individuals or organisations that can demonstrate a legitimate interest will be granted access to this sensitive information. The regulator emphasised that this decision follows a ruling by the Court of Justice of the European Union concerning the accessibility of beneficial ownership data.
Under the new framework, the stringent criteria for access are expected to bolster the integrity of the register while ensuring that information is only available to those who have a valid reason for seeking it. This change could have significant implications for various stakeholders, including legal entities and financial institutions, who rely on this information for compliance and transparency purposes.
CySEC’s consultation paper also includes an annex detailing the specific amendments proposed to the directive. Interested parties are encouraged to contribute their views or inquiries regarding the proposed changes. Submissions must be sent to CySEC’s policy department via email by the deadline of March 24, 2026.
This public consultation represents a vital opportunity for stakeholders to influence regulatory practices in Cyprus, particularly in relation to beneficial ownership data. As the deadline approaches, it will be essential for interested entities to engage in the dialogue and make their voices heard.
