CySEC proposes limits on access to beneficial ownership data
The Cyprus Securities and Exchange Commission (CySEC) on Friday announced the launch of a public consultation on proposed amendments to its directive governing the register of beneficial owners of express trusts and similar legal arrangements.
The consultation paper proposes updates to the existing CySEC directive regulating the register, with the proposed amendments aiming to align the directive with planned changes to Law 188(I)/2007.
In addition, the commission said that these changes are intended to harmonise national legislation with Article 74 of Directive (EU) 2024/1640.
As part of the proposed changes, general public access to beneficial ownership information would be revoked.
“Access will be granted only to individuals or organisations that can demonstrate legitimate interest,” the regulator said.
The proposal follows a relevant ruling by the Court of Justice of the European Union regarding access to beneficial ownership information.
Under the new framework, only individuals or organisations able to demonstrate such legitimate interest would be permitted to access the information contained in the register.
The consultation paper also includes an annex outlining the specific amendments proposed to the directive.
CySEC has invited interested parties to submit their views or enquiries regarding the proposed amendments.
Enquiries should be sent to the policy department of CySEC via email. Submissions must be sent by March 24, 2026 at the latest.