Cyprus as home Member State under the Transparency Directive - Common pitfalls in cross-border reporting requirements

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The Cyprus Transparency Directive simplified reporting and notification requirements in cross-border listing structures, and the amendments introduced to the Transparency Directive by EU Directive 2013/50/EU assisted in the convergence of the applicable regimes across Member States of the EU or EEA. However, each Member State has implemented the Transparency Directive obligations separately. As a result, holders of listed securities of Cypriot Issuers should be aware of their obligations in both the country of listing and the country of origin of the listed entity.

This guide sets out these obligations and circumstances under which Holders with ‘major holdings’ in a Cypriot Issuer - and sometimes also Cypriot Issuers themselves - are required to make notifications.