CySEC Circular C689 & Remuneration Diversity Form for CIF entities
On March 13, 2025, the Cyprus Securities and Exchange Commission (CySEC) introduced a new form for remuneration and diversity disclosures, aligning with the European Banking Authority (EBA) guidelines on benchmarking diversity practices. These guidelines, issued under Directive (EU) 2019/2034, cover diversity policies and gender pay gap assessments.
CySEC has incorporated these guidelines into its supervisory and regulatory framework, reinforcing its approach to prudential supervision. Under the IFR/IFD framework, Cyprus Investment Firms (CIFs) classified as Class 2 must disclose key data on their remuneration practices and identify high-earning employees.
Additionally, on March 19, 2025, CySEC issued Circular C689, formally adopting the EBA’s guidelines on diversity benchmarking under Directive 2013/36/EU and Directive (EU) 2019/2034.
CIF entities selected for the sample should have been notified by CySEC by January 31st, 2025 confirming their inclusion.
The selected CIF entities shall prepare and submit to CySEC by the 30th of April via the CySEC XBRL Portal, including the below information:
- Corporate information
- Executive directors age and gender
- Composition of specific committees of the management body in its supervisory function
- Non-executive directors age and gender
- Newly appointed executive directors (including SEO)
- Newly appointed non-executive directors (including Chairperson)
- Business regions/Geographical provenance
- Educational background of members of the management body
- Professional background of members of the management body
- Diversity policy. Nomination and gender diversity
- Diversity policy. Quantitative targets set within the diversity policy
- Diversity Policy. Other aspects than gender included in the diversity policy
- Gender Pay Gap Benchmarking
According to EBA, the first data collection under these Guidelines will be conducted in 2025 with a reference date of 31 December 2024.
If you require more information or support regarding the reporting of benchmarking data, gender pay gap data, and high earners data feel free to contact our Regulatory Compliance team by email at info@salvusfunds.com. We are always ready to answer your questions and support you in achieving regulatory compliance.
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