The amended Section 18 of the Insider Dealing and Market Manipulation Law now provides that a shareholder owning directly or indirectly a percentage of over 5% of the share capital or of the voting rights of the issuer, is obliged to publicize every transaction made on his/her account, if the result of the said transaction:
• in cases of acquisition exceeds; or
• in cases of disposal is less than the limit of 6% or 7% or 8% or 9% or 10% and every 1% following, until 100% of the share capital or the voting rights of the issuer.
It is provided that the publication shall be made before the commencement of the stock exchange meeting on the working day following the day during which the transaction was effected.
Also, for purposes of compliance with EU Directive 2004/72, the amended Annex of the law now provides that a “person closely associated with a person discharging managerial responsibilities within an issuer of financial instruments” shall mean:
(a) the spouse of the person discharging managerial responsibilities or any partner of that person considered by Cyprus law as equivalent to the spouse;
(b) according to Cyprus law, dependent children of the person discharging managerial responsibilities;
(c) other relatives of the person discharging managerial responsibilities, who have shared the same household as that person for at least one year on the date of the transaction concerned;
(d) any legal person, trust or partnership, whose managerial responsibilities are discharged by a person referred to in paragraphs (a), (b) and (c) above or which is directly or indirectly controlled by such a person, or that is set up for the benefit of such a person, or whose economic interests are substantially equivalent to those of such person.