Introduction

1. 3.1 The Prospectus Directive was transposed into Cypriot law by way of Law 114(I)/2005 (the ‘Public Offer and Prospectus Law’ or ‘Law’), which was published on 9 September 2005 and took effect on the same day. In addition to implementing the Prospectus Directive, the Public Offer and Prospectus Law facilitates the empirical application of the Prospectus Regulation. The Cyprus Securities and Exchange Commission (the ‘CySEC’), which, as will shortly be noted, is designated as the competent national supervisory authority, has the power to issue directives with a view to regulating a variety of matters pertaining to the function of the Public Offer and Prospectus Law in practice. No such directives have been adopted to date.

2. 3.2 The Public Offer and Prospectus Law repeals the Investments Invitation to the Public Law of 2002. The latter is still valid in respect of: (i) sanctions regarding its infringement; and (ii) offers to the public which took place up until the coming into force of the Public Offer and Prospectus Law (Art. 47 Law).

Competent authority

1. 3.3 The competent authority for the approval of prospectuses in Cyprus is the ‘CySEC’. That is a public corporate body established and operating pursuant to the Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law. The provisions of the foregoing legislative instrument governing the CySEC's authority, including investigative powers, remedial competence and cooperation with regulatory entities abroad, are also applicable to matters treated by the Public Offer and Prospectus Law (Art. 36 Law).

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