1. The Cyprus Securities and Stock Exchange Laws of 1993-2000

Title	Sections Included	Brief Description
CYPRUS STOCK EXCHANGE, ESTABLISHMENT, OBJECTIVES, POWERS AND DUTIES		The prime objectives and competencies of the Stock Exchange and its related powers and duties are, among many others, to take all necessary and appropriate measures for the development of the securities market and to control and regulate transactions in the securities.
STATE SUPERVISION OF THE STOCK EXCHANGE		The overall supervision of the Stock Exchange is assigned to the Minister of Finance and is exercised by the Minister through the Securities Commission appointed for this purpose.
CYPRUS STOCK EXCHANGE COUNCIL, ESTABLISHMENT, POWERS AND DUTIES, COMPOSITION AND OTHER RELATED MATTERS	Establishment of Council – Council powers and duties – Council composition – Persons ineligible for appointment – Vacation of office – Council meetings and other procedures – Commissioner’s dissent with Council decision – Official seal of the Council – Remuneration of the Council and Securities Commission members - General Manager, market official and other employees – Privileged stock exchange information, Duty of confidentiality.	The Council supervises the operation of the stock exchange and has complete power over the management and administration of its assets in accordance with the provisions of this law and the provisions of the Stock Exchange Regulations.
STOCK EXCHANGE TRANSACTIONS AND STOCK EXCHANGE SECURITIES	Definition of the stock exchange transaction – Concerning transactions listed securities which may be executed outside the Exchange but are announced to it – Prohibitions of transfer of securities without the Stock Exchange seal – Exemption from stamp duty – Period of limitation – Stock Exchange items – Listing securities on the Stock Exchange – Suspension of trading of securities – De-listing securities from the Stock Exchange.	Securities are listed and de-listed on the stock exchange by a decision of the Council as provided in the Stock Exchange Regulations. Public sector bonds issued by the Government of the Republic are listed on the Stock Exchange by a decision of the Minister of Finance notified to the Council.
MEMBERS OF THE STOCK EXCHANGE AND PROFESSIONS RELATED TO STOCK EXCHANGE TRANSACTIONS	Stock Exchange members – Restriction in exercising the trade of broker – Brokers and brokerage fees – Registration and registration procedure of members of the stock exchange – Brokers’ financial obligations – Keeping books, submitting reports, statements and data – Brokers obligation to observe the stock exchange regulations and behave in a manner befitting their profession – Provision of credit facilities by brokers – Brokers’ removal from the stock exchange membership – Misrepresenting the business of a broker – Execution of invalid or prohibited transaction – Violation of brokers obligations – Professions related to stock exchange transactions.	Members of the stock exchange are the brokers registered under this law and the Stock Exchange Regulations. A broker who violates any of his obligations envisaged under this Law, or the Stock Exchange Regulations, commits an offence which, in the absence of any other specific penalty, is punishable with imprisonment of up to three months or with a fine of up to Ł1000 or with both penalties.
DISCIPLINARY PROVISIONS	Council’s disciplinary powers – Disciplinary offenses – Permanent or temporary removal from Members list – Disciplinary procedure.	The Council has the power and authority to impose disciplinary penalties on Stock Exchange Members. The disciplinary procedure is defined by the Stock Exchange Regulations.
STOCK EXCHANGE REVENUES – FISCAL YEAR – ACCOUNTS – BUDGETS – BALANCE SHEETS – STATEMENTS	Stock Exchange revenues - Financial year, accounts, balance sheet and budget of the Stock Exchange	Accounts are audited by independent and recognized auditors and are submitted to the Minister. The statement of Activities, the Balance Sheet and other documents are signed by the Chairman of the Council and the General Manager and, prior to their submission to the Minister, are audited by independent and recognized auditors.
JOINT COMPENSATION FUND SECURING STOCK EXCHANGE TRANSACTIONS	Compensation fund - Members of the compensation fund - Reserves of the compensation fund - Obligation for contribution to compensation fund - Purposes - Management - Supervision and Audit - Refund.	For the security of stock exchange transactions a special fund is established called 'joint compensation'. The purpose for establishing the compensation fund is to ensure the security of the stock exchange transactions in cases where its Members face financial difficulties in meeting their obligations to their clients or third parties.
ISSUERS WHOSE SECURITIES HAVE BEEN LISTED ON THE STOCK EXCHANGE AND THEIR RESULTANT OBLIGATIONS	Obligation to supply information – Prohibition of listing securities on the Stock Exchange in the case of certain companies – Obligation to supply information on the Stock Exchange – Announcement of appointment of officials. Declaration of officials’ interest. Announcement of certain agreements and transactions – Acquisition of significant percentage of shares, acquisition or merger of a company whose securities have been listed on the stock exchange – Submission of balance sheet and auditors report – Auditors – Additional obligations – De-listing of issuer from the stock exchange – Conditions for issuing bonds and debentures – Appointment of representatives or trustee.	An issuer who seeks or intends to seek listing of his securities on the stock exchange has the obligation to supply every possible information capable of affecting the judgement of the public as to the listed securities as provided by the Stock Exchange Regulations. Unless otherwise provided in the Stock Exchange Regulations, for the issue of bonds or debentures which are offered to the public for subscription or trading the prior preparation of a legally binding document is required, which cannot be altered either until the completion of the offer to the public or at the first general meeting. In the prepared document the conditions of the issue shall be included, in accordance with the provision of Stock Exchange Regulations.
FRAUDULENT ACTS REGARDING SECURITIES – FALSE DECLARATIONS – CRIMINAL LIABILITY FOR OFFENCES COMMITTED BY LEGAL PERSONS	Fraudulent acts regarding Stock Exchange securities – False declarations – Criminal and civil liability for offences committed by a legal person.	A person who with a view to gaining unfair benefit knowingly uses means to mislead the public for the sake of influencing Stock Exchange prices or supplies information or makes a statement, promise or forecast which is misleading, false or fraudulent or conceals material information with a view to securing subscription, purchase or sale of stock exchange securities, commits an offence which is punishable by imprisonment of up to seven years or with a fine of up to Ł20,000 or both penalties.