CySEC Takes Preventive Measures to Tackle Coronavirus Spread

CySEC is taking steps to limit the spread of Coronavirus or Covid-19. Several measures have been taken to protect public health.

18 March, 2020 | AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) plans to take action to fight the spread of the coronavirus (COVID-19). The regulator discussed the measures taken to deal with this problem.

What is CySEC Doing to Reduce Coronavirus Spread?

CySEC informed regulated entities, partners and the general public of the extraordinary measures and arrangements taken which include:

  • The primary objective of the Commission is to safeguard public health, in particular the well-being of employees and stakeholders with whom CySEC has regular contact.
  • All meetings carried out exclusively by telephone or teleconference to ensure the continuity of CySEC activities.
  • All staff’s business trips have been canceled, and staff have been requested not to make private trips.

As of March 12, 2020, arrangements have made for staff falling in the vulnerable groups to work from home. The authority also decontaminated its premises on March 14 as a precaution. CySEC reports that since March 16, 2020, almost all staff have been working remotely to reduce the density of staff in the office. According to the Commission, only the crisis management team will work on CySEC premises, if this is necessary. It is for dealing with urgent issues that may arise.

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CySEC Issued a Series of Circulars

CySEC also issued many circulars to the supervised entities because of the impact on their activities of coronavirus epidemics. It further discussed the deadlines for the submission of documents and reports. The communication measures that should adopt when communicating with CySEC.

One of them is that the documents will deliver via a mailbox located at the central entrance of the CySEC building. CySEC said:

“CySEC closely monitors and assesses all developments related to COVID-19. We also monitor the impact it may have on the activities of its supervised entities and the market. We are also taking appropriate measures if necessary”.

Today, Spain bans short-selling to protect local stocks from the volatility caused by the coronavirus spread. Yesterday, ASIC issued new regulations to ensure the stability of the Australian equity market due to the coronavirus spread.

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