Pandemic Panic – Cyprus Regulator CYSEC requests Regulated Entities to prepare for the Coronavirus

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The Cyprus Securities and Exchange Commission (CySEC) issued a circular (Re: COVID-19 -Business Continuity and Contingency Plans )to its regulated entities asking them to review their business continuity and disaster recovery systems because of the spreading coronavirus.

In its circular, CySEC said it was monitoring developments relating to Covid-19 and the impact it may have to the operations of its regulated entities.

CySEC encourages its Regulated Entities to review their business continuity and disaster recovery systems, in response to the outbreak of the virus and make the necessary amendments based on each entity’s size, complexity and nature of businessCySEC requests that the Regulated Entities ensure that their employees have access to the company’s technology infrastructures necessary for the completion of their tasks within the company and or that additional systems or options for critical functions are being provided.

CySEC circular

The commission expects business continuity plans to at least include a plan for the employees to be able to work from home and report to the management via the internet or telephone. The plans may include limiting or canceling social and public gatherings such as seminars, conferences, or requiring staff quarantines if traveling to affected countries.


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