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CySEC Alert - Circular 689 Guidelines on Benchmarking of Diversity Practices - Remuneration Form Submission

  • Antonis Hadjicostas
  • Mar 19
  • 2 min read

Updated: Apr 3




🔔 Legal / Regulatory Alert – Cyprus!


CySEC issued today the Circular 689, which adopts the EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap (the “Guidelines on benchmarking of diversity practices”).


🔊 Important Update for Class 2 Firms!


  • The Guidelines on benchmarking of diversity practices apply to Class 2 firms.


📢 Latest Updates in brief


CySEC has issued the Circular C689 on 19/03/2025 to bring to the attention of the Cyprus Investment Firms (the “CIFs”) that it adopted the EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap (the “Guidelines on benchmarking of diversity practices”).


The Guidelines outline the following:


  • Investment firms, except for those categorized as small and non-interconnected, are required to provide specific information to competent authorities. This information will also be shared with the European Banking Authority (EBA) for the purpose of benchmarking diversity practices.


  • Competent authorities must gather data from investment firms on an individual basis regarding diversity practices within their management bodies. This includes details about the composition of the management body, diversity policies, and the gender pay gap among its members.


In view of the above, CySEC will notify the selected CIFs about their inclusion in the sample by January 31st of the relevant year. CIFs chosen for the 2025 sample have already been informed.


❓ What CIFs Must Do:


  • CIFs included in the sample, should submit the required information via the Remuneration Diversity Form to CySEC, by 30 April, every three years starting in 2025 with a reference date of 31 December 2024, via CySEC’s XBRL Portal.


⛔ Why it Matters:


CIFs needs to comply and are urged to consider the abovementioned EBA Guidelines and where necessary, take actions to ensure compliance with their provisions.

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