Cyprus Stock Exchange

www.cse.com.cy  
Tel : 357.22.71 2300
Fax : 357.22.570308

 

Representatives

Chairman : Mr. Giorgios Koufaris

Director General - CEO : Mr. Nondas Cl. Metaxas

 

 

Types of Securities Traded

Name of Trading Systems

(cash and derivatives)

Trading Hours

Stock Market Segments

 

 

Main Market

Screen Based (OASIS-ETS)

10 :15 – 17 :20

Parallel Market

Screen Based (OASIS-ETS)

10 :15 – 17 :20

Alternative Market

Screen Based (OASIS-ETS)

10 :15 – 17 :20

Investment Market

Screen Based (OASIS-ETS)

10 :15 – 17 :20

Special Characteristics Market

Screen Based (OASIS-ETS)

10 :15 – 17 :05

Special Category Market

Screen Based (OASIS-ETS)

11 :15 – 13 :30

Government Bonds Market

Screen Based (OASIS-ETS)

11 :32 – 13 :30

Corporate Bonds Market

Screen Based (OASIS-ETS)

11 :32- 17 :20

Emerging Companies Market

Screen Based (OASIS-ETS)

10 :15 – 17 :20

Emerging Bonds Market

Screen Based (OASIS-ETS)

10 :32 – 17 :20

 

 

Supervisory Body

CYPRUS SECURITIES AND EXCHANGE COMMISSION

Name of Clearing & Settlement Organization

CENTRAL SECURITIES & DEPOSITORY and CENTRAL REGISTRY of the CYPRUS STOCK EXCHANGE

Settlement Cycle

- On T+3 (T = Transaction Day) for Stock Exchange Trades that settle multilaterally

- From T+1 until T+3 for Stock Exchange Trades that settle bilaterally

- OTC Trades are settled from T  to T+ 3, at defined time frames

Name of Central Securities Depository

CENTRAL SECURITIES & DEPOSITORY and CENTRAL REGISTRY of the CYPRUS STOCK EXCHANGE

Commissions on Transactions levied by Exchange

 

 

Member subscription:

 

 

 

Emerging companies Market

Main Market

Other Markets

Corporate Bonds

Government bonds

 

1.1. Percentage variable charge (Table II, 2.3):

 

 

 

0.0125%

0.0125%*

0.040%

0,0001%

-

 

*For simple Pre-agreed Price Trades (based to the method 6-1in accordance with the Trading Rules), for an amount over €175.000, concerning shares listed at the Cyprus Stock Exchange and at the same time at any other Stock Exchange, 0,0075% on the daily value of transactions.

 

 

 

 

 

 

 

 

1.2 Fee regarding the notification analysis of a transaction to a Member account

 

 

€0.50 per part per movement

€0.50 per part per movement

 

€0.50 per part per movement

 

€0.50 per part per movement

 

€0.50 per part per movement

Member ODL Fees

 

 

 

 

 

 

 

2.1 Per ODL Order (Table II 7.3) :

0.11

0.11

0.11

0.11

-

 

2.2 ODL transaction fee (Table II 7.4)

 

 

-

-

0.005%

-

-

Investors fees:

 

-

 

 

 

 

 

3.1 Transaction fee (Table III 1):

 

-

-

0.01%

0.05

-

 

3.2 Per transaction fee (Table III 2):

0.05

0.05

0.05

0.05

 

 

3.3 Central Depository Fee (Table III 3):

 

0.02%

0.02%

0.025%

0.005%

0.005%

 

Taxes on Dividends, Interests

There is an exception for Interest not arising from the ordinary activities or closely related to the ordinary activities of the company.

Interest received by a CIS (closed-ended or open-ended) is taxed under income tax law after deducting expenses at the standard corporation tax rate of 12.5%.

Interest received by persons (individuals and companies) in the ordinary course of their business including interest closely connected to the ordinary course of business is taxed under income tax law after deducting expenses at the standard corporation tax rate of 12.5%.

Special defense contribution (‘SDC’)

Special contribution for defence is imposed on income earned by Cyprus tax residents. Non-tax residents are exempt from special contribution for defence. It is charged at the rates shown in the table below:

 

 

Tax rates

 

 

Individuals

%

Legal entities

%

Dividend income from Cyprus resident companies

17

Nil

Dividend income from non-Cyprus resident companies

17

Nil*

Interest income arising from the ordinary activities or closely related to the ordinary activities of the business

Nil

Nil

Other interest

30**

15

 

Notes

Dividend income from abroad is exempt from defence fund contribution. This exemption does not apply if:

more than 50% of the paying company’s activities result directly or indirectly in investment income and the foreign tax is significantly lower than the tax burden in Cyprus. The tax authorities have clarified through a circular that “significantly lower”, means a tax burden rate below 5%.

When the exemption does not apply, the dividend income is subject to special contribution for defence at the rate of 30%.

* Interest income from Cyprus government savings bonds and development bonds and all interest earned by a provident fund is subject to special contribution for defence at 3% (instead of 30%).

** In the case where the total income of an individual (including interest) does not exceed €12.000 in a taxable year, then the rate is reduced to 3%.

Tax treatment of units held in CIS

Units of closed-ended and open-ended CIS are considered as titles. Profit arising in the hands of any person (individuals and companies) from the disposal of titles is exempt from corporation tax and SDC. 

Collective Investment Schemes (“CIS”)

The following provisions are applicable only to Cyprus tax resident unit holders:

a) The SDC rate for dividend deemed distributions is 3%.

b) The SDC rate for dividend deemed distributions arising on liquidation is 3%.

c) Redemption of units or other interest in closed-ended or open-ended CIS is not subject to SDC.

2013 Share ownership thresholds (%)

Any legal or physical person that acquires or disposed the percentage of voting rights that owns, reaches or overcomes the limits of 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% or falls below these limits, then an announcement to the Stock Exchange and the Securities and Exchange Commission has to be made.

Short selling (Yes / No)

Short Selling in Cyprus is in line with Regulation No. 236/2012 of the European Parliament and of the Council of 14 March 2012 on Short Selling and Certain Aspects of Credit Default Swaps

 

Short selling conditions (if any)

 

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This page was last updated on: 11/12/2013 - 11:05