Cyprus is a country located in the Eastern Mediterranean region and is known for its strong business and financial sector.
As with any developed economy, Cyprus has a well-defined system of regulatory agencies that oversee various aspects of business operations, consumer protection, and market stability.
The island nation is also a part of the European Union.
The top 20 regulatory agencies are as follows:
1. Cyprus Securities and Exchange Commission (CySEC):
The CySEC is the financial regulatory agency and is responsible for overseeing and regulating the country’s financial markets. It is also the supervisory authority for investment services businesses, including investment businesses, brokerage businesses, and mutual fund management companies.
2. Central Bank of Cyprus (CBC):
The CBC is the central bank of Cyprus and is responsible for maintaining price stability, supervising the banking sector, and managing the country’s foreign exchange reserves. It also acts as the lender of last resort for banks and regulates the payment and settlement systems.
3. Institute of Certified Public Accountants of Cyprus (ICPAC):
The ICPAC is the regulatory body for the accounting and auditing profession in Cyprus. It is responsible for setting ethical and professional standards, regulating the profession, and issuing licenses to certified public accountants.
4. Cyprus Bar Association (CBA):
The CBA is the regulatory body for lawyers. It is responsible for maintaining the standards of the legal profession, regulating the admission and practice of lawyers, and handling complaints against lawyers.
5. Cyprus Stock Exchange (CSE):
The CSE is the national stock exchange and is responsible for providing a platform for trading securities, such as stocks, bonds, and derivatives. It also regulates and supervises the companies listed on the exchange.
6. Cyprus Insurance Association (CIA):
The CIA is the trade association of the insurance industry and is responsible for regulating and supervising the operations of insurance companies. It also promotes the development of the insurance industry and protects the interests of policyholders.
7. Consumer Protection Service (CPS):
The CPS is a government agency responsible for enforcing consumer protection laws and regulations. It handles consumer complaints and takes action against businesses that engage in unfair or deceptive practices.
8. Department of Registrar of Companies and Official Receiver (DRCOR):
The DRCOR is responsible for the registration and regulation of companies in Cyprus. It is also responsible for maintaining the company registry and enforcing the Companies Law.
9. Commission for the Protection of Competition (CPC):
The CPC is the regulatory agency responsible for enforcing competition laws and promoting fair competition in the market. It also reviews and approves mergers and acquisitions to ensure they don’t harm competition.
10. Cyprus Telecommunications Authority (CYTA):
The CYTA is the government-owned telecommunications company and is responsible for regulating and providing telecommunication services, including fixed-line, mobile, and internet services.
11. Consumer Association Quality of Life (CAQOL):
The CAQOL is a non-profit organisation that advocates for consumer rights and promotes consumer education and awareness. It also provides support to consumers in resolving disputes with businesses.
12. Road Transport Department (RTD):
The RTD is responsible for regulating and supervising road transport activities. It issues licenses to transport operators, enforces safety regulations, and conducts inspections of vehicles.
13. Department of Merchant Shipping (DMS):
The DMS is responsible for regulating and supervising the shipping industry. It issues licenses to shipping companies and conducts inspections to ensure compliance with international standards.
14. Department of Labour Inspection (DLI):
The DLI is responsible for enforcing labour laws and regulations. It promotes safe and healthy working conditions, enforces minimum wage laws, and handles labour disputes.
15. Cyprus Energy Regulatory Authority (CERA):
The CERA is the regulatory agency for the energy sector in Cyprus. It is responsible for promoting competition, setting tariffs, and ensuring the security of energy supply to consumers.
16. Department of Fisheries and Marine Research (DFMR):
The DFMR is responsible for regulating and managing the fishing industry. It issues licenses to fishing vessels, enforces fishing regulations, and conducts research on marine resources.
17. Department of Environment (DoE):
The DoE is responsible for protecting the environment. It enforces environmental laws and regulations, promotes sustainable development, and handles environmental impact assessments.
18. Food Safety and Veterinary Services (FSVS):
The FSVS is responsible for ensuring the safety and quality of food products. It enforces food safety regulations, conducts inspections of food establishments, and handles food safety emergencies.
19. Department of Town Planning and Housing (DTPH):
The DTPH is responsible for regulating and managing town planning and housing development. It issues building permits, enforces building regulations, and handles urban planning.
20. Cyprus Securities and Exchange Commission of Cyprus (CySEC):
The CySEC is the regulatory agency for the insurance sector. It is responsible for supervising and regulating insurance companies, promoting competition, and protecting policyholders’ interests.