The Cyprus Securities and Exchange Commission (“CySEC”) has issued a Directive setting out the procedures to be followed for delisting of securities from the Cyprus Stock Exchange (“CSE”) on application by the investee. It applies to investee companies the shares of which have been traded on a regulated market for three consecutive years or longer.
Applications for delisting must be in writing and must include:
•    the name of the issuing company;
•    details of the securities to which the application relates;
•    history and explanation of the reasons for making the application;
•    the date from which it is proposed to apply the delisting;
•    where applicable, a copy of the resolution of the general meeting approving the delisting, together with a copy of the explanatory memorandum that is required to be submitted to such a meeting; and
•    where applicable, details of the implementation of arrangements for dealing with the holders of securities who did not vote in favour of deletion.
CySEC may request any further information it deems necessary. 
An application may be withdrawn by written notice to CySEC at any time before CySEC reaches its decision on it. 
CySEC is required to make its decision within a month of receiving the application and any further information it may have requested. Any approval is subject to: 
•    implementation of the arrangements for dealing with dissenting holders of securities; and
•    settlement of all fees and charges payable to the CSE and to CySEC. 
The delisting of its securities does not relieve the issuer of its obligation to repay any debts to the CSE and CySEC.